Binh Duong Social Policy Bank implements digital transformation to better serve customers

 To improve service quality and provide customers with more opportunities to experience modern digital banking services, Binh Duong Bank for Social Policies is promoting digital applications to meet customer needs and contribute to the national digital transformation.

Binh Duong Social Policy Bank show customers how to use Mobile Banking app at the headquarters

 Benefits of VBSP Smart Banking service

Beginning in 2018, the Social Policy Bank (SPB) - Binh Duong branch implemented an SMS messaging service that allows customers to check their loan and deposit balances via text messages. Since its introduction, this service has been expanded to all customers within the system. This initiative represents a significant advancement in the digitalization of banking services.

Mr. Vo Van Duc, Director of Binh Duong SPB, said that in order to improve the quality of customer service, Binh Duong Social Policy Bank has applied digitalization to credit activities, helping customers make flexible payments, secure information, save costs, reduce transaction time, meet customer needs, and ensure the safety of the policy credit payment system.

At transaction offices of Binh Duong SPB in districts and cities in the province, instructions have been quickly deployed to open VBSP Smart Banking accounts and install biometrics for customers, ensuring uninterrupted payment and transaction activities, safety and security, at the same time, helping customers access the utilities of digital banking.

To implement the Digital Transformation plan of the Vietnam Bank for Social Policies, Binh Duong SPB has rapidly deployed Electronic Banking services (Mobile Banking) to customers through applications on mobile devices and smartphones. To utilize this service, the Binh Duong Social Policy Bank is implementing it across all its transaction offices throughout the districts and cities in the province. This initiative aims to raise awareness among customers with financial relationships with the bank, encouraging them to open payment accounts and register for the Mobile Banking service.

“The Binh Duong SPB has deployed Mobile Banking service to individual customers, including customers who are currently opening payment accounts at the SPB, members of the SPB Representative Board at all levels, officers of entrusted organizations, heads of savings and loan groups, customers borrowing social housing loans and other customers in need. This is a banking service on smart mobile devices, helping SPB customers to make transactions anytime, anywhere," Mr. Vo Van Duc added.

Digitalize business processes

Binh Duong SPB has implemented Project 06 for digital transformation, standardizing data across the unit and accurately updating customer information and identity cards. The bank is also enhancing transparency in credit policy activities by applying digital technology to preferential credit lending, which improves management connections. At the same time, Binh Duong SPB has built and deployed the Policy Credit Management application for those working in policy credit management such as heads of savings and loan groups, heads of quarters, hamlets, etc.

The Policy Credit Management application is a software tool designed for smart devices running on Android and iOS operating systems. It provides information on credit policy activities and facilitates various operations within the lending process in a digital environment. The application is available to users such as the People's Credit Fund and part-time members involved in policy credit activities. To date, the application has received high praise for its usefulness in the daily operations of policy credit managers.

This application helps banks and entrusted political organizations to better direct and implement policy credit activities; provide information on loan programs; loan database, both interest and principal of customers; loan reconciliation results; credit guidance documents; introduce typical production and business models, especially the above data is updated daily by the system, thereby helping users have quick and accurate data information. In particular, the Policy Credit Management application has supported savings and loan group leaders to collect debts, interest and monthly savings deposits from customers. Up to now, at the branch, there have been 1,740/1,743, reaching 99% of team leaders transacting daily via the Policy Credit Management application.

In addition to the Policy Credit Management application, the People's Credit Fund launched the VBSP Smart Banking application in 2022. After nearly three years of operation, the VBSP Smart Banking application has facilitated the creation of 10,214 accounts, resulting in almost 1.2 million transactions, which amounts to approximately 1,621 billion VND. The benefits of Mobile Banking, along with the pioneering efforts in technology research to provide digital financial services by the SPB in general and Binh Duong SPB in particular, have laid the foundation for advancing digital finance, especially for people in rural areas.

Reported by Tuong Vy - Translated by Ngoc Huynh