BIDV sets record of winning the Best Retail Bank in Vietnam award for the 9th time

DNHN - With impressive business results and outstanding services for individual customers, the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has been voted the “Best Retail Bank of 2024” by The Asian Banker magazine.

The award was presented to BIDV at the “Excellence In Retail Financial Services Global Awards Ceremony 2024” held in South Korea on March 07, 2024. BIDV is the only bank in Vietnam to have received this award 9 times.

Solid position, impressive acceleration

In 2023, with a flexible and responsive business strategy, always focusing on customers, BIDV continued to maintain its position as the No. 1 retail bank in terms of market share of deposits, loans and especially individual customers with breakthrough growth. Which, the scale of retail credit balance leads the market and is far ahead of the second-ranked bank; the bad debt ratio is well and tightly controlled. Deposits from individuals at the end of the period increased by 15%, while non-term deposits continued to increase steadily. The number of individual customers increased by 50% compared to 2022, and the number of newly issued international credit cards increased by 75%, setting a new record.

These results are a combination of researching and implementing a service model according to customer segments, promoting new sales models, building product and service packages tailored to customer characteristics, focusing on digitising operating procedures and bringing products and services to digital channels.

Superior technology, leading the way to reach new heights

With a solid foundation built and continuously developed throughout its 67-year development journey, BIDV identifies digital transformation as a core strategy to increase satisfaction and better meet customer needs, while helping BIDV maintain its position and move towards the goal of becoming a leading financial institution in the region.

The successful conversion of the core banking system (Core Banking Profile) in September 2023 marked a major shift in the information technology system and was the main platform for a series of key projects: Digitising over 60% of traditional products, developing breakthrough features, different on BIDV SmartBanking; making BIDV Home an all-in-one application with a comprehensive online lending ecosystem and BIDV becoming the first state-owned bank to deploy credit granting on all digital channel platforms with the retail credit assessment and approval process being carried out entirely on the RLOS system.

In addition to focusing on developing a digital product ecosystem, BIDV also focuses on enhancing superior customer experience across multiple seamless channels with high-tech features.

A mark of distinction, international class

To achieve the goal of becoming a Top of mind Private Banking bank and repositioning BIDV Premier with services for wealthy customers, in 2023 BIDV signed a Strategic Cooperation Agreement with Edmond de Rothschild - the world’s leading financial institution in investment to jointly bring to high-end individual customers in Vietnam the opportunity to access financial services with global standards.

In addition, BIDV also focused on improving the model, expanding the network, and deploying a specialised, comprehensive and differentiated product and service portfolio for high-end customers: Smart Advisory - Specialised advisory services; Smart Financing - High-end real estate solutions; BIC Smart Care - High-end health insurance…

With strategic, comprehensive and standardised steps approaching international standards, BIDV is honoured to be the only representative of Vietnam to receive the Best Retail Bank award for the 9th time voted by The Asian Banker magazine at the “Excellence In Retail Financial Services Global Awards Ceremony 2024”.

Nguyen Tin