Customer experience is the new frontier for consumer finance Mr. Basker Rangachari - FE Credit’s Chief Marketing Officer Given the increasing competition among consumer finance companies, those who want to win the game ought to make their products and services stand out from the pack and deliver superior customer experience. Going digital is one of the approaches that help simplify products and shorten the lending process, ensuring a win-win situation for both customers and the businesses themselves. Digitisation as a competitive edge Duong Nguyen, leader of Financial Service Organisations and IT Advisory Services at EY Vietnam, once noted that what technology can do to consumer finance companies, will go beyond risk management and lending process, to emerge as a stand-alone channel to reach out to potential customers who are young and tech-savvy. Given over 60 per cent of the 94 million population in Vietnam is aged 35 or less, and 54 per cent of these are internet … [Read more...] about Customer experience is the new frontier for consumer finance
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Customer experience is new frontier for consumer finance
Digitisation as a competitive edge in consumer finance Duong Nguyen, leader of Financial Service Organisations and IT Advisory Services at EY Vietnam, once noted that what technology can do to consumer finance companies will go beyond risk management and lending process to emerge as a stand-alone channel to reach out to potential customers who are young and tech-savvy. Given that over 60 per cent of the 94 million population in Vietnam is aged 35 or less, and 54 per cent of these are Internet users, leveraging new technology in the consumer finance market can thus help players expand their network and bolster their competitive advantages over traditional banks, whose strength is based on their physical branch network. Investment in technology, especially those that help improve procedures, as she stressed, can minimise or eliminate human errors and data loss while enhancing the efficiency of the lending system. What is more, according to Nguyen, investment in tech will provide consumer … [Read more...] about Customer experience is new frontier for consumer finance
Foreign investors start hunting for Vietnam’s bad debt assets
The Hanoitimes - investors from Japan, Korea and China are interested in trouble assets in Vietnam. A rebound of Vietnam’s real estate market and a foreign investment wave into the industry have promoted many foreign investors to seek non-performing loans (NPLs) mortgaged by property assets for purchase and restructuring. Foreign investors are interested in bad debts with collateral of property assets Japan’s Samurai Power, Inc. has recently finalized its US$31 million strategic investment deal in IDS Equity Holdings, a Vietnamese capital investment firm specializing in the acquisitions of small-to-medium-sized businesses. Founded in 1996, Samurai Power is the parent company of Raysum Co., Ltd., which is a public company listed on the Tokyo Stock Exchange. Raysum, founded in 1992, is a pioneer in NPL loan trading in Japan and real estate acquisition of Japan’s state-owned enterprises via securitization. Samurai Power Group has built the largest … [Read more...] about Foreign investors start hunting for Vietnam’s bad debt assets
Central bank holds firm on plans to control credit growth and asks lenders to avoid risky sectors
On August 2, the State Bank of Viet Nam issued a directive requiring credit institutions to fully comply with all set objectives and orientations and control their credit growth. — Photo baodautu.vn On August 2, the State Bank of Viet Nam issued a directive requiring credit institutions to fully comply with all set objectives and orientations and control their credit growth. It says the central bank will not countenance any increase to their credit growth targets and they have to focus on lending to priority sectors like manufacturing and other businesses. It requires them to control lending to potentially risky sectors like real estate and securities and to transport-related projects. The central bank began the credit quota system in 2012, when many banks increased their lending by up to 50 per cent, causing a surge in non-performing loans. Every year it sets credit growth limits for each bank depending on its health at the beginning of the year to regulate overall credit … [Read more...] about Central bank holds firm on plans to control credit growth and asks lenders to avoid risky sectors
Alternative investment opportunities in Việt Nam
Viet Nam News by Brian Spence This week, we take a look beyond shares and bonds at some of the more unusual and potentially lucrative alternative investment opportunities. “Alternative” investments is a catch-all term for anything that is not shares, bonds, mainstream property or cash. Beyond these traditional asset classes, Vietnamese investors can invest in everything from stamps and fine wine. Of course, the fact that alternative investment opportunities exist does not mean these investments are safe or advisable. Before you even consider an alternative investment opportunity, you need to understand the risks. When you’ve understood some of the dangers, take a look at some of the alternative investment ideas below. All of them are available to Vietnamese investors, although not all are Việt Nam-based. We’ve put them roughly in order of risk, starting with the “safest” and ending with those you should definitely steer clear of. This is … [Read more...] about Alternative investment opportunities in Việt Nam