Thus, based on the knowledge of studying and working in a Fintech company like Savemoney, the author has decided to choose topic “Developing financial risk management of Savemoney Compan
The company background
Savemoney was established in August, 2013 First, the company named as Global Communications Corporation - FCOM and then renamed as Savemoney Corp in 2015 The old address of the company is 183/14 Nguyễn Văn Đậu, 11 th ward, Bình Thạnh District, Ho Chi Minh city and then relocated in 4 th floor of Tuan Minh building at 90 Lê Thị Riêng, Bến Thành ward, District 1, Ho Chi Minh city
SaveMoney is a financial technology company and it has over 30 employees including product development team, marketing team, operators, IT programmers and sales team The company has an initial charter capital of $ 1 billion VND invested by three founding shareholders The legal representative of the company is Mr Tran Quang Ninh and he is also the biggest shareholder of the company According to the business license granted, the main activities of the company are:
• Advertisements, production of television programs, advertising programs (except for film production, broadcasting)
• Financial support services, investment consultancy, management consultancy (not including financial and accounting consultancy)
• Market research and opinion polls, trade launch organizations and surveys
• Portal: set up general information pages, information technology service activities and other computer related services
• Data processing, rental and related activities
• Insurance coverage, restaurants and mobile services
• Wholesale: computers, peripherals and software, machinery, agro-forestry products from bamboo wood, food, ready-made clothes
Nowadays, technology is growing rapidly and increasing strongly and it changes the way of doing business in all areas, especially in finance Savemoney is where the financial services and
Thư viện ĐH Thăng Long
3 technology combine together Here, the company leverages the power of technology to create change, a completely new shopping experience for consumers on the products and services provided by financial services firms On the other hand, Savemoney Company is a Fintech company.
Review the financial – technology trend
The biggest advantage of financial-technology companies is the application of modern technology to bring great convenience that customers do not find in traditional financial procurement channels Specifically, on the basis of technology, financial-technology companies have modernized its sales channels, increasing its ability to access services in the simplest way for its customers In particularly, financial technology companies have the ability to highly personalize the shopping needs of each customer, creating the best fit for each individual's shopping needs
In modern technology industry, smartphones are taking up a huge percentage and the popularity of the using internet on mobile phone is growing, which is one of the reasons for the inevitable development of financial technology In Vietnam, there are currently 128 million mobile subscriber accounts, more than half of them are smartphones and more than 40 million internet users This is the potential market for financial technology companies like Savemoney to develop, where the consumers are looking for a modern, time-saving technology platform for simple financial transactions
In the face of the wave of financial technology, many traditional financial service companies are concerned about the risk of losing market share But a survey of financial technology companies around the world by PwC shows that collaboration with financial-technology companies can help businesses in the same industry improve business efficiency, increase the ability to deliver new products differently, retain customers better, and generate more revenue
According to Andre Hesselink, founder of GoBear, Asia's fastest-growing financial-technology company, financial-technology companies help traditional financial firms to save money, charge and create an effective customer access channel in the context of technology dominance that has dramatically changed consumer shopping behaviors
Launched from the idea of create the online tool that helps clients find financial information in a transparent, clear, non-promotional, or promotional manner In the context of financial technology being hot in Vietnam, SaveMoney’s pioneering is gaining market and consumer expectations for the breakthrough benefits and experiences that the company will bring
Savemoney is one of the companies which are leading in providing digital financial services in Vietnam, Lao, Cambodia, and Myanmar The company’s services keep pace with the needs of customers by providing comprehensive banking services, card payment services, investment services and insurance services Savemoney provides new ways for consumers to have direct access to financial services such as a comprehensively financial advisory system, social media, background advice and applications on mobile phone
Customers have trusted Savemoney by the best financial advice to save money including the customers from strong companies like real estate companies, hospitals and financial institutions One of the main tasks of company’s services is to bring added value and optimize profits for partners on the basis of strategic cooperation on sustainable economic benefits
The banking services, credit card companies and insurance companies associated with this company are currently using its digital channels for a variety of purposes including sales & marketing, consumer services and customer relationship management Nowadays, because of the increasing use of mobile devices, the financial services providers of the company are developing a comprehensive customer approach to customer behavior
The goal of Savemoney is to provide consumers with financial services through financial instruments that function to illustrate, analyze and compare financial products, provide information on 'hot' promotions and “Best and useful shopping tips for customers” These will connect products and services to customers as well as promote the brand and market directly to consumers
According to financial reports of the company, thanks to the trend of modern consumption, the idea and strategy of the company has been actively accepted in the markets The evidence is that the company is profitable and growing year by year This development of the company seems to be synonymous with the trend of modern technology and the way of using internet of the society
To be more specific, the chart below shown the financial status of the company including the
Thư viện ĐH Thăng Long
5 capital that the partners poured in the company to develop and join the bigger projects Outsourcing expenses of the Savemoney mainly on the software which is very important for the financial risk management of the company:
The following statistic show the trend that the Fintech companies around the world pay attention about As can be illustrating from the table that the sector related to online banking have more priority than the others Savemoney Company’s business sectors are almost in the popular sectors like: payments, loyalty and ecommerce, banking and lending activities and financial risk management solutions To be honest, these sectors are much easier than the other to apply in the Vietnam’s market
Profit Capital Poured in Outsourcing expenses
Fintech Funding By the number of companies
Securities/Capital Market/Wealth management
The main business model
Develop finance services business for companies that own huge database of customer The Savemoney management software system connects to all major banks, finance companies, insurance companies, securities companies and partners In addition, Savemoney has enriched its customer database from a number of digital sources: social media, banking, insurance, aircraft carriers, mobile operators, utilities, television, hospitals, hotels, supermarkets
Savemoney co-operates with many companies like retail service providers which own the huge financial customer database with contact information By this way, Savemoney can create a professional financial services system like the services for healthcare, consumer loans, loyalty cards, online payment and collection services, reward for loyalty, insurance, retirement plans, personal finance investments; other convenience services include consume loans, home purchases, car loans, installments, etc
The market potential is enormous with a country of 95 million people like Vietnam, of which 45 million are using internet, over 75% have smartphones, and millions people are using web, mobile applications, tele-marketing, Card system This portion is increasing time by time The pie chart below give an overview about the sectors which are concerned and strong investment by Savemoney, these sectors also the are interested by the customers who attention about the Fintech
Thư viện ĐH Thăng Long
Organization chart of the company
To handle the large amount of information collected, the company has developed a customer management system for analyzing information, providing information for marketing strategies to customers The system can be divided into 4 main departments:
• Prospecting and Marketing Department take responsibilities to the leads and prospects management in order to identify the customer through multichannel campaigns, marketing actions and multi criteria targeting
• Sale Department is the department which has to acquire customers It means that the department builds plans and actions to identify the prospects geolocation, accounts, contacts and opportunities, objectives and forecast
• Support and Accompaniment Department takes care about the multichannel ticket management, knowledge base, and customer portal Furthermore, this department also manages alerts and brings up automating actions
• The last one is the Analysis Department, which has the responsibility for identifying loyalty customers by real time statistics and grade and analyzes the segmentation
Besides that, the company builds up a transform process in order to make the structure of the company can adapt and suitable the requirements of a Fintech company The process include two phases are core and support Each phase has separated functions to make the company better in process the work, point out the responsibilities of each department in order to tighten the relation in work of the company The targets of these processes are to raise the work efficiency, reduce the expenses and risks in particular, especially enhance the financial risk management of Savemoney Company
Thư viện ĐH Thăng Long
+ Product design : user intelligence, digital tools and devices, risk prevention services, risk segmentation, big data pricing, risk knowledge, broad offer, minimize time to market and legal constrains
+ Marketing: E-marketing, customer segmentation, protection solutions, customer experience, market survey
+ Distribution: Omni-channel strategy, process and easy services, quality customer experience, time to market, web service, partnerships (social network, etc.)
+ Policy management: advise, Omni-channel, quality
+ Claim/Assistance: Customer oriented process and services (claim declaration), fraud detection, fast claim redemption, prevention, quality of customer experience, Omni-channel
+ IT system: big data, scientist data cloud, computing and web development
+ Human resources management: job evolution, skill adaption
+ Risk management: financial risk requirement, reporting, cyber-attack protection, data analysis + Asset management
Achievements in implementing projects
The key to success of a Fintech is to create an ecosystem that the customers can get all the utilities services from their trusted company provide For example, the customers who use online payment can get the coupons or visit the park that Savemoney Company currently co-operates in selling tickets To make it become true, the company is currently pursuing and developing a range of Fintech projects such as:
This project provides a control system, in which card reader helps minimize the manpower at the ticket gate It builds incentive programs as well as utility lines for ticket buyers: links with hospitals, educational institutions, entertainment resorts, real estate, supermarkets and shopping centers, high-end entertainment areas On the other hand, when customers use the other financial
10 services provided by Savemoney can award the ticket to visit the entertainment places where is using the electronic ticket system of Savemoney
Due to these services based on the online transactions so that the company must develop a system as financial risk management solutions to protect the company and also the customer’s wallet and personal information
Thư viện ĐH Thăng Long
The project offers on multi-platform and operations software for corporate customers who want to promote their business’s chain as well as to give their information to customers such as Unilever with the game show application G-people is a typical example, it is a chain of restaurants which are very popular with high-end restaurant chain management application and card system The point customers get after using G-people services can be used at other restaurants in the same chain
For more information, Savemoney Company is involved in developing utility software such as an application for recognizing text from image file to output text content For example, to get ID information such as ID, full name, date of issue from the image file of ID card
Savemoney Company and Trustpay brand is co-operation in online payments services Savemoney and Trustpay brand also work with mobile network distributors, banks and retailers to collect the potential customer’s information and marketing financial services through the information that the company is collected in order to provide mobile wallet and online payment services to customers and together build up a system of shopping venues for the Savemoney Company’s card holders
With the main target of the Savemoney Company when it established that the company provides the banking, lending and financial risk management solutions for the customers, the company works hard on this field and co-operates with experienced partners to come up with reliable products and solutions The case here is the website: topbank.vn, which is considered as a financial risk management tool for the users With the strong development of real estate market, as well as price of a car in Vietnam fall sharply, associate with dealership’s promotions and the open policy of banks Followed by that is the accompanying solution such as e-commerce sites that allow users to sell houses and cars such as Batdongsan.com.vn, Dothi.net, Banxehoi.com and especially the financial services that give advices and calculations to help users avoid financial risk like the website: topbank.vn The dream of the majority of Vietnamese, especially the young generation to buy their own apartment, house or car today is much easier than ever
To be more specific, if customer wants to find a good loan package, they have to find a lot of information and then compare it to the other in order to find out the best loan package for them
To increase the user experience and expand the financial knowledge, this thesis will introduce the useful of financial comparison tools is the website: Topbank.vn
Topbank.com is the product of the Savemoney and partners in financial who see the challenges and opportunities ahead of the Internet era Savemoney Company and partners have developed this project as a model of a Fintech project With the financial risk management advises from the professors and the flexible in provide information, the website: Topbank.vn is designed to search and compare the user customization It is easy to access the results of comparable loan packages and other financial products such as home loans, car loans, consumer loans, credit card services, Visa, Master It has the tool to help the customer to calculate how much the users should borrow base on the information they provided
Thư viện ĐH Thăng Long
REVIEW TASKS AND GOALS OF INTERNSHIPS AT SAVEMONEY
BOMis abbreviate of the back office management job, who collect information, documents and the analyzed statistics from all departments of the company and then compile the received information to report to the Board of Directors
Back office’s work help the company in administration field and support personnel who are not client-facing People who hold jobs in back office positions carry out functions such as settlement, clearance, record maintenance, regulatory compliance, accounting and IT services A financial services company, for example, is logically broken up into two parts: the front office makes up sales, marketing and customer support personnel; and the back office provides administrative, support services and manages risks
The Back Office can be thought of as the part of a company responsible for providing all business functions related to its operations Back office jobs are necessary for a company to run smoothly, and are especially important in financial services firms that are required to maintain strict compliance regulations An internal auditor is an example of a back office person This type of job is integral for the success of the company, but it has a completely internal role and does not interface with outside clients The back office is sometimes meant to describe all jobs that do not directly generate revenue for company
Beside some specific job that can help me to learn more about the financial risk management at Savemoney Company, I also take the responsibility as a staff of back office management To be more detail, three major fields of my work include accounting, operations architecture, and human resource I support the trading functions, such as trade settlement, record keeping, regulatory compliance, and trade confirmation, in investment firms I also help sales force in performing administrative duties in sales firm – marketing, legal, order management, finance, and operations support Broadly, the back office executives functioning in Savemoney can be divided into five sections: processing, data management, market research, analysis, and
14 accounting and finance To work in back office management, Savemoney do not require prerequisite but a bachelor’s degree will increase the scope Other required talents include good communication, analytical, and organizational skills For accounting and operation architecture, I must keeping the accounts and financial details, assisting and coordinating with sales team and marketing team, conducting marketing research, assisting and coordinating with sales team and marketing team, preparing reports on competitor product analysis It also including manage contract and price negotiations with office vendors, service providers and office lease These require me must have an excellent time management skills and ability to multi-task and prioritize work, attention to detail and problem solving skills, strong organizational and planning skills in a fast-paced environment and I must have a creative mind with an ability to suggest improvements For the part of human resources, my duty are address employee’s queries regarding office management issues, providing management and support solutions properly for sleek business operations and efficient staff management, providing back end specialized solutions and troubleshooting solutions, making preparations and resorts for the clients as well as workers, in addition to planning the events, conventions and reviews I also assisting in selecting workers for the company and other works related with human resource office, managing and handling the significant of workers and planning regular performance reviews for the management based on workers performing, in addition, sometime I must take care about the technology to keep the company updated behind the curtains
With the position as back office management of the company, I can have an overview of all department of the company and the progress of the company when have a new project By that way I can understand how Savemoney bring to the market, the customers a solution in simple or a financial risk management solution for their personal spending or maybe their investment On the other hand, Fintech companies mainly deal with three types of risk The first one is credit risk, it mean that the borrowed money by the customers won’t be repaid or maybe will be repaid late Credit risk has been the reason for credit scores and valuations The second type of risk is market risk which happen due to the unpredictable markets - sometimes risk managers try to avoid by having a thorough understanding of the risks they are taking The third main type of risk is operational The category includes human errors, cyber-crime, or emerging technology It is the broadest sector of risk that includes a wide range of risks that a Fintech company like
Thư viện ĐH Thăng Long
Savemoney must be considered of Again, with the position as back office management and the knowledge that I learned in AMI will have me to contribute to the outcome of the Savemoney
The goal that I want to reach through my mission in Savemoney is to understand and get some combined examples for the subjects that I studied at AMI including risk management, intercultural negotiation, financial management, international contract, international trade payment options and risk insurances So, by the innovation fintech companies like Savemoney, the core processes can keep up by digitizing, using advanced analytics, bettering the reporting of risk, and most-importantly, collaboration so the risk management process is optimized It means that I can get more knowledge about the processes of developing a financial risk management provided by Savemoney Company for customers
With this work, I can have an overview and also get a better understanding of real-life situations when a Fintech company in general, Savemoney in particular is analyzing financial risks, and how to negotiate and build up strictly contracts with the foreign partners in order to ensure benefits of the company as well as the highest efficiency of the projects Furthermore, Savemoney is a company work on the financial technology field and this seem to be a new field in the Vietnam’s market so the company need much of investment and raise the capital When I have an internship here, I also join some of the negotiation about the cooperation with foreign partners in many aspect like capital, professional training for the staffs of the company, enhance the ability of information technology systems that company bring to customers and so on… So I had the opportunities to participate and use, practice the knowledge I learned about the subject international contract and especially risk insurances when the company signed a contract with foreign partners
The theoretical knowledge acquired during my academic year in Master AMI that I can put into practice during my internship almost come from the following subjects: International financial risk management, International and intercultural negotiation, International financial management, International contract law, International trade payment options and risk In fact, these subjects contribute much into the process of developing financial risk management solutions which is the main product of Savemoney Company and also the main target of my internship With the knowledge from the AMI program, I can confident in relevant to speech and search the new partners for the company and contribute the ideas to the developing progress of
16 the project or product The things from AMI program also help me to negotiate with the partner who is working on credits activities and insurances
My responsibility as a staff of back office management department is to organize and coordinate administration duties and office procedures My role is to create and maintain a pleasant work environment, ensuring high levels of organizational effectiveness, communication and safety
My responsibilities as a staff of back office management are include scheduling meetings and appointments, preparing office supplies arrangements, greeting visitors and providing general administrative support to employees Furthermore, the Office manager should be able to ensure the smooth running of the office and help improve company procedures and day-to-day operation, ensuring the right information reaches the right people at the right time through a combination of management information systems, intranets and e-mail
Thư viện ĐH Thăng Long
Financial risk
The difficulties of Savemoney is the interest rate risk which affects consumer’s disposable income, resulting in a deterioration of trade for retailers, house builders and manufacturers, credit lending activities and so on While the main product of Savemoney is provide the most effective and safe financial solutions for the customers based on compare services in the market
Companies's reluctance to adopt new technology, 24%
Top Challenges For The Fintech Industry
Companies's reluctance to adopt new technology
Inflation during the projects related to cash flows and the discount rate Funding risk for borrowers in relation to being unable to meet capital repayment requirements, interest rate and having to pay fixed charges on the company assets
Derivatives risk arise from the speculation in the market, it mean that buying so much with the aim of buying a commodity at a price lower than the price prevailing at the time This problem makes the price of that product become unstable and the value of the product is not match with the product quality Because that the financial risk management solutions and advises provide by the Savemoney Company can be wrong
Outsourcing risk arise from the partners or one of the company in the chain of providers that has gone into liquidation failed to deliver goods by a due date or breached contract conditions This case make the company must indemnify the contract, usually is a big amount of money But the bigger damage to the company is losing reputation and trust with the customers whose company spends a lot of time and effort to persuade.
Technology risk
Savemoney is a Fintech company so the IT governance is so important It is the tool for the company to make the money but also can make the company go to bankrupt Changes in technology are opportunities but also dangerous, threats in terms of market share and market development
In fact, the using technology in a business can also open the door to a series of multi-risks like the information of the customers be hacked or maybe lost the data of card owner Which may seriously erode profitability and competitive advantages of the company and in the worst case is bankrupt This requires the technology management and monitoring structures with the right level of executive involvement and commitment, clarity about the business’s risk appetite and clearly defined levels of responsibility for risk management Technology is considered to be important to business in general and be considered as source of the weak point or risk of a Fintech company When I work as internship at Savemoney company, I realized that a company which do the business in Fintech field if don’t investment in technology, the result is the erosion of ability to compete Inadequate technology governance and in particular IT governance is the thing that company must pay attention about As mentioned before, the Savemoney is providing
Thư viện ĐH Thăng Long
19 the card system and online payments, if Savemoney cannot handle the technology governance, it will be a huge financial risk for company and customers due to the unsafe transactions
Through AMI program, I learned one thing that outsourcing is another important thing that any company must be take care about, not only companies are working at technology and finance field! That is why Savemoney Company needs to improve the management of outsourcing The company mainly outsourcing about the software because the difficulties in lacking employee on that field and sometime the company realized that outsourcing software is cheaper and have more effectiveness And the outsourcing management is very necessary and the company must ensure the outsourcing products are updated and strong enough to against viruses, hacking activities in order to steal the personal financial information
When I said that the Savemoney’s have problem in technology, it including the lack of alignment of technology to the business objectives target To be more specific, it seem to be Savemoney Company slightly tilt to the using technology to sale good and services than the main target of the company is providing the financial risk management solutions thought technology
As a staff of back office, one of my responsibilities is contribute the advisory to the board of the directors my personal view about the working process of the company and my view about the market By using the theoretical knowledge that I have learned in AMI course, exactly is the risk management process including six steps are: analysis, risk identification, risk assessment, risk evaluation, risk planning and risk management so that I can report to board of directors the strategy of financial risk management of the company For my own report during time I have internship here, I was pointed out my ideas to improve the financial risk management of the Savemoney like:
Identify the financial risk for Savemoney if the Company decides to investment in a technology for example: the card management system From these analyze, the board of directors can make a decision about the investment and how much investment is suitable with the current market situation to minimize the financial risk to the company, secure the business objectives and optimize investment benefits
Maps the threats to existing business practices from emerging business-to-customer relationships Analyze the loss of market share arising from a competitor’s improvement in
20 product design Summarize the report of developments in technology within manufacturing processes to make the company can keep up with the competitors To get the full benefit of technology, business leaders will streamline and modernize their process and their organization The goal is to make business reflex nearly instantaneous and to make strategic thought an ongoing, iterative process – not something done every 12 to 18 months, separate from the daily flow of the business
Other risk
Furthermore, there are some kinds of risk that a Fintech company like Savemoney can face with Many governments are formulating rules to regulate the Fintech sector For example in Vietnam, the government is build up a legal framework to get the Fintech under control and make sure that Fintech and banks can both operate without conflicts Some startup companies are finding it hard to get licensed on time This is slowing startup companies that have new innovations Another challenge for ever growing Fintech sector comes from the monitor and enforcement actions of government This is not a big problem for a good Fintech company, the purpose of the government is avoid the transactions related to the financing of terrorist activity and money laundering
Funding is a problem for new Fintech start-up companies There is evidence that shows traditional sources of capital are not too keen on this new technology, funding to Fintech companies decreased so that innovators who have good ideas but have insufficient or no funding find it hard to turn their ideas into reality Savemoney is no exception, the company lack a lot of high-quality senior professionals and the shortage of capital make the company lose the initiative in strategic investment
Build a good financial-technology team also the difficulty of Savemoney The fact that behind every successful of a Fintech company, there is an agile and well-diversified team of forward- thinkers Since Savemoney operate with limited resources, every employee counts Therefore, it is imperative to have employees with a combination of experience and relevant skills for Fintech companies Even if you find skilled individuals, they will most likely ask higher wages because their opportunity cost is very high
Thư viện ĐH Thăng Long
To solve these problems, the company has come up with a solution to solve both the problems of shortage capital and lack of high-qualification staffs The solution of Savemoney Company is to sell the shareholder to foreign partners To be more detail, during my internship period, I was involved in negotiating the sale of shares of the company to an Australia partner If the contract is successful, the company will have more equity to invest and Australia partner also have high quality expert in the field of Fintech development and financial risk management, who can assist the Savemoney Company in advanced training the staff, even some of the manager of the company
In addition, there are a lot of Fintech startups out there nowadays Especially in Vietnam, it is trending that the Fintech generation are blooming with over 40 companies are running The majorities of them are service-based and are therefore intangible Unless one is speaking to a financially and technologically savvy investor, it’s often difficult for startups companies to describe the value proposition and more explanation is needed than in other industries Therefore, Fintech companies in general and Savemoney Company in particular are required to know their products and to have efficient ways to tell their story for anyone to understand
CONCLUSION AND SOME SUGGESTIONS TO IMPROVE THE
The reason why I very interested in the Savemoney Company is that the market nowadays is too chaotic, too many products and service with the same advertisement but it is very different between a good quality products, services with the other The customers if not really understand and have knowledge about that products or services line will take a long time before they find out a better and still loss along time next to find out the best that they are looking for From that point I realize that I can practice and join in the process of providing the financial risk management solutions for the customers Savemoney Company basically doing business base on communication technology and the trend of online shopping with the boom of smartphones, internet… will create a fast, professional and reliable brand to help me have a good solution of financial risk management In addition, I also archive the real experiences of developing a financial risk management of a company On the other hand, I learned many scopes, overviews by my colleague and bosses about the Fintech-market and their experiences on many fields such as by the time internship at Savemoney, I know about the keys to manage a financial-technology project are balancing scope, schedule and cost or Fintech is a newly developed field in Vietnam as well as in the world so that it require the Fintech company must develop the ecosystem, business model to persuade users change their habits
In my opinion, my internship at Savemoney Company was successful and my main goals have been achieved although not every goal is accomplished excellently Thanks to the AMI program that equipped me with the knowledge that needed to be able to participate in work of Savemoney company Fintech is a field that full convergence of the subject that I have learned at AMI program and practice in reality My internship period is the time that Savemoney Company is preparing to open an office in Hanoi and deploy some of the model projects that were successful in Ho Chi Minh like providing card management system, opening a website related to compare the financial services
Thư viện ĐH Thăng Long
One thing I thought I was not success by the time I have an internship here is that I applied not good enough the knowledge of international and intercultural negotiation into negotiation with the partners For myself sometime I just have a little bit diffident and be disorientated when being asked by the partners But fortunately, the relationship with the distribution channels and agencies still being tightened base on the direct talk and shares about the current situation and solve the problems together And some of the work related to legality that I felt not confident so that I didn’t so actively to do For example, when I make a simple contract or sometime are trading contracts, co-operation contracts and payment contracts, it should be supervised by the other colleague have more experiences
The suggestion that I want to recommend for the Savemoney company is that the company should develop or outsourcing a department that collect the intelligence information of customers such as social media behavioral analysis or spending history to be able to bring to the customers good financial risk management solution and if the customers using the financial services that provided by Savemoney Company or linked partners of the company so that the company can assess the risk in a particular loan
In addition, as the information above, Savemoney seem to be a small company with limited capital so that the company should invest more in market research and forecast market demand, increase the methods to collect the customer survey and analyze it as a professional system By these steps, the company can actively provide the financial risk management solutions for the customers and also financial risk management method for the company
Finally, Savemoney Company have already involved potential users from the first time that the customers start using the services provided by Savemoney and usually keep in touch with them by email In my opinion, that method is not really effective Savemoney should develop an application on smartphone which including the mobile payments function This model is an effective way to provide the financial risk management solutions to the customers which are proved by worldwide Nowadays, mobile wallets are encrypted and provided by many partners
If Savemoney Company has an application on smartphone, the company can offer, introduce and remind the customers about Savemoney’s services and the new promotions, loyalty rewards programs like the discounts voucher for restaurants, gas, tickets for kid playing ground and so on… This is so attractive especially to the women who are in charge of management family’s
24 expenses and they need this application to have a list of reliable places The customers can sent their feedback directly to the Savemoney and other Fintech partners so that changes can be incorporated as soon as possible
Thư viện ĐH Thăng Long
Angela Scott-Briggs., 2016 The Challenges Fintech Startup Companies Are Facing [Online] (Updated 3 October 2016)
Available at: http://www.techbullion.com/fintech-startup-companies/ [Accessed 20 August 2017, 9p.m]
BI Intelligence., 2016 Fully understand the Fintech Ecosystem with this report [Online] (Updated 29 March 2016)
Available at: http://www.businessinsider.com/fintech-ecosystem-financial-technology-research- plus-business-opportunities-2016-2 [Accessed 5 September 2017, 11p.m]
Dara Lazarova., 2016 Fintech Trends: Risk Management [Online] (Updated 4 October 2016)
Available at: https://www.finleap.com/blog/fintech-trends-risk-management [Accessed 20 August 2017, 8p.m]
Macalister Bali., 2016 An Abstract of FinTech [Online] (Updated 15 April 2016)
Available at: http://www.macalisterbaliandco.com/single-post/2016/04/14/An-Abstract-of- FinTech [Accessed 28 August 2017, 8p.m]
Nguyen Thi Bich Ngoc., 2016 Vietnam poses long-term opportunities for nascent fintech industry [Online] (Updated 15 January 2016)
Available at: https://www.dealstreetasia.com/stories/vietnam-poses-long-term-opportunities- from-nascent-fintech-industry-26913/ [Accessed 20 August 2017, 8p.m]
Robert J Chapman., 2007 Simple Tools and Techniques for Enterprise Risk Management Ryan Falvey., 2016 Fintech’s $138 billion opportunity [Online] (Updated 16 April 2016)
Available at: https://techcrunch.com/2016/04/06/fintechs-138-billion-opportunity/ [Accessed 22 August 2017, 9p.m]
Sophia., 2016 FinTech Companies Received $7 B in Jan 2016 in Financing [Online] (Updated