According to the economists currently evaluating the potential of retail banks in Vietnam, this developing economy is undoubtedly attractive and prosperous, drawing the attention of a wide array of established banking institutions. To this end, the retail banking sector in Vietnam has witnessed fierce competition among commercial banks seeking to acquire greater customer numbers and an increased share of the market.
Because of today’s volatile climate, it is evident that banks are attempting to remodel themselves by improving and broadening their product-category, as well as diversifying their distribution channels in order to reinforce the change from traditional banking service provider to innovative, modern and friendly banking institution. Ocean Bank is typical in that it is rapidly adjusting its business practices to suit this aim, successfully adopting the international ‘4Ps model’: Product (outstanding products), Place (nationwide and efficient distribution channels); Process (simple processes) and People (professional, friendly, and dedicated human resources).
Ocean Bank believes that the best retail services and products are the simple ones – those which allow our customers to easily use them at low cost and with high efficiency. We hope that Ocean Bank is widely known as a simple bank that goes beyond the expectations of its customers, which is reflected in the 4Ps adjustment process.
Ocean Bank believes that the best retail services and products are the simple ones
Customers as the focus
In just a short amount of time, Ocean Bank has launched a series of rejuvenated retail products and services based on the real demands of our customers. There are now more than 10 products in the accumulative saving category, among which ‘Accumulated savings – Living in peace acceleration’, ‘Amortized Saving – Love for Children’, and ‘Flexible withdrawal of principal savings’ are considered the highlights; yet currently these options only account for 10 percent of the saving policies across the system.
The majority of our customers currently use the ‘Lộc Phát Tài’, and ‘Tỷ phú’ ATM cards, which allow customers to withdraw up to VND 1bn within the first 10 years, at no service charge from Ocean Bank, regardless of whether the customer is using an Ocean Bank ATM or a competitor’s.
The highlights among our credit card products are the ‘Credit Card VISA Food Lovers’, a product specifically targeted at food lovers, and the ‘Credit Card VISA Professors’, a specialised option for professors who have a master degree qualification or above.
Around the clock banking
Furthermore, Ocean Bank offers a wide range of personal loan products and services which are highly customised to meet the specific demands of our customer groups. Unsecured loan products that are exclusively designed for government officials and people in the military have been one of our leading lines so far, thanks to super-fast loan processing times and online tracking tools.
For a secured portfolio, our car, home improvement and mortgage loan products cover flexible borrowing options that not only allow our customers to get the right deal, but also help Ocean Bank become more and more competitive in the market. To this end, our internet banking system has also been developed using a high-technology platform, supporting our customers to make easy transactions. Our ‘Easy SMS Banking’ and ‘Easy Mobile Banking’ smartphone apps allow customers to manage their accounts twenty-four-seven.
Being the first Vietnamese bank to respond to new banking trends and the unpredictable fluctuations of the economic market, Ocean Bank has gradually strengthened its position in the retail banking sector. The long-term objective of the bank is to bring “better, easier and cheaper” experience to its customers, and is one we are pursuing with fervour.
