Before 2019, when credit cards were not yet popular with Vietnamese users, the card market mainly operated according to the traditional model. Products often have complex mechanisms, many types of fees, and unoptimized user experience. Recognizing the strong development trend of cashless payments, along with great opportunities to create a breakthrough in the market, VIB has implemented the conversion of the credit card segment since the end of 2018, laying the foundation for the strategy of "Leading the card trend".
VIB's journey to transform the credit card segment begins with strategic repositioning, shifting the focus from issuing regular cards to creating a diverse, personalized card ecosystem that deeply integrates into users' digital lives. This strategy is built on three main pillars: Technology - Experience - Benefits.
A step ahead thanks to technological breakthroughs
VIB's strategy of "Leading the card trend" is associated with the bank's strong digital transformation journey. Determining technology as a key lever, VIB has boldly invested and applied advanced technology, creating the first impressions in the market.
VIB pioneered the application of Big Data and AI in the card approval process since 2020. This technology allows customers to automatically and accurately analyze and evaluate customer records, shortening the card opening time record from a few days to just 15-30 minutes, allowing users to register to open a credit card right on their computer or phone without needing to prove their income, without having to go to a branch.
As the first bank to launch a card line that allows users to freely choose the Super Card feature, VIB gives cardholders the right to design their own cards: from choosing the refund field, statement date, minimum payment rate to choosing the last 5 numbers of the card at will.
VIB is the first bank to use information from the electronic identification and authentication system shared by citizens to open an online credit card on the VNeID application, from October 17, 2024, making the registration and opening of credit cards of users faster and more convenient, while ensuring information security for people and banking activities.
The bank also applies augmented reality (AR) technology to create talking cards and GenAI to personalize card designs, bringing experiences beyond traditional payment functions.
Pioneering customer understanding experience
VIB has deeply researched user behavior and preferences to build a diverse card collection, meeting basic needs to high-end experiences. Regardless of who the customer is, what income, age or preferences, VIB's 10 specialized credit card lines can meet their spending needs when shopping (Cash Back, Super Card, Online Plus 2in1), travel (Travel Elite, Premier Boundless), family and education (Family Link, Ivy Card), business credit (Business Card).
When customers were still familiar with the feature of standard credit cards, VIB pioneered the creation of a personalization trend so that customers could design their own products according to their personal needs. Accordingly, customers can design card features with Super Card themselves, proactively transfer between card limits and cash loan limits up to 1 billion VND with the flexible loan solution Super Cash, or proactively manage card transactions with Super Pay.
On an outstanding technology platform, VIB focuses on creating a seamless and simple customer experience journey, where every touchpoint can create an impression. The MyVIB digital banking application becomes the center of the ecosystem, where customers can easily manage every aspect of the card: from activating the card, locking/unlocking the card, watching statements, paying outstanding loans, registering to pay 0% interest, to converting accumulated bonus points to cash, vouchers or annual fees. Every operation is done with just a few touches, bringing maximum initiative and convenience.
Not only stopping at features, VIB also creates unique experiences when applying augmented reality (AR) technology to credit cards, turning a physical card into a "talking card", providing incentive information in an intuitive and vivid way. The AI application helps customers design their own cards with their own appearance and color.
In particular, instead of applying general policies to all customers, VIB implements personalized incentives according to spending needs to bring optimal benefits to each customer segment.
1 million cards - 1 million journeys with customers
Sharing about the 1 million card milestone, Ms. Tuong Nguyen, Deputy General Director of VIB said: In the context of the increasingly vibrant cashless payment market, reaching the 1 million card milestone is an important milestone not only for VIB. The meaning of this milestone is not only on growth charts, but is present in the daily life of each customer. These are millions of stories, millions of memorable journeys and experiences of customers from daily spending, shopping, cuisine, to realizing big plans such as travel, studying and building a home.
For VIB, the 1 million card milestone is not only the starting point, but also an affirmation of the right direction. The bank will continue to expand the ecosystem, enhance digital experience and set new standards, thereby maintaining its position as a pioneer bank "Leading card trends" in Vietnam.
