VIB receives Innovation in Digital Banking 2021 award from The Banker

VIB has created the most innovative digital banking proposition in the market in 2021, according to The Banker

The Innovation in Digital Banking Award of The Banker honours the world's most innovative bank in digital banking and has always caught the attention of the financial community. This year, the award attracted the highest number of applications in the mobile application category, with competition from more than 1,000 candidates globally.

According to The Banker, COVID 19 has driven the digital transformation in the industry, creating a leap forward with tonnes of breakthrough products and services. Overcoming various candidates from different continents, the MyVIB application has successfully convinced the board of choice and placed at the top position due to its innovative ideas that shaped a new transaction behaviour in customers, and pioneering in applying future technology trends.

A VIB representative shared that, "With the goal of maintaining the leading position in digital banking, VIB always applies modern technologies, optimises the design of integrated solutions, and focuses on user interface design in a minimal, consistent way to provide a fast, effective, and safe digital banking experience. The international prestige awards and the trust from our customers when choosing VIB as a transaction bank is great recognition for VIB's efforts over the years. "

In 2020 and the first half of 2021, the pandemic has affected and disrupted social contacts heavily. VIB has developed new features to provide more secured and convenient transaction methods. It was also the first bank to offer health insurance through a mobile banking application, allowing users to sign up and receive a contract in a blink of an eye after registration.

Meanwhile, electronic identification (e-KYC) solution for online payment account opening service reduces time and increases customer satisfaction. VIB is also the pioneer bank to successfully apply AI and big data, modern technologies such as e-KYC and e-Signature in the credit card issuance and approval process. The bank has also set a new record in the market in terms of processing and approval time, with only 15-30 minutes, 1/500 of the average time in the market.

In the first six months of 2021, the number of registered customers using the MyVIB mobile banking application and the My Online Bank e-banking service increased by 154 per cent compared to the same period last year. The number of online transactions increased by 172 per cent. VIB is among the top banks in terms of the proportion of online transactions with 91 per cent.