In fact, MyVIB accounts for 60% of the market share in discussions in 2023, far exceeding other measured applications(*), with an achieved emotional score of nearly perfect 0.99. Specifically, the positive discussions revolved around the convenience of the application, brand image, advanced technology, outstanding features, and practical incentives for users.
Convenience of the application is highly regarded
BuzzMetrics’ report shows that the convenience of the application is one of the important factors that help MyVIB win users’ favor.
With a friendly, intuitive interface, MyVIB fully integrates with modern features and technology to meet the diverse needs of users, from transfers, bill payments, financial management, savings, and many other useful features. In 2023, MyVIB deployed the online credit card opening feature, allowing users to open credit cards quickly and conveniently, even without going directly to the bank. Advanced technologies are regularly updated to provide a different experience for users, such as voice transaction feature (AI Voice), augmented reality (AR).
Most recently, MyVIB added new features such as Voice notification that allows users to update financial information such as balance fluctuations, credit card transactions, payment reminders, and promotional programs without needing to open the phone; Customized QR feature to create QR codes for transfers with complete account information, amount, and payment details; or the easier transaction transfer with the money transfer feature in social chat networks, splitting transactions when transferring over 500 million VND, saving transaction templates for regular payment needs or choosing to continue the transaction from any previously made transaction. These new features make transactions faster, more convenient, and provide a better user experience.
Beloved brand image
Not only is the product feature highly rated, but the brand image of the digital bank MyVIB is also loved by users. According to statistics from BuzzMetrics,
the application attracted over 76 thousand expressions of love from social media users in Vietnam this year.
Words of praise are given for the promotion programs
(accounting for over 42%) and words of praise for the brand image
(accounting for over 33%) this account for the majority of comments from users. Compared to other measured applications, MyVIB has a higher emotional score (reaching an almost perfect score of 0.99) and a higher positive rate (50.4% vs. 41.8%). Negative discussions account for a very small percentage, only 0.3%.
Promotion programs are attractive to users
BuzzMetrics evaluates that continuously organizing promotion programs, conducting interactive mini games to promote the features and benefits throughout the year has helped MyVIB create a large difference compared to other applications in the market.
In 2023, MyVIB implemented a series of attractive incentive programs for users, such as Piggy Bank Coin Release, programs for new users, Lucky Star, discounts for electricity/water/Internet bill payments, international money transfers, etc. With practical benefits, simple participation rules, and attractive gifts, these programs have attracted widespread user participation, received positive feedback, and helped increase the brand’s coverage on social media.
Strong growth in 5 years
According to data from VIB Bank, in the past 5 years (from 2019 to 2023), the MyVIB application achieved a growth rate 6 times in the number of users, 17 times in the number of transactions, and 15 times in the total transaction value. Among them, the QR payment feature has recorded explosive growth with a 59-fold increase in the number of transactions and a 34-fold increase in the total transaction value. The value of online deposits on MyVIB also grew more than 10 times in 5 years thanks to diverse deposit products, meeting the financial needs and abilities of users, as well as reflecting a trend focusing more on accumulation in personal financial management. In 2023, MyVIB was also recognized as the fastest-growing mobile banking application in Vietnam by International Finance Magazine.
With the results achieved in recent years, MyVIB increasingly affirms its position as a leading digital bank in the market and is a positive sign of the development of the digital banking sector in Vietnam. In 2024, MyVIB will continue to focus on adding and updating new features, regularly launching practical incentives, creating interactive mini games, as well as listening to user opinions to constantly improve the application and provide the best user experience.
(* Based on the study of 805K Buzz volumes of 05 digital banking applications, including MyVIB, Techcombank, TPBank, VPBank, and MBBank from January-December 2023, on the platforms of Facebook, Tik Tok, YouTuber, and Online News.)
