Timo: Smart Financial Management Platform with Focus on Best User Experience

1:19:11 PM | 19/5/2021

Established in 2015, Timo was the first digital banking platform in Vietnam to offer customers a unique banking experience coupled with products & services to make their banking life easier and hassle-free.

Timo has emerged as a leading non-conventional bank in the country with a digital-first mindset. Our mission is to improve the financial lives of our customers so they can successfully achieve their goals and dreams in life. The goal here is more than providing any specific banking service, but instead bundling them all together and providing personalized services to make daily tasks easier regardless of the device used.

Timo's performance across four pillars - Customer Experiences, Innovation, Security, and Partnerships - will be key to our growth. We understand that it requires more than just technology to stay ahead in this competitive landscape. We must understand where customers need banking and financial services and work closely with partners to bring a relevant value proposition to the customer right then and there. We do this by providing customers with the greatest convenience. This means whenever, wherever, real-time access to their accounts, plus flexible, nimble and valuable products and services to stay ahead of customers' evolving needs.

Unlike typical banks in Vietnam, Timo also piloted the eKYC (electronic Know Your Customer) sign up process via the Timo App, which can be completed in less than five minutes, followed by a 15-minute physical visit to any of our Hangouts nationwide, where a "wet signature" and Debit Card are collected (as required by the State Bank of Vietnam). New members can enjoy a complimentary beverage at the Hangout while verification is completed, and then walk away with a Debit Card.

Most importantly, this customer experience and customer-first approach allows Timo to demystify the complex banking environment and deliver a simple, user-friendly and valuable banking platform accessible on iOS and Android and through a web app. Safety measures like authentication are also streamlined, with multi-level security protocols like Fingerprint Login, Face Recognition, Card lock/ Unlock in app, iOTP in the App, and OTP via SMS, to ensure customer funds are safe.

Timo aims to provide a smart financial management platform with a focus on the best user experience. With its intuitive and user-friendly interface, users can conveniently send and receive payments, manage savings and investments, borrow money, and create financial plans. To accomplish this mission, Timo has found a suitable, long-term strategic partner in Viet Capital Bank, which provides not only the core banking systems but also shares our vision of creating the best digital banking platform for the increasingly sophisticated customer base in Vietnam.

In its five years of operations, Timo has been recognized for its innovative efforts and was named “The Best Digital Bank in Vietnam” in 2019 by Asia Money and "Best Digital Bank in Vietnam 2021” by International Business Magazine. Timo has also achieved a remarkable double first, with The Global Economics awards - #1 in Fastest Growing Digital Bank 2020 and # 1 in Most Innovative Digital Bank 2020 in its ongoing digital banking transformation - further cementing its maturity and proven success in improving the banking landscape in Vietnam.

Source: Vietnam Business Forum