Positive results from Co-opBank’s digital banking services expansion

15/04/2025 - 9:59:00 SA 15/04/2025 - 09:59:00

In 2024, the Co-operative Bank of Vietnam (Co-opBank) achieved significant positive results in expanding Digital Banking services, continuously upgrading and adding new features to provide customers with a more convenient and secure experience. These achievements have not only helped expand Co-opBank’s digital ecosystem but also effectively supported the People’s Credit Fund (PCF) system in its development.

Actively supporting PCFs in promoting cashless payments and digital transformation

One of the key focuses in Co-opBank’s digital transformation strategy is to support the PCF system in promoting cashless payments and digital transformation, contributing to the modernization of financial activities in rural areas and enhancing customer experience. Recognizing its role as the bank of the PCF system, Co-opBank has researched, developed, and implemented various digital banking products and services, enabling PCFs to access and apply technology in payment operations.

The co-branded “PCF Co-opBank Napas” card has enabled customers to access modern financial services, from cash withdrawals and fund transfers to payments for goods and services. The CFeAM account identification service supports PCF members in opening accounts quickly while ensuring compliance with electronic identification regulations and information security. Additionally, salary payment services and overdrafts on payment accounts provide PCF members with more flexible financial solutions.

Notably, Co-opBank has collaborated with the STEP project to implement the Payment Hub integration platform, establishing a seamless connection between the bank and the PCF system, optimizing transaction processes, and enhancing payment processing speed. The CFePCF remote service initiation system enables PCFs to digitize their processes, save time, reduce paperwork, and improve operational efficiency.

Beyond product development, Co-opBank has implemented a revenue-sharing policy and member advisory fees for PCFs, contributing to increased financial benefits and stronger cohesion within the system. As of December 31, 2024, significant achievements have been recorded: 102,418 PCF member accounts have been activated and are using the Co-opBank Mobile Banking application; 158,187 co-branded PCF Co-opBank Napas cards have been issued; and 698 PCFs have joined the remote service initiation system, with nearly 50,000 applications processed.

Furthermore, 671 PCFs have signed cooperation agreements for revenue sharing from digital banking services, generating a total revenue of VND 3.8 billion, underscoring the effectiveness of technology application in financial operations. Over 500 PCFs have implemented payroll entrustment services, enabling thousands of PCF staff, members, and customers to receive salaries via accounts, fostering the trend of cashless payments in rural areas. These outcomes have not only enhanced the operational efficiency of the PCF system but also progressively improved the quality of financial services in localities.

One of the key focuses of Co-opBank’s digital transformation strategy is to support the PCF system in promoting cashless payments

Developing of modern payment services and implementing a digital transformation strategy in banking operations

In order to meet the demands of modern financial transactions and drive digital transformation, Co-opBank continuously expands its digital ecosystem, enhances service quality, and optimizes customer experience. The deployment of advanced digital financial products not only enables individuals and businesses to access banking services quickly and conveniently but also supports the digitization of the PCF system, promoting financial inclusion.

The Co-opBank Mobile Banking app is continuously upgraded with features such as 24/7 money transfers, QR code payments, loan repayments, online savings, and accumulated savings, enabling customers to conduct transactions flexibly anytime, anywhere. Simultaneously, Co-opBank has issued domestic debit chip cards compliant with the VCCS standards set by the State Bank of Vietnam (SBV), ensuring security and aligning with the trend of cashless payments. Co-opBank has also introduced Alias identification accounts and premium-number payment accounts, offering a personalized experience that allows customers to easily remember and use their accounts for daily transactions.

The eKYC electronic identification service enables customers to open accounts online quickly, reducing paperwork, saving time, and enhancing security. Additionally, Co-opBank has developed a dedicated Mobile Banking application for corporate customers, helping businesses and PCFs manage finances efficiently, optimize cash flow, and better control business operations.

Beyond product development, Co-opBank has strengthened security measures and standardized customer identity verification processes. The bank has collaborated with the RAR Center to implement Project 06, verifying customer identities with the National Population Database (CSDLQG) in accordance with Decision 2345/QD-NHNN starting from July 1, 2024. This solution optimizes the verification process, minimizes the risk of identity fraud, and enhances transaction security.

In addition to expanding its services, Co-opBank prioritizes enhancing customer care quality with a 24/7 Call Center system, ensuring timely reception and resolution of requests from the Headquarters, Branches, and Transaction Offices. The eTicket system has also been implemented to optimize support processes, reduce request processing time, and improve customer experience when using digital banking services.

In order to ensure system security, Co-opBank has deployed a range of security solutions, including OTP login authentication via Google Authenticator on the Mobile Banking app and periodic reviews of system card and mobile operations users to ensure accuracy and account security. At the same time, the bank has established criteria for identifying suspicious transactions, strictly complying with Circulars 17 and 18 of the SBV to prevent fraud and protect customer interests.

Additionally, Co-opBank actively promotes financial security awareness, continuously updating warnings about fraud schemes on its website, fan page, and OTT applications, helping customers proactively recognize risks and safeguard their assets. These initiatives not only ensure a secure and transparent transaction environment but also reaffirm Co-opBank’s commitment to delivering modern, convenient, and secure digital banking services.

Impressive results from digital transformation

Benefiting from strong digital banking strategy, Co-opBank has achieved remarkable results, reflecting significant growth in electronic transactions and financial management. As of February 28, 2025, the Casa balance in payment accounts reached VND 3,015 billion, demonstrating growing customer confidence in the modern payment system. Digital banking service revenue in 2024 exceeded VND 11.74 billion, proving the effectiveness of financial solutions and the positive reception from customers.

The number of transactions via Mobile Banking continued to grow strongly, reaching 9,440,553 transactions with a total value of VND 148,779 billion. This indicates an increasing trend toward cashless payments and confirms that Co-opBank’s digital banking platform effectively meets market demands. Customer service has also been a key focus, with the 24/7 Call Center handling 128,847 calls, promptly addressing customer inquiries. The eTicket system efficiently processed over 10,000 service requests from branches and transaction offices, ensuring smooth operations and enhancing service quality.

These achievements not only reaffirm Co-opBank’s success in its digital transformation strategy but also solidify its pioneering position in providing modern financial solutions, supporting customers and the PCF system on their journey toward sustainable growth.

Recognizing outstanding implementation results, on March 20, 2025, Co-opBank honored 11 exemplary branches for their excellence in deploying digital banking products and services.

First prize: Thanh Hoa Branch

Second prize: Quang Binh and Nghe An Branch

Third prize: Binh Thuan Branch, Ha Tinh Branch, Bac Ninh Branch

Encouragement Awards: Thai Binh branch, Gia Lai branch, Hung Yen branch, Bac Giang branch, Phu Tho branch.

This recognition is well deserved, acknowledging the remarkable efforts of these branches in bringing digital banking solutions closer to customers, enhancing operational efficiency, and promoting financial inclusion.

Building on a solid foundation and the remarkable achievements of 2024, Co-opBank is committed to continuous innovation, improving the quality of digital banking services, and delivering even more modern, secure, and convenient financial solutions in 2025. Through these efforts, Co-opBank remains a steadfast partner, supporting customers and the PCF system in their digital transformation and sustainable development journey.

Some images of outstanding Co-opBank branches in the implementation of digital banking products and services in 2024: