Digital Banking Supports Companies with Efficient Finance Solution

Nhat Trung

20:51 14/06/2019

BizLIVE -

Recently, VPBank launched BizPay, this B2B payment solution helps companies to ensure funds for some quick payments, companies become more active in managing money flow right on the apps.

Digital Banking Supports Companies with Efficient Finance Solution

VPBank Head of Commercial Card & Payment - Phuong Le Thi Diem

Today, the talk named “Digital Banking and the Specific Ecosystem” was held by Bizlive. Economist Can Van Luc said that the definition digital banking is often misunderstood as digital activity in the traditional banking system. 
According to Luc, the understanding that digital banking means banks will digitalize all activities is correct but not sufficient. Luc pointed out that digital banking is the new business model, new approach with new values, not just digitalizing what already exist.
The digital banking contents, in the opinion of Luc, are the followings: the integrity of distribution channels, diversifying the channels so that consumers can get easy access to banking services. In which, all channels should have the connectivity so that to ensure the customers’ experience. 
The digital banking development must count on the three following factors: eco-system forming to serve customers; customer base development and customer-center strategy. All those steps will help to bring new experiences to customers, change the interaction methodologies between customers and banks.
Digital banking can help to equip companies with the quick and efficient payment solution, as from the viewpoints of  VPBank Head of Commercial Card & Payment - Le Thi Diem Phuong. Phuong said that the development of digital banking depends on the business strategy of banks and this strategy is critically important.
In 2018, there were 131,275 new companies established. However, the number of companies that went bankrupt was also high. Many companies currently face to the financing challenges.
According to VPBank own estimates, there is 33 percent of some small and medium sized companies lending requests refused because they could not meet the collateral requirements. Apart from that, there is 92 percent of companies still use cash in certain transactions, the cash using fee can surge up to 4.7 – 15 percent depending on different sectors.
In order to support companies, some banks like VPBank have thought of the new softwares and apps. Recently, VPBank launched BizPay, this B2B payment solution helps companies to ensure funds for some quick payments, companies become more active in managing money flow right on the apps.
Phuong said that since BizPay was launched, BizPay has been warmly welcomed by companies because of its high interaction in the ecosystem, customers can reduce the costs, better manage finance and money flow. Moreover, the seller side can be more active, the company’s access to finance is enhanced.

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