From products to partnership: How retail banking is evolving in Vietnam

Shezad Arif, head of Wealth and Retail Banking at Standard Chartered Vietnam and Brunei, said, "The rapid expansion of the middle and affluentin come segments, coupled with Vietnam deeper international integration, is compelling retail banks to move beyond a product led approach towards building long-term value."One of the most significant shifts underway in Vietnam’s retail banking market today is how “core value” is being redefined–not by the number of products offered, but by how effectively banks support clients through increasingly complex financial decisions.

"Clients’ financial needs are becoming more diverse and interconnected. Personal finances, business interests, asset accumulation and protection planning are no longer separate considerations, particularly as crossborder activity and international exposure increase," Arif said.

Standard Chartered has built its Customer Value Proposition around three core pillars: a seamless end-to-end customer value chain, global connectivity, and personalised advisory grounded in deep local market expertise.

“Our focus is on building sustainable customer relationships through global connectivity and personalised advice–enabling seamless cross border support while leveraging strong on-the-ground expertise. This allows us to continue meeting the increasingly diverse needs of Priority clients and businesses in Vietnam, both domestically and globally,” Arif said.

As digitalisation continues to reshape financial services, the role of Relationship Managers faces crucial evolution. According to Arif, while technology enhances efficiency and transactional convenience, a profound understanding of each client’s unique needs and values remains central–especially for medium to long-term financial decisions.

“Digital platforms make transactions faster and more convenient. However, critical decisions–such as asset allocation, risk management and longterm protection planning–still require personalised advice, built on a comprehensive understanding of each client’s goals and financial landscape,” he said.

Another defining characteristic of Vietnam’s market, Arif noted, is the increasing international exposure of the country’s emerging and affluent income segments through consumption, education and investment–driving demand for cross border financial solutions.

“Today’s clients may live in Vietnam, operate businesses with overseas partners, hold assets across different markets and send their children abroad for education. What they seek is a banking partner that can support them seamlessly and deliver a consistent experience across that entire journey,” he said.

With a presence in more than 50 markets worldwide, Standard Chartered is well positioned to connect domestic financial needs with regional and global opportunities–while remaining closely aligned with Vietnam’s regulatory environment and local market dynamics.

According to Arif, seamless cross border support is not just about geographic reach, but critically about consistency in service standards and advisory quality.

As wealth grows, protecting what has been built becomes increasingly important. This trend is particularly evident among Priority clients and families with significant assets, amid rising health risks and economic uncertainty.

From this perspective, bancassurance is no longer seen as an add-on product, but as a core component of a holistic financial plan.

“Protection plays a critical role in long-term financial resilience,” Arif said. “By integrating insurance solutions into broader financial planning, clients are better equipped to manage risks and cope with unexpected events.”

Standard Chartered has expanded its protection offering to include specialised global health insurance solutions such as Elite Care, developed and underwritten by MSIG Insurance. These solutions are designed to meet the increasingly sophisticated protection needs of Vietnam’s growing middle and affluent income segment.

Looking ahead, Arif said, "The sustainable advantage for retail banks lies in their ability to stay closely connected to clients over the long term–through trusted advice, effective risk management and consistent cross border support."

“In an uncertain world, clients value clarity, confidence and continuity,” he said. “Banks that combine strong local understanding with global capabilities will be best placed to support clients as their financial needs continue to grow and evolve."

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