Over the past few years, Co-opBank has utilized more resources in studying, investing and developing its IT system and modern banking products and services for its customers and member People Credit Funds (PCFs). Modern banking products and services provided by Co-opBank have brought new development opportunities, improved branding and increased the integration in the PCFs system. In addition, these products and services have given PCFs’ members and those living in rural and remote areas access to modern and safe financial services in their convenience and at reasonable prices.
A customer making a transaction at a Co-opBank branch
Co-opBank started its E-banking services (CF-eBank) back in 2012. Since then, CF-eBank has helped members to trade, expand their businesses and pay for their children’s tuition fees conveniently. Especially for those who lived in mountainous and remote areas, CF-eBank has not only provided convenient services for their daily payment needs, but has also saved their traveling time and expenses. Risks associated with bringing physical cash to make transactions have also been avoided.
As of June 30th 2021, the national CF-eBank network consists of 676 transaction points (including 32 branches, 66 transaction offices and 578 affiliated PCFs). Transaction volume has reached 407,580 transactions with a total value of 161,861 billion VND, in which PCFs accounted for 114,398 transactions with a total value of 11,836 billion VND.
PCFs in the CF-eBank network are provided full support in facilities, training, IT, marketing and communications. These supports have enabled them to deliver the products and services to their members more easily. CF-eBank has proven to be a safe, fast and cost-saving system. PCFs’ feedbacks show that CF-eBank has helped PCFs to improve their brand image and reach more members in their local communities.
In the coming time, more modern banking products and services will be developed such as mobile banking, E-wallet, QR Pay and etc.
Since 2018, Co-opBank has deployed domestic payment card products to PCFs, combined with CF-eBank electronic money transfer payment services. PCFs have since become a secure transaction point in the locality. Customers can easily perform transactions (deposit, withdraw, transfer, transaction statement, balance query) with simple procedures and quick transaction time at a PCF counter.
After deploying overdraft products to individual customers, in 2019, Co-opBank began to provide overdrafts for its employees and PCFs’ members to meet their unexpected spending and promote non-cash payment. Buying essential goods in the familíe, transferring tuition fees and payments for daily production and business activities… can be easily performed through bank overdraft. Co-opBank has also started providing overdraft payment accounts for PCFs in CF-eBank network to support to enable them to cover immediate payment needs of PCFs’ members and customers. The number of PCFs using the service has increased year by year and they have given positive feedback…
Currently, Co-opBank is the process of developing a remote loan creation and management system to handle overdraft lending procedures on domestic payment cards. Accordingly, the process from a customer requesting an overdraft to the appraisal and approval will be much shortened since all payper works have been digitalized. From May 2021, this system has been piloted in 5 Co-opBank branches in Nghe An, Binh Thuan, Nam Dinh, Dak Lak and Dong Nai. After the pilot, Co-opBank will review, analyze and evaluate, summarize and expand the implementation to PCFs.
A customer making a transaction at a Co-opBank’s ATM
In the coming time, Co-opBank will continue to improve and implement more new services and facilities such as: letting customers choose their preferred account number (using birthday number, easy to remember number, lucky numbers and etc.) and overdraft facilities with collaterals…
The positive results obtained from the development of comprehensive financial products and services to support the PCFs system and people in rural areas will be a foundationand motivation for Co-opBank to continue to study, invest and develop more modern new products and services such as: Mobile Banking, E-wallet, QR Pay … in order to promote its role as a focal institution of the PCFs network and provide solid support for the safety, efficiency and sustainability of the PCFs’ development.
