As one of the first banks in Vietnam to apply IT to business operations, Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank) has successfully developed and introduced many superior products for both personal and corporate customers. To learn more about this issue, Vietnam Business Forum Magazine has an interview with Mr Nghiem Si Thang, Deputy General Director LienvietPostBank. Huong Thom reports.
LienVietPostBank was established not long ago but it is a leading light in IT application. Could you tell pros and cons in IT application at LienVietPostBank?
Currently, many banks lack synchronous investment for IT development; thus, their infrastructure and personnel are not perfect, and even wasteful and ineffective. At LienVietPostBank, IT application faces certain advantages and difficulties.
Lien Viet Post Joint Stock Commercial Bank (LienVietPostBank), formerly known as LienVietBank, was established under the Operation Certificate No 91/GP-NHNN dated March 28, 2008 by the Governor of the State Bank of Vietnam. In 2011, Vietnam Post Corporation (VNPost) became the biggest shareholder by contributing capital to the bank equal to the value of the Vietnam Postal Savings Service Company (VPSC) and in cash. This event follows the renaming of the bank to the current name.
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Our bank was established just four years ago and its investment for IT application and personnel is hardly equal to that in long-standing entities.
However, late establishment enabled us to anticipate difficulties and problems other banks usually face like unreasonable or costly investment. And, we are able to choose best technologies and build standard personnel. Synchronous infrastructure and strategy gather the speed for it to catch up with other banks very quickly. Especially, after we merged with Vietnam Post Corporation (VNPost), we formed a nationwide network with thousands of transaction points which are VNPost post offices.
Would you mind talking about your achievement in IT application? Can you share your experience?
First of all, we focus on human factors. Our staffs love what they are doing. After our bank was formed, our professional staff continued building operating strategies clearly and sufficiently. Some new banks failed to achieve their objectives due to frequent changes in personnel changes and strategies.
LienVietPostBank, from its start, invested in a superior IT system powered by professional personnel. We also defined that infrastructure had to be built scientifically and systematically to avoid follow-on troubles.
After the merger with VNPost, what are core values of LienVietPostBank?
LienVietPostBank’s core values are personnel and technology. Soon after our merger, we successfully moved the entire operating technology from our partner into a system seamlessly. We identified our differences from other banks and followed that direction with a strong determination of escaping the vicious cycle many banks had been entangled. LienVietPostBank referred to foreign models when it carried out noncash payment project. In the world, noncash payment via post networks is very successful and highly profitable. This technology helps us not develop more retail systems and switch to using online system.
Remarkably, any post office is also the LienVietPostBank transaction point. This saves costs for the banks and saves time for customers. That is a huge value LietVietPostBank brings to customers.
What has LienvietPostBank done to implement the Prime Minister’s Project 2453/QD-TTg on noncash payment in Vietnam? What is the difficulty in shifting from cash payment to card payment?
LienVietPostBank has focused on retail customers and noncash payment; focused on rural, urban and remote areas; and used noncash payment from the lowest level.
We completed our three-year strategy, achieved important objectives and attained standards any banks must have. From now to 2015, we believe we will accomplish objectives in the competition race with other banks. At present, LienVietPostBank has standard technology to carry out the Government’s scheme.
We define that we must start at the lowest level in shifting from cash payment to card payment. All our tellers are equipped with full professional knowledge to guide customers to use noncash payment and transactions. Currently, LienVietPostBank has replaced old software applications with new advanced ones.
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