Re-live GEEK Up DPA16: Tailor-made Digital Journeys – Redefining Banking through Customer-Centric Solutions

On December 6, 2024, GEEK Up and ACCESSTRADE Vietnam successfully hosted the Digital Banking Sum-up 2024 (DPA16). Digital Product in Action (DPA), a hallmark of GEEK Up, gathers the perspectives and practical experiences of digital innovators in crafting digital solutions. This year’s event marked a significant milestone as it partnered with a leading Growth Marketing organization, delivering end-to-end solutions tailored to digital banks and financial service providers. Themed “Tailor-made Digital Journeys – Redefining Banking through Customer-Centric Solutions,” the event spotlighted two key topics:

1. Tailor-made strategies as the core approach to solving unprecedented challenges in the financial sector, meeting the growing expectations of digital customers.
2. Innovative and effective growth solutions for building sustainable competitive advantages, tackling the complex challenge of customer acquisition and retention in the modern era.

This article revisits the valuable insights shared by digital innovators at DPA16.

Vietnamese Consumers: Opportunities and Challenges for Digital Banking

Rakesh Dayal, Managing Director at Ipsos Vietnam, opened the event by highlighting key consumer trends shaping the Vietnamese market. He noted that six of the nine global trends significantly influence Vietnam, requiring banks to innovate their approaches to capitalize on opportunities.

One notable trend is the mindset of “Living for Today, Preparing for Tomorrow.” While 77% of Vietnamese prioritize enjoying life today, 87% also focus on saving for future uncertainties. Banks must skillfully craft messages that encourage smart spending while offering financial solutions for a secure future.

Brand trust and individualism currently dominate customer behavior.

The “power of brand trust” heavily influences purchasing decisions, with 81% of users willing to pay more for familiar brands. Examples include BIDV’s financial education program Moneyverse, MB’s relatable TikTok content targeting Gen Z, and ACB’s youthful rebranding efforts under Chairman Trần Hùng Huy. These trends push digital banks to not only innovate their products but also refine their messaging to build lasting brand positions.

Personalized Digital Experiences: A Strategic Edge for Banks

The digital transformation of Vietnam’s financial sector is experiencing significant shifts, supported by advanced regulations and modern technology. While core functions like account opening and payments have matured, competition now centers on enhancing customer experience (CX).

Vietnam’s 83+ online banking apps and 52+ mobile platforms offer hundreds of features, yet only 10% are actively utilized. This highlights an urgent need to optimize user experiences.

Digital customers are the focus of transformation strategies.

Mr. Hoàng Nguyễn, Board of Advisors Member at GEEK Up, stated, “Business is about value exchange, and the core strategy is solving the right problems for your customers.” Today’s banking users prioritize convenience, speed, transparency, and responsive support. Advanced demographic and behavioral analysis allows banks to create personalized and valuable customer experiences.

Modern digital customers evolve 3.5 times faster than previous generations. This rapid behavioral change demands agile teams capable of quickly launching effective products/services. Insights from real users, extracted through a data-driven and customer-centric approach, are the most accurate and valuable resources to drive business growth for digital banks and financial service providers.

True challenges can only be uncovered by actual users. Therefore, a "data-driven" and "customer-centric" approach necessitates a committed team capable of extracting actionable insights from quality data, crafting high-performing solutions, and continuously repeating this process. Real user insights serve as the most valuable and precise foundation for driving sustainable growth in digital banking and financial services.

Also during the panel discussion, Ms. Hương Lê, Senior Vice President and Head of Digital Transformation & Marketing Division at Shinhan Finance, emphasized that Customer Experience (CX) is a tangible driver of revenue, not an abstract concept.

She highlighted two guiding principles in her digital transformation journey: Balancing and Strategic Alignment. These involve balancing customer experience design with practical technology application.

Rather than forcing customers to choose between extremes, businesses must aim for balanced solutions that deliver both. However, impactful CX must be tailored to the business’s context instead of chasing trends. Excessive or misaligned technology applications risk burdening teams and stakeholders while undermining CX value.

Tailor-made Digital Experience Solutions: The Future of Digital Banking

Mr. Thịnh Võ, Senior Product Consultant at GEEK Up, shed light on emerging trends and challenges in digitalizing customer experiences. He stated, “Focusing on digital experience is the golden key for banks to maintain competitiveness in the digital age.”

With core functions like payments now ubiquitous, areas such as digital lending and digital wealth management are emerging as untapped opportunities.

DPA16 underscored that customer-centric, insight-driven, and tailor-made strategies are essential. Banks prioritizing digital experiences will not only achieve superior competitiveness but also redefine the future of the financial sector.

Sustainable Growth Solutions: Connecting Banks with Communities

Mr. Lưu Kỳ Tâm, Director of Mobile Department at ACCESSTRADE, introduced the VNG (Value Network Growth) formula as a sustainable growth strategy for digital banks:

1. Value: Deliver unique and engaging experiences to meet diverse customer needs.
2. Network: Activate natural communication networks, transforming users, partners, and brands into effective channels for spreading value.
3. Growth: Optimize retention rates, with user return rates reaching 70% and overall retention improving from 8% to 31%.

During the discussion, both Mr. Lưu Kỳ Tâm and Mr. Hoàng Nguyễn emphasized that while chasing trends is common, rethinking outdated approaches is crucial for growth. Digital banks and financial service providers must leverage external resources and find the right partners to create products and services that align with customers’ values in the new era, thus attracting target customers and achieving remarkable growth.

For businesses interested in tailor-made digital solutions, contact Vinh Phan, Partnership Development Manager at GEEK Up, via email at vinh.pn@geekup.vn for consultations to create strategic breakthroughs in your digital transformation journey.