Cake scoops ‘Technology Bank of the Year’ at Better Choice Awards

The Better Choice Awards are an annual event held by the Ministry of Planning and Investment, aiming to honour creative innovations that offer practical benefits to users and create community value. This is the first time a digital bank has won the award.

Effective AI application

Cake by VPBank was named Technology Bank of the Year at the Better Choice Awards 2024, Photo: VPBank

Amid global digital transformation, demand for digital banking in Vietnam is increasing swiftly, and the market is forecast to further expand.

According to a report by UK-based analyst house Juniper Research, the number of global digital banking users will exceed 3.6 billion by 2024, affirming the position of digital services in the financial sector.

The strategy at Cake focuses on market share expansion and improving the customer experience through the use of technology. As part of the strategy, AI plays an important role in personalising services and process automation, making financial transactions easier and safer.

AI helps the digital bank simplify the account opening process, and offer financial solutions such as savings, investments, credit card registrations, online consumer loans, and the “pay later” service.

All these tasks can be completed in a few clicks. With AI technology, Cake delivers a fast, accurate, and easy service with high personalisation. It takes the bank just a few minutes to fully complete an online transaction based on its app.

A loan or credit card registration at Cake can be approved in a few minutes - Photo: VPBank

Enhancing customer experiences

Digital banks face data security and asset protection challenges, which require them to ensure information security to build trust with customers.

Cake has obtained the highest standards for payment card data security - PCI DSS 4.0 level 1. It is also the first digital bank and among the top five banking, financial services and insurance organisations in Vietnam with facial recognition technology ISO/IEC 30107-3 certified by iBeta.

This solution, developed by Vietnamese engineers from Cake, has leveraged big Vietnamese data to ensure the most accurate results, bringing the best experience to users.

Currently, Cake has more than 4.6 million individual customers, manages more than in $330 million cash flow, and processes millions of transactions quickly at the same time.

Nguyen Huu Quang, CEO of Cake by VPBank digital bank, noted that since the first day of its establishment, they have invested a lot in engineers, data experts, and those in charge of digital product development.

“Cake has applied AI to every aspect to bring a better experience to customers. We are proud of Vietnamese intelligence that is helping the government reach a comprehensive financial goal, bringing the most comprehensive, effective, simple, and convenient digital financial services to everyone,” said Quang.

The combination of AI and digital banking opens great opportunities for the development of the digital finance sector in Vietnam. This is also one of the driving forces for the prime minister's national financial strategy.

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