A 5-year development path confirms the leading position of the digital bank Timo in Vietnam
Ho Chi Minh City, Vietnam, August 9, 2021 / PRNewswire / – At the 2021 Asia-Pacific Digital Banking Forum on 5 August organized by Clariden Global, Henri nguyen, CEO of digital bank Timo, explained how, over the past five years, the company has risen to the leading position in the digital banking market by Vietnam, a “promising land” for digital banking.
In the presence of global leaders in digital banking, the 2021 Asia-Pacific Digital Banking Forum discussed digital transformation and long-term investment strategies to create advanced technological platforms and improve customer experience in banking. digital.
Created in 2015, Timo is from Vietnam very first digital banking platform that has rapidly evolved in recent years and has become the # 1 digital bank. Over two million transactions per month are a testament to growing customer satisfaction and confidence, resulting in an expected gross transaction value at a $ 2.5 billion stroke rate.
His success in improving the customer experience while growing the global business has enabled Timo to win a number of prestigious awards, both nationally and regionally, such as the leading digital banking platform in Vietnam by Golden dragon Prize and Best Digital Bank in Vietnam 2021 voted by International business journal. In addition, Timo was named best digital bank in Vietnam 2021 by International Business Magazine and in a remarkable double-first at The Global Economics Awards received top awards for Fastest Growing Digital Bank 2020 and Most Innovative Digital Bank 2020.
It also signals the growing digital maturity in Vietnamese banking industry as customers show increasing awareness and demand for digital banking products.
At the APAC Digital Banking Forum 2021, Henri nguyen shared five lessons Timo has learned in the five years he has risen to the top of the Vietnamese digital banking market.
Lesson 1: Building around timeless principles
Timo was developed on the basis of the basic principle of creating âone app for all banking needsâ.
Timo stands for âTimeâ and âMoneyâ with a commitment to helping clients save time and get the most out of their finances through a single platform. To this end, Timo has consistently built an ecosystem of digital banking features with a single app to meet customer needs quickly, easily, and completely free of charge.
Timo’s app eliminates the annoyances that customers have with traditional banking every day, such as queues for service and cumbersome paperwork.
Lesson 2: Digital transformation requires continuous research and improvement
A digital bank does not succeed overnight. Development requires consistent implementation with a customer-centric mindset. Targeting a breakthrough in the next 5-10 years, Timo nurtures an ever-evolving network of partners in its digital ecosystem while using customer data and insights from domestic and overseas markets to improve functionality and user experience.
Lesson 3: Technology is key, but not the only factor for success
Technology is not the key to digital banking success, but it will help digital banks better understand customer behaviors and habits, providing the best and most convenient experiences.
Technologies such as big data, machine learning and AI can help businesses and digital banks learn more about existing and potential customers, using this information to deliver personalized offers that meet their individual needs. .
Over the next five years, Timo will focus on the above technologies to generate actionable insights into customer behavior and spending habits. Timo will develop products tailored to the needs of individual consumers while providing faster and more convenient services.
Lesson 4: Digital banks do not need a branch network but must always be present everywhere
Customers should be logged in to receive support when they need it. Despite being a digital bank, Timo constantly seeks to make his presence felt in the daily lives of his clients. The “stand on the shoulders of the giants” strategy whereby digital banking has partnered with many powerful partners such as 7-Eleven and McDonald’s has helped Timo reach unprecedented customer base and increase brand awareness of its brand.
The cooperation with these two brands which are particularly popular with young people not only allows Timo to reach potential customers but also allows him to quickly cover the Vietnamese market and increase his notoriety by appearing in all McDonald’s and 7-Eleven stores.
Lesson 5: To be successful, a bank must inspire confidence
Traditional banks face constant challenges in complying with changing legal regulations, risk management, capital insurance and the urgent need to upgrade their systems. For digital banks, however, customer trust is the most vital factor to achieve.
This âtrustâ is the biggest barrier for digital banks and by becoming an effective financial partner who always places the customer at the heart of its development, Timo has stood out from the market. Customer satisfaction and trust are the basis of long-term loyalty to Timo.
SOURCE Timo digital bank