Tien Phong Commercial Joint Stock Bank (TPBank), rated as the most innovative bank in Vietnam for the past 5 years, successfully accomplished rapid branch network expansion as well as attracted numerous new customers by building TPBank Livebank with GRGBanking VTM.
Founded in 2008, TPBank recently managed to be one of the top 10 commercial banks in Vietnam. Due to the regulations, banks in Vietnam are only allowed to open up to 5 new branches each year, which severely limited the business growth of TPBank. However, Livebank, the mini branch which is able to provide round- the-clock remote teller service, blazes the new trail. TPBank deployed self-service VTM in the Livebank to achieve account opening, card issuance, cash deposit, cash withdrawal with fingerprint and other innovative service, managing to be the first bank in Vietnam that realize remote account opening and cardless transaction (cash withdrawal with QR code).
So far, the monthly cashflow thru the VTM network has reached $30 million. The inventive solution not only opens up the business but also saves costs tremendously. The operational cost of Livebank is only 28% of the traditional branch, and the transaction cost is cut down by 75%.
TPBank has won several Asian banking awards since started the VTM project with GRGBanking in 2016. With over 100 units VTMs sold so far, a contract of hundreds of VTMs with 5-year service and technical maintenance is signed in 2018. GRGBanking will assist the rapid growth of TPBank in the future with its comprehensive solution.