At the forefront of the 2024 Banking Industry Digital Transformation summit, Vietnam Maritime Commercial Joint Stock Bank (MSB) showcased a suite of innovative technological solutions aimed at fully catering to the evolving demands of their clientele, with a particular focus on corporate entities, organizations, entrepreneurs, and family-run businesses in today’s digital landscape.
For individual clients, MSB offers the luxury of conducting transactions entirely online, encompassing everything from account creation to the application, issuance, and oversight of financial products like debit/credit cards, insurance policies, and loans.
For its commercial clients, MSB unveiled two key offerings: MSB Pay, a versatile payment platform aligned with open banking principles, facilitating seamless integration with enterprise systems such as hospitals, educational institutions, and e-commerce platforms to bolster large-scale billing and payment operations; and M-Flash, a swift credit facility for businesses, providing up to 2 billion VND with immediate, AI-driven approval in a mere 4 minutes.
Leveraging its technological prowess and extensive data from the national data ecosystem, including tax, invoicing, and demographic information, MSB has revolutionized the credit process with its M-Power and M-Flash products, delivering an exceptional user experience. This digital transformation has led to a surge in new customers via online channels, accounting for roughly 70% of the total in the past year, and a customer satisfaction index of 80.2 out of 100. Nearly 5,000 enterprises have secured credit through digital avenues, with a cumulative credit limit nearing 52,000 billion VND, including close to 1,000 billion VND facilitated through embedded solutions on digital platforms like Misa and Solv.
MSB’s Pay solution has garnered impressive outcomes, with 9,000 businesses, family shops, 127 educational entities, and 10 medical facilities utilizing its payment and cash management services via the MSB Merchant app, resulting in approximately 400,000 transactions and a monthly turnover of around 800 billion VND.
Moreover, MSB has harnessed its technological edge and rich data resources to streamline the entire credit issuance process. Over 5,000 businesses have benefited from 52,000 billion VND in loans distributed through digital channels, with the assessment process taking just minutes.
Ms. Dinh Thi To Uyen elaborated: “Harnessing machine learning and robust data analytics, we’ve developed a system capable of granting approvals within 4 minutes. By integrating our solutions with Fintech partners like Misa, we’re not just tapping into a business’s financial records but also linking with tax databases, allowing us to instantly refresh our understanding of a business’s health. This results in a dynamic information system that enables us to extend immediate credit offerings to clients upon their initial registration and provision of basic details.”
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Source: Vietnam Insider