On 25th August 2021, Digital Banking Asia Part II Virtual Event, powered by IQPC Singapore, shed light on the digital capabilities and strategic partnerships needed to boost continuous innovation and ensure digital resilience. Senior-level executives in the banking – financial services industry will share tactical insights and best practices on collaborating and competing in a post-pandemic world, as well as building digital resilience through the combination of infrastructure, tech and talent.
Mr. Henry Nguyen, CEO of Timo Digital Bank – a pioneer and leading successful digital bank in the Vietnam market – joined for the keynote opening at the conference, to share the 4 key pillars for Digital Banking to be the Industry Disruptors in the coming time, including:
- Start with the Customers: In a world that is changing ever faster, consumer demands change quickly, and being sure you can respond to those demands is key to our competitiveness. A digital bank does not achieve success overnight. The development requires consistent implementation with a customer-centric mindset. Targeting a breakthrough in the next 5-10 years, Timo is nourishing an ever-growing network of partners in its digital ecosystem while using customer data and insights from the domestic and foreign markets to improve its functionality and user experience.
- Technology Innovation: Technologies like cloud technology allow you to scale faster, modern tech stacks allow you to develop faster and good ideas are copied faster than ever meaning you always need to keep innovating to be ahead.
Recently, Timo announced to partner with SaaS banking platform Mambu to leverage the benefits of a cloud-native core banking platform. The fact that Mambu’s platform utilises AWS’ comprehensive suite of services also gave us an additional layer of confidence and allowed us to envisage the true potential of what Timo can become. Our collaboration with both Mambu and AWS enables Timo to reap the benefits of a range of best-for-purpose technologies and will position us at the forefront of Vietnam’s digital banking revolution.
- Openness: In the offline world, sharing information, integrating with partners was slow and costly – but digital information can be copied and transmitted at almost 0 extra costs. This is an advantage that helps digital banks to reduce or waive fees, create new interesting services and experiences for customers.
- Banking services are an integral part of modern life: People don’t wake up in the morning dreaming of going to a bank – they wake up dreaming of going on a trip, buying a house, sending their kids to university, etc. – and banking & financial services play key roles in enabling this. Banking doesn’t exist in isolation, and technology allows us to integrate more seamlessly and more closely which ultimately helps people live the life they want.
Vietnam is currently a country with a low population served by banks but technology and internet accessibility are high, and the percentage of the population using smartphones is increasing rapidly. Now is the “Golden” time for Vietnam’s banking and financial services industry to make breakthroughs and innovations. The Vietnamese government is actively promoting innovation towards the goal of 80% of the adult population officially registered to use banking services by 2025.
The world is predicted to become digitalized much quicker, to win the market, in the next five years, Timo will focus on technologies such as big data, machine learning, and AI to learn more about existing and potential clients, generate actionable insights into customer behavior and consumption habits. Timo will develop products tailored to the needs of individual consumers while offering faster and more convenient services.