UOB Vietnam Bank Bags Two Awards from Asia’s Leading Financial Magazine

The Asian Banking and Finance (ABF) Awards is an annual event that recognizes financial institutions and banks in the Asia-Pacific region for their innovative solutions and products. This year, UOB Vietnam stood out by clinching two prestigious awards.

Mr. Paul Kim, Director of Retail Banking at UOB Vietnam, shared his insights on this remarkable achievement.

What does the ABF Award mean for UOB Vietnam, Mr. Kim?

This prestigious award is a significant recognition not only from financial experts but also from the community. It serves as a testament to UOB Vietnam’s relentless efforts in solidifying its market position and enhancing its financial services to best meet the needs of its customers.

What strategies contributed to UOB Vietnam’s success in winning this ABF Award?

Our core strategy revolves around putting “Customers at the Heart” of everything we do. Since acquiring Citi’s consumer business, we have significantly expanded our customer base in Vietnam and now offer a more comprehensive range of retail banking products and services, including credit cards, consumer loans, mortgages, payment accounts, savings deposits, insurance, and investments. To cater to the diverse needs of our customers, UOB has developed innovative financial solutions and personalized customer services, along with exclusive privileges and offers that align with their lifestyles through collaborations with well-known brands.

Being the Official Bank and Exclusive Pre-sale Ticket Partner for large-scale and international performances of Taylor Swift and Ed Sheeran in the ASEAN region in 2023, UOB attracted a substantial number of new customers, and there was a notable increase in spending by customers using UOB credit and debit cards.

Additionally, UOB Vietnam actively engages in corporate social responsibility (CSR) programs aimed at contributing to the community and society. These initiatives focus on education, children, arts, and the environment, with signature programs such as the annual fundraising run “UOB Heartbeat Run,” the annual art competition “UOB Painting of the Year” that discovers and nurtures artistic talents and promotes Vietnamese fine arts, tree-planting campaigns, and, most recently, the “Green Actions, Green Future” program, which encourages customers to contribute to environmental causes through their loans and transactions with the bank.

UOB employees embrace the “Green Actions, Green Future” program

Can you tell us more about GetBanker, the strategic product that led to UOB Vietnam’s recognition in the Innovative Service of the Year category?

GetBanker is a product that we have poured our heart and soul into developing. Launched in 2018, the GetBanker app serves as an important bridge between UOB Vietnam and real estate and automotive brokers, connecting us more effectively. As of now, GetBanker is the only app in the market that utilizes technology and digitalization to link the bank with brokerage partners.

Built on a mobile platform, GetBanker not only enables brokers to easily refer individual mortgage applicants to UOB Vietnam but also facilitates loan tracking, disbursement, and commission payment processes. As a result, the app has attracted a large number of brokers, with up to 60% of loan disbursements coming from brokers using the GetBanker app. Most recently, we shortened the account opening process for using the GetBanker app from 24 hours to just one minute, making it faster and more convenient for brokers to onboard and refer customers to the bank.

Mr. Paul Kim, Director of Retail Banking, UOB Vietnam

What are the advantages and challenges in UOB Vietnam’s journey to becoming a leading retail bank, Mr. Kim?

For UOB, Vietnam is a crucial strategic market with a long-term development commitment. With our extensive network across the ASEAN region (Singapore, Malaysia, Thailand, Indonesia, and Vietnam), we believe this is our strength and what sets us apart from our competitors in Vietnam.

However, with great opportunities come intense competitions from both domestic and international banks. To effectively compete in the market, we need to continuously enhance our products and services to meet the evolving needs of our customers. Moreover, we place a strong emphasis on developing the skills and knowledge of our staff to serve our customers professionally and excellently.

We are committed to always acting in the best interests of our customers and complying with regulations and standards in the banking industry. The bank is also working on developing the next-generation digital banking app and other infrastructures to optimize convenience and relevance for our customers.

It is known that UOB often provides its cardholders with exclusive pre-sale privileges for attractive performances by artists like Taylor Swift, Ed Sheeran, and, most recently, WATERBOMB SINGAPORE 2024. Can you share about the direction of partnering with more international entertainment events and the upcoming exclusive benefits?

UOB will continue to implement its strategy of integrating finance and entertainment in the near future. We are planning to establish global partnerships in the entertainment field annually. This approach not only helps UOB attract new customers but also promotes card usage in other areas such as entertainment, travel, shopping, and dining. Especially in the next six months, UOB will not only offer pre-sale privileges for US-UK artists’ concerts but also extend these benefits to C-pop and K-pop artists like Andy Lau, Stray Kids, and ZEROBASEONE.

Thank you for your insights, Mr. Kim!