A Decade of Privilege Banking: Reflect and Be Proud
“…only look back to see how far you’ve come…” and indeed, a look back is essential to acknowledge how far we’ve progressed.
In 2015, when ACB officially introduced its Privilege Banking services to the public, Mr. Tu Tien Phat (then Deputy General Director of Asia Commercial Joint Stock Bank) pledged that this would not merely be a financial service for affluent customers with superior benefits, but also a commitment to continuously enhance and innovate, delivering a holistic and exclusive lifestyle experience to its esteemed clients.
Looking at the broader landscape, banks are indeed focusing on this niche segment, with VIP customers comprising only 5-8% of the total customer base but contributing a significant 70% of the bank’s net operating income (NOI). Hence, “enriching lives” for this elite group goes beyond offering financial privileges, and ACB recognized this need to stand out from the competition.
ACB chose to focus on delivering a “complete elite lifestyle” by offering a unique and differentiated approach. ACB Privilege Banking hit the right note by understanding and catering to the diverse needs of this exclusive group, creating joyful experiences not only for the customers but also for their loved ones. From exquisite culinary journeys to luxurious 5-star vacations, ACB recognized that these are the moments that truly matter to this elite segment.
“Your priority is your family. Our priority is you.” This timeless message, accompanied by the image of a lotus flower symbolizing the continuity of values across generations and a solid foundation for future growth, has resonated deeply with customers. Early adopters of ACB Privilege Banking shared that the service helped them realize and appreciate the finer things in life, making them feel deserving of these exclusive privileges.
In October 2022, ACB welcomed its 100,000th member, solidifying the success of its strategy, the wide reach of its products, and the satisfaction of its customers. Today, with a dedicated team of 400 relationship managers offering specialized financial expertise and attentive service, nearly 200,000 Priority Customers are enjoying unparalleled financial and non-financial privileges, empowered by the prestigious black card in their possession.
The Symbolic Lotus and Empathy
For the past decade, priority banking in Vietnam has existed on a relatively level playing field, with similar positioning and communication strategies. So, how has ACB achieved such remarkable success?
The choice of the lotus flower as the card’s design is a subtle yet powerful statement. Not only is it a beautiful flower deeply rooted in Vietnamese culture, but its inclusion on the card also perfectly encapsulates the values and prestige of its holders.
The lotus has long been associated with purity and elegance. Despite growing in muddy waters, the lotus shines bright and blooms magnificently, a clear symbol of prestige. Additionally, the flower’s habit of blooming in the morning and closing at night serves as a reminder of the finite nature of time, a concept that resonates with high-net-worth individuals who often feel time-constrained.
Post-pandemic, the perception of time and life itself has shifted, especially among the elite. Wealth and material possessions are no longer the sole measures of success.
Perhaps the true “time billionaires” are those who find freedom and happiness in the moments that matter. As ACB Privilege Banking embarks on a new journey this September, how will its customer understanding and approach evolve to match these shifting paradigms?
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A dynamic and professional work environment, competitive HR policies, and a people-centric development strategy are key differentiators for attracting top talent, in addition to more ‘traditional’ factors.
Embrace a Cashless Celebration
“Meeting the diverse needs of its customers and embracing the trend of cashless payments, the bank has maximized its technological advantages to deploy a wide range of modern payment solutions. Additionally, the bank has synchronized its system to operate seamlessly through the 365+ automated digital transaction points, ensuring uninterrupted services even on holidays.”
The Luxe Business Traveler’s Haven in the Heart of the City
Investing in real estate projects in central Hanoi is always a lucrative opportunity. Properties in this prime location are considered a rare commodity in the current market, as their value only ever increases and never diminishes.
