VPBank Scoops Up Double Awards at the Prestigious Vietnam Outstanding Banking Awards

The annual “Vietnam Outstanding Bank” awards ceremony, hosted by IDG, took place in Ho Chi Minh City on August 8, alongside the Vietnam Retail Banking Forum with the support of the Vietnam Bank Association.

At the event, VPBank was recognized in the “Outstanding Digital Bank” category. This is the fourth time VPBank has received this award, highlighting its commitment to a serious digitalization strategy with breakthrough transformations. These achievements have positively impacted the bank’s retail operations and the overall banking sector.

According to IDG, stringent criteria had to be met to be named the Outstanding Digital Bank, including IT infrastructure, safety and security for digital banking, the range of digital banking services offered, and the number of digital banking registrations. The award not only reflects the impartial assessment and careful selection of the Judging Council but also considers the results of a customer survey, affirming VPBank’s customers’ trust and businesses’ confidence.

VPBank’s efforts in innovation and diversification of products and services on the VPBank NEO digital platform were recognized.

In addition to the Outstanding Digital Bank award, VPBank also received the “Outstanding Bank with Creative Products and Services” award for its VPBank NEO online banking application. Launched in 2018 on an advanced technology platform, VPBank NEO has made a strong impression and convinced the Judging Council with its notable achievements in creativity, innovation, scalability, adaptability, and potential for development in Vietnam’s socio-economic context.

“These two awards are a testament to VPBank’s efforts in adopting modern technology to improve operations, expand our product range, and enhance quality,” said Mr. Phung Duy Khuong, Vice Chairman of the Board of Directors and Director in charge of the Southern Region and the Retail Banking Division at VPBank. “We will continue to foster creativity and innovation, combining breakthrough technology and big data to bring VPBank closer to each customer segment and meet their diverse needs quickly and conveniently.”

As of the end of June 2024, the VPBank NEO digital banking application attracted over 10 million registered customers, with an average of 2.5 million daily logins. The total number of new customer activations in the first half of 2024 was 1.3 million, 95% of whom used eKYC (Electronic Know Your Customer) for account opening.

To achieve these results, VPBank has utilized cutting-edge technology to enhance convenience and enrich its product offerings to meet customers’ financial transaction needs through simple operations on a single application. In 2023, VPBank NEO introduced over 120 new products, bringing the total number of features to 250, including Loan On Card, ShopQR, Tap & Pay, Apple Pay, and eKYC.

Additionally, VPBank has implemented solutions to enhance security and prevent fraud in the digital environment, developing and maintaining robust IT infrastructure and security for digital banking. Recently, the bank completed the synchronization of biometric data with the national resident database, addressing issues related to OTP codes and the risk of OTP exposure through international cards by implementing Out of Band (OOB) authentication on the VPBank NEO application. Furthermore, in 2023, VPBank obtained the Payment Card Industry Data Security Standard (PCI DSS) certification, underscoring its commitment to ensuring the security of customers’ payment card data.

VPBank’s digital transformation efforts have not only brought about improvements in financial services but also optimized operating costs, as evidenced by a significant reduction in the cost-to-income ratio (CIR) for the first half of the year, which stood at 23.6%.