Sacombank: Consistently Increasing Value and Experience for Cardholders

8:02:40 PM | 5/28/2024

Adopting a customer-centric approach and systematically investing in both card issuance and payment acceptance, Sacombank has consistently demonstrated strong growth in its credit card customer base, which now exceeds one million customers.

According to many statistical analyses, the frequency and monetary value of card payments in Vietnam have consistently exhibited an upward trend over the years

This achievement signifies a milestone in the evolution of Sacombank’s credit card market. It vividly embodies the values and spirit of understanding customer benefits and experiences in the rapidly expanding era of cashless transactions in the Vietnamese market.

More Vietnamese are now using credit cards

Over the past three decades, the landscape of cashless payments in Vietnam has seen significant advancements in legal frameworks, technology, security, and product offerings, all aimed at optimizing customer experience. The card market in Vietnam has experienced substantial growth, with a total of 140 million cards in circulation. On average, each adult possesses two bank cards. The trend of moving away from cash is growing, with individuals increasingly using cards for digital transactions, leading to societal cost savings and fueling the credit card market. As per the most recent statistics, by the end of the second quarter of 2023, the total number of credit cards in circulation exceeded 10 million. Factors such as a young demographic, technological advancements, and the growing popularity of e-commerce are propelling the growth of the Vietnamese credit card market.

Sacombank surpassing 1 million credit card customers

In addition to this trend, Sacombank has been actively engaged in the card segment, with a particular emphasis on credit cards. As of now, Sacombank has exceeded the landmark of one million credit card customers, thereby solidifying its position as a leading bank in the payment industry.

These achievements stem from strategic planning, collaboration with card organizations, product diversification, incentive expansion, exceptional promotions, and the use of innovative payment technology for a personalized user experience.

In terms of payment methods, Sacombank collaborates with many organizations to issue cards, including NAPAS, VISA, Mastercard, UnionPay, JCB, and American Express. The ecosystem of 20 credit card lines offers exceptional benefits to various groups, from travel and shopping to dining and consumption, installment payments, and more, catering to each customer segment.

Sacombank has also been at the forefront of integrating payment methods such as Apple Pay, Google Pay, Samsung Pay, and Garmin Pay, catering to the needs of tech-savvy user groups. This initiative forms part of the bank’s strategy to personalize the user experience.

Furthermore, Sacombank has invested in a payment acceptance network, developing a system with 200,000 POS machines since 2004. In 2008, it created a payment gateway for online transactions, making it a leader in online payment sales in Vietnam. Its extensive network allows it to serve customers on various platforms at any time.

Enhancing understanding and delivering value to card customers

“The aforementioned achievements are a testament to the development of the credit card segment, which has been methodically and effectively invested in, coupled with Sacombank’s innovative and pioneering spirit. Each card that reaches our customers is not merely a tool for expenditure, but also a value proposition and an emotional touchpoint that Sacombank strives to understand and accompany customers on their journey,” shared Ms. Nguyen Phuong Huyen, Sacombank’s Deputy Director in charge of the Individual Customer Division.

Sacombank has made significant strides in its quest to win over customers by shifting its mindset and business strategy from offering traditional banking and financial products - essentially selling what the bank has - to providing services that customers truly need. This shift marks a significant leap forward in Sacombank’s strategy to personalize customer experience and in the broader context of the cashless payment market in Vietnam.

Looking ahead, Sacombank will continue to construct a card ecosystem in collaboration with leading market partners, perpetually expand incentives, diversify card features, comprehensively incorporate new technology, and cater to all user demands.

By Duy Anh, Vietnam Business Forum