After 28 years, MB has successfully evolved from a commercial bank with just 25 employees and $870,000 of charter capital into a versatile financial organization that is rapidly embracing digital transformation in order to provide its clients with the finest experience.
Vietnam's financial sector has been served by MB for 28 years, and in that time the company has expanded into a multifaceted financial group with strong operations in banking, securities, fund management, asset exploitation, insurance, and consumer financing. Even during the terrible phase of the economy during the pandemic, its digital business plan was implemented, demonstrating its durability and adaptability.
MB Group's total assets increased by 26 percent on-year in the first half of 2022, which is much higher than the average annual growth rate of 19 percent seen from the 2018-2021 period.
"The diverse ecosystem with different large-scale subsidiaries, along with safe and efficient operations, have established a competitive advantage adding to MB Group’s strength," an MB representative emphasized.
Win over clients with first-rate services
MB has successfully deployed a full range of financial services to fulfill consumers' ever-evolving desires thanks to constant testing and research on its customer experience.
Customer satisfaction can be gauged with data. In particular, the MBBank App has processed approximately 391 million transactions in 2021.
The head of MB echoed the sentiment, "This is a significant figure, even for international banks."
Previously, only 65 percent of financial transactions were conducted via digital channels. However, by the first half of 2022, this number had jumped to 94 percent. The bank has completely revamped its internal operations, becoming completely paperless and switching all of its transaction processing to digital mediums.
MB's drive toward digital transformation is the main reason for the bank’s significant increase in its client base. The number of customers using the MBBank app climbed by 3.1 percent in 2021 compared to the previous year, digital banking transactions increased by 4.3 percent, and the number of new customers joining MB in a single year was virtually equivalent to that of 26 years before.
The number of users of the MBBank App increased steadily over the first eight months of 2022, jumping by 1.5 times compared to the same period in 2021.
“There are just a few banks that can digitally transform as rapidly as MB," said Pham Tien Dung, deputy governor of the State Bank of Vietnam.
MB's digital transformation efforts have garnered several high-ranking accolades. In October, MB's three award-winning solutions at the Vietnam Digital Awards 2022 outperformed more than a thousand other innovations.
In particular, the charity app App Thien Nguyen was recognised in the category of Products and solutions for the digital transformation of the community, while Wealth Management, a financial investment platform on the MBBank App, and BIZ MBBank, a digital banking solution for businesses, was honored in the category of Prominent products, services, and digital transformation solutions.
The goal of being a top Asian bank
Entering its new strategic period from 2022-2026, MB has established a vision to become a leading digital and financial behemoth and reach the top 3 in the market in terms of efficiency, leading in Asia.
In conjunction with this, the bank has adopted the slogan Digital Acceleration - Customer Attraction - Corporation Synergy - Sustainable Safety as its guiding principle.
Moreover, MB continues to explore and extend partnerships with multinational organizations such as IBM, Prophet, and McKinsey in order to enhance corporate governance, particularly risk and smart financial management.