Shifting customer habits define new banking battleground in the digital age

Shifting customer habits define new banking battleground in the digital age

Vietnam's banking sector is undergoing clear segmentation, marked by a widening gap between institutions and a declining industry-wide willingness to pay premium pricing, trends unfolding alongside a major behavioural shift among Gen Z and Gen Alpha consumers.

The Vietnam Banking Conference 2025, hosted by Mibrand Vietnam on April 22 in Hanoi, came at a pivotal time as customer behaviour, particularly among Gen Z and Gen Alpha, undergoes significant shifts as the digital-native generations emerge as the dominant consumer groups, expecting seamless, personalised digital experiences. However, their fragmented, multichannel journeys present real challenges for traditional marketing strategies.

The conference offered a timely opportunity for banks and Vietnamese businesses to reevaluate the critical role of brand development. It emphasised the need to identify risks, tap into potential, and formulate future-ready strategies in branding, marketing, and communications.

By understanding their brand health, organisations can elevate rankings, stand out in a competitive market, cultivate customer loyalty, increase brand recognition, and drive sustainable business growth.

Lai Tien Manh, CEO of Mibrand Vietnam, shared, "Through this year's events, we hope to help Vietnamese businesses recognise the vital importance of brand development. Based on the findings of our 2024 Vietnam Bank Brand Health Report, we aim to guide enterprises in identifying risks and opportunities and setting strategic directions for the years ahead."

Lai Tien Manh, CEO of Mibrand Vietnam, speaks at the conference. Photo: Mibrand Vietnam

Supporting this vision with compelling data, Le Quang Vu, CEO of BlueC, pointed out the role of employee advocacy, emphasising that every staff member is a brand ambassador.

"61 per cent of organisations consider employee advocacy very or extremely important to their strategy. Employee-shared content receives eight times more engagement than brand-shared content. Furthermore, 76 per cent of users trust content shared by individuals over companies. With banks employing anywhere from 4,000 to tens of thousands of people, this is an untapped force that must be leveraged," he added.

During the event, Mibrand Vietnam unveiled its 2024 Vietnam Bank Brand Health Report, an annual publication now in its seventh year, celebrating standout performers and most improved banks in brand strength.

Developed using Mibrand's proprietary Brand Beat Score tool, the report is based on over 2,000 consumer interviews conducted nationally, with historical data tracked since 2017. The survey is independently conducted, ensuring objective insights.

One of the most anticipated segments of the conference was the ranking announcement of Vietnam's top bank brands. Vietcombank, Techcombank, and BIDV maintained their lead, with MBBank and VietinBank holding strong through a volatile 2024. Notably, ACB climbed to sixth place thanks to remarkable efforts.

Vietcombank claimed top spot as Vietnam's strongest banking brand of the year. Photo: Mibrand Vietnam

However, the most dramatic shifts came in brand affinity scores. Techcombank, VIB, ACB, VPBank, and PVcomBank made significant gains. Techcombank led with a score of 61, followed by VIB at 59, driven by impactful campaigns such as "Anh Trai Vuot Ngan Chong Gai" by Techcombank and VIB's youth-focused "Anh Trai Say Hi".

“Techcombank's strategy included free concert tickets for activating the “Auto-Savings” app feature, while VIB offered exclusive early-bird access to its concert for customers opening a Digi account via MyVIB,” stated the report

PVcomBank surged 20 spots in the rankings, boosted by a dazzling drone show at the Hanoi Festival of Light & Art, blending history and modernity to enhance brand visibility.

Meanwhile, VPBank, ranked eighth, up eight spots from the previous year, impressing customers with its flagship branch model and immersive exhibition experience, showcasing its customer-centric innovation.

VIR