In 2023, MB achieved impressive results as it transformed into a digital bank. With a profit of 26,306 trillion VND, representing a growth rate of over 15%, MB not only surpassed VietinBank and Agribank (within the Big4 group) but also created a significant distance from other joint-stock banks.
Despite not expanding in terms of branch network and staff size, MB has consistently achieved an average revenue growth rate of 18-20% per year over the past six years.
2023 encountered numerous challenges, and MB’s achievements were remarkable. These results were the accumulation of perseverance, resource mobilization, particularly long-term vision, and sound investment strategies of the leadership team.
Investing heavily in technology
With an annual investment of approximately 50 million USD, MB ranks among the banks with the most significant expenditure on information technology systems. This substantial budget is allocated to three main areas: technology infrastructure construction, personnel training, and automation projects.
In November 2021, the Innovation Lab, which houses MB’s four digital innovation hubs, officially commenced operations. It plays a crucial role in the bank’s development strategy, leading technology and pioneering the application of new technologies in financial banking activities.
Determined to become a digital enterprise, MB builds an in-house team of engineers and technology experts, rather than relying on third-party services. Currently, the total number of staff in MB’s information technology field accounts for 10% of the bank’s total workforce (equivalent to over 2,000 people) and operates similarly to a technology company.
In terms of automation projects, MB continues to research and apply AI, Machine Learning, and Deep Learning in customer care and internal operations. Additionally, MB vigorously applies models and data analysis to design policies, provide support, boost business, and identify risks early. The number of automation projects in 2023 increased by 1.5 times compared to 2022.
Collaborating with leading partners
In the digital race, MB also collaborates with prominent names such as WinCommerce, THMilk, VietNamAirlines, Momo, Zalopay, Vetc, Epass, Thegioididong, etc., to deliver efficient operational experiences for businesses and convenience for consumers.
In recent years, MB has been a pioneer in deploying banking services on partner platforms through the concept of Banking as a Service (BaaS). With over 1,000 APIs covering various fields, individual business owners and SMEs can directly connect and utilize MB’s services on partner platforms via APIs. Examples include collection via VietQR, identification collection, partner payment and disbursement, salary disbursement, real-time balance change notifications, cash flow management, savings deposits, CDS, etc.
When integrating with MB’s BaaS, businesses receive various benefits such as free integration, lifetime maintenance, and beautiful account number.
Approaching customers in a youthful and “digital” way
With the philosophy of “Customer Oriented,” MB has become a leading bank in terms of customer scale. As of 2023, the MBBank App has nearly 26 million users, and BIZ MBBank is used by 240 thousand corporate customers, accounting for approximately 25% of Vietnam’s population. Over the six years of digital transformation, MB continuously develops products and researches appropriate approaches to meet user preferences.
In order to enhance customer experience, MB pioneers the development of a super application, with over 200 mini-apps integrated within the MBBank App. With a single login to the MBBank App, customers can easily perform various transactions, such as bill payment, hotel and flight bookings, telecommunication services, online shopping, and charity activities.
To capture users’ unique styles and personalities, MB created a collection of 2in1 MB Hi Collection multipurpose cards, beautiful account number services, and the MB Stellar fashion bracelet with integrated payment features, showcasing innovative product and service ideas.
Entering the new phase of the digital race, MB commits to improving customer experience, continuously updating products, and focusing strongly on data business, utilizing AI and Big Data to bring personalized products to the market, serving each customer’s needs. MB’s goals for 2024 remain to maintain its Top 3 position in the industry and aim to reach 30 million customers.
