Sacombank delivers seamless service through top-notch eBanking technology
With its pioneering investments in technology and cybersecurity, Sacombank provides unmatched convenience and security for its clients.
Creating a seamless and secure customer experience is at the core of Sacombank’s relentless technology investments. Over the years, Sacombank has been at the forefront of providing electronic banking services in Vietnam, using the latest technology to provide fast, safe and convenient transactions for its clients.
Sacombank launched its multi-awarded eBanking platform in 2014. Since then, the platform has rapidly expanded and is now implemented across multiple channels, handling almost 80% of the bank’s products and services. Customers can use the eBanking platform not only for routine tasks such as money transfers and deposits but also for more complex needs such as trade finance and loan applications.
“Sacombank has long identified technology as a pillar in our development strategy. We especially focused on investment for digital transformation, creating a solid foundation for the bank's comprehensive development,” explained Sacombank Representative, Position and Rank at Sacombank. “The application of information technology has helped to quickly expand many new financial products and services, bringing benefits to the bank and at the same time bringing great convenience to our customers.”
True to its goal of providing unmatched convenience for its customers, Sacombank has continued to work on new applications to improve customer experience. For instance, in July 2020, it deployed an advanced chatbot equipped with natural language processing technology to automatically answer customer questions 24/7 and provide round-the-clock customer care and product and service consultation.
Sacombank has also rolled out an eKYC feature to help customers open accounts and make transactions using the Sacombank Pay mobile application in November 2020. With the eKYC service, clients can open accounts and make other transactions anywhere at their convenience, without needing to go to physical transaction points. Moreover, in June 2021, robotic process automation (RPA) was deployed to automate the processing of international payment records, approve automatic money transfer orders, and register personal customer service products. In the future, the use of RPA will be expanded to other business processes.
“The use of information technology has allowed us to meet the needs of customers in recent times, as the Covid-19 pandemic becomes more complicated. In addition, it also helps to save annual operating costs when applying electronic business processes, online meetings, and digitising procedures, which improves processing time by more than 50% compared to before. Our eBanking efforts have strengthened the trust of customers, resulting in the growth of transactions in all channels by 20-30%,” a representative shared.
The bank ensures the security of its eBanking channel through frequent upgrades, as well as through regular inspections by international audit organisations. In fact, Sacombank was the first bank in Vietnam to implement the Temenos TAFJ platform, ensuring the safety, stability, and modernity of its core banking systems.
Sacombank has recently worked with IBM to re-evaluate the current status and maturity of its digital businesses. With IBM, Sacombank looks to restructure its IT system and come up with an investment strategy up to 2025. Part of this restructuring will be through the implementation of digital enterprise architecture, helping customers have a uniform digital experience on the Bank's various interactive channels.
Sacombank also invests heavily in cybersecurity. It has established an Information Security Center which specialises in network security issues and has increased investment in upgrading the SOC (Security Operation Center) technology system. In 2021, Sacombank has also rolled out upgrades to its network security event management system, deployed solutions to collect and analyse network security intelligence, and upgraded its firewall and intrusion prevention systems. Sacombank is amongst the first banks to apply the information security management system (ISMS) according to ISO/IEC 27001. The bank has been certified to comply with ISO/IEC 27001:2005 since 2012, upgraded to ISO/IEC 27001:2013 version in 2013 and maintained annually.
Apart from its investments in technology, Sacombank is also committed to maintaining transparency in its operations and complying with international regulatory standards. Sacombank was one of ten credit institutions selected by the State Bank of Vietnam to pilot Basel II implementation, and it has since implemented Basel II methodically and scientifically.
“Currently, Sacombank has completed all three pillars of Basel II. As a result of this implementation process, Sacombank has now completed and met all requirements of the State Bank. Moreover, Sacombank is continuing to implement projects to bring Sacombank to a higher level of Basel II,” a representative said.
In recognition of its relentless efforts in upgrading its electronic banking services, SACOMBANK was recognised as the 'Vietnam Domestic Trade Finance Bank of the Year' and the 'Vietnam Domestic Technology and Operations Bank of the Year’ at the 2021 ABF Wholesale and Retail Banking Awards