Vietnam's best digital bank 2021: HDBank
Digitalization is spreading throughout Vietnam’s banking industry, with most leading banks offering some mobile and online services. But HDBank, led by chief executive Pham Quoc Thanh, impressed Asiamoney the most with its diverse digital products serving retail clients, and for pioneering moves with blockchain and open banking technologies.
Vietnam’s shift towards online banking began in earnest only in the past few years. It was the same for HDBank, which kicked off its transformation from a traditional bank in 2019. But last year was the breakthrough year for its digital banking offerings in terms of both revenues and users.
The bank ran various campaigns in the first and second quarters of 2020 to encourage use of its digital services. But the pandemic was an obvious catalyst that changed customer behaviour from traditional over-the-counter and cash-based transactions to a preference for online, contactless and cashless services.
HDBank saw the change in attitude. It wasted no time in pushing ahead with its digital transformation process, unveiling new solutions and functions including its mobile app.