To increase competitiveness, domestic banks are striving to improve the financial strength, innovate the products and services, apply technology in operation. Before 2007, services such as internet banking, home banking, SMS banking, mobile banking, electronic wallet, credit cards ... were strange to them but most of these utilities have been available nowadays. In addition, services which require complicated management procedures and technologies such as factoring, guarantees, cash flow management, derivative products ... are launched into the market. It can be seen that local banks have been changing dramatically with more investments into technology and management system, which is illustrated by the diversity of products and services.
BIDV Bank has just deployed "Revenue Plus” - Revenue Management Service Package, offering solutions to help enterprises to speed up cash-flow, concentrate capital, enjoy preferential interest rates, as well as to effectively exploit temporarily idle funds, increase flexibility in capital uses, ... Such products and services as network collection, sweep, overdraft, overnight auto-investment, and the utilities of “cash flow management program” are comprised in the package.
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Customers registered for Revenue Plus package before December 31, 2011will enjoy incentives such as 50% reduction of Network Collection fees within one year, “capital concentration” service fee-waive in case of using this service in combination with Network Collection . In addition, those customers will be waived “overdraft limit” assessment fee cash flow management annual fee as well as offered with the attractive interest rates applicable for auto- investment deposit accounts.
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The leader of a petroleum company said: "We often had troubles in collecting money from the petrol stations across the country with the old process. Previously, the gas stations brought cash to pay the general agents in each province/city once a week and when the amount of cash at general agents exceeded certain limits, it would then be deposited into the company’s accounts at the bank. Each general agent also assigned a team to take responsibilities of periodically collecting and transporting cash from some gas stations. Thus, the process was slowly and quite costly”. Now using the Network Collection service provided by BIDV, such difficulties in collecting money from the gas station was solved. He said: "With more than 500 transaction points nationwide, BIDV helps us to collect money directly from the branches and agents. Getting to BIDV counters to deposit to our account is convenient and cost-saving.
Regarding the cash flow management, Deputy CEO of a major insurance company which has branches and agents across the country, said: "With the wide network and quite large daily turnover of each agency and branch, how to concentrate the corporation’s capital while still providing enough liquidity for branches is always an issue”. To solve this problem, “capital concentration management” service combining with “Overnight Auto-Investment " provided by BIDV helps enterprises not only to speed up the concentration of capital but also to enjoy preferential interest rates. When the balance of the secondary accounts of an agent / branch exceeds the ceiling limits, the exceeding amounts then are automatically transferred to the corporation’s master account. And the balance at master account at day end is invested for higher interest rate than that applied for current account. In case a branch needs to use an amount larger than the available balance, it can use the “Overdraft Limit", which then is offset by a transfer from the master account.
The corporate leaders can manage their business easily because all transactions of collection and sweep will be displayed in the reports of “Cash Flow Management” program which update them the balances of current, term - deposit and loan accounts, thus help to monitor the financial situations of the subsidiaries and to allegate internally the enterprise’s financial resources.
As an illustration of BIDV’s understanding of its customers’ difficulties in revenue control and usage, Revenue Plus is suitable for businesses with large operating networks and those operate under the parent-daughter company model, such as insurance, electricity, petrol, distribution and financial companies, etc.
PV
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