As known, ACB is one of the joint stock commercial banks in Vietnam, so ACB will have to do certain things, in order to develop their digital banking, step by step.
These mentioned below are some of the recommendation for ACB to keep up with their developing in Digital banking:
- Keeping up with, following the legal environment: ACB should keep up with the speed of the legal environment, so as not to be left aside with the whole system. Moreover, following the common rules is mandatory, not only improving the whole system of ACB, but also making the whole banking system in Vietnam greater.
- Building a strong net for the digi-system: An absolute reliable net for customers when using ACB's digital banking will help increase customers' trust in the bank, and increase ACB’s competitive advantage over competitors.
- Adapting and applying innovative technology techniques: The development of technology in general, and digitization in particular will help any industry in general develop, and help the banking industry in particular grow stronger, typically to a famous bank like ACB.
- Enhancing the brand identity: ACB is known and used by many customers, however, compared to the two most widely used regions, ACB's market share in the North is still much lower, compared to the South. Once customers have pinned the brand identity of a certain bank, they will tend to use that bank’s products and services more often, and even introduce it to each other, now we call it a "hot trend". When customers have used a certain bank regularly, they will get to know more about that bank, and if they feel that the bank is suitable for them to use, their loyalty to that bank is very high.
- Focusing on human resources: In order to avoid unwanted situations, ACB should focus on training investing in “Human” factor, such as:
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+ Having employees trained often. There should be more specific training courses for ACB’s employees in the whole context of developing digital banking.
+ Centering on the “human” factor when developing digital banking. With the customers as the center, we will make customers feel respected, and continue to use the bank's products and services, improving their loyalty to the bank.
- Managing the finance: It will be costless if the bank knows what is prior to doing when developing their digital banking. Moreover, a project with a plan will likely be successful.
- Overcoming the weaknesses: If ACB overcomes the weaknesses and takes those weaknesses as opportunities to develop digital banking, ACB will quickly perfect its digitization system, and offer new experiences in products and services in the most complete way to customers.
- Changing from the inside: As mentioned before, the conservatism of ACB’s managers are really conservative. If there is any change with that matter, there is no doubt that ACB will be in the Top-most-used-Bank.
- Selecting, and Cooperating: The selective combination with partners will help ACB have a stable and huge customer database. In addition, it also helps to increase ACB's position in the market.
- Finally, keep up with the “2022 Plan”: According to the 2021 annual report of ACB, in terms of “digital banking”, ACB should be consolidating and focusing on human resources, promoting the implementation of campaigns around digital banking, strengthening risk management, enhancing ACB's position in some specific markets, ...
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CONCLUSION OF CHAPTER 3
Based on the opportunities and challenges of Asia Commercial Joint Stock Bank in developing digital banking, we have simultaneously identified the strengths and weaknesses of ACB, in order to be able to take full advantage of strengths to improve the quality of digital banking, and overcome weaknesses to avoid them turning into challenges.
Chapter 3 has proposed solutions, and recommendations to contribute to improve the efficiency and quality of ACB’s digital banking in particular, and Vietnam's joint stock commercial banks in general. The recommendations raised include: Cooperation, taking advantage of the 4.0 technology era, risks management, legal compliance, digital ecosystem, brand identity enhancement, focusing on training the quality of human resources. All recommendations are aimed at improving the efficiency and quality of ACB’s digital banking products, helping ACB gradually develop a more complete digital banking.
Moreover, Chapter 3 indicates some recommendations to the state management, such as having completed and amending the legal corridor to suit this, driven by an increase of digital products in general, and digital banks in particular, along with enhancing the legal corridor on the security and safety of customers' information and data. Creating a large technology application platform for banks in this approach.
Furthermore, Chapter 3 also made recommendations, urging the nation to focus on promoting strong technology application in the country and other industries, so that technology, in general, becomes the main factor in the development orientation of organizations and businesses, as well as digital technology, in specific, will soon become a strong development trend.
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REFERENCES
1. Gaurav Sarma (2017), “What is digital banking”, https://www.ventureskies.com/blog/digital-banking
2. Tunde Olanrewaju (2014), “The rise of the digital bank”, https://www.mckinsey.com/business-functions/mckinsey-digital/our-
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3. Prime Minister (2020), Decision No. 645/QD-TTg "Approval of the national e-commerce development plan for the period of 2021 - 2025", dated May 15, 2020.
4. Government (2012), Decree No. 101/2012/ND-CP dated 22/11/2012 of the Government on non-cash payment.
5. State Bank (2014), Circular No. 46/2014/TT-NHNN dated December 31, 2014 of the Governor of the State Bank guiding non-cash payment services.
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7. Websites:
- https://acb.com.vn/ : Asia Commercial Joint Stock Bank - https://www.sbv.gov.vn/ : The State Bank of Vietnam
- https://www.bidv.com.vn/bidv/bidv-blog/bao-mat/ngan-hang-dien-tu-la-gi - https://www.bidv.com.vn/bidv/bidv-blog/bao-mat/xu-huong-ngan-hang-
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APPENDIX: ONLINE SURVEY FORM
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