Timo was established in 2015, as the first digital banking platform in Vietnam to offer customers a unique banking experience coupled with products & services to make their banking life easier and hassle-free.
The global banking sector is constantly metamorphosing yet in an embryonic stage in Vietnam.
Timo has emerged as a leading non-conventional bank in the nation and beyond with a digital-first mindset and over 300,000 customers. The bank has achieved a remarkable double first with The Global Economics award categories- #1 in Fastest Growing Digital Bank 2020 and #1 in Most Innovative Digital Bank 2020 in its ongoing digital banking transformation. The Global Economics is a U.K.-based premium financial magazine and is happy to commend Timo Bank in its unique approach of integrating banking with lifestyle sought after by many private banking customers.
Timo’s strategy is product-led, innovation-led, and customer-centric- the best of integrated functionality and value. Timo has modernized the ePayments ecosystem with EasyPay for their increasing digital-native customer base.
The following criteria were looked upon during the process of evaluation:
- Customer Reviews/Feedback
- Market Reach
- Products and Services
- Online Presence
- Technology used
- Growth etc
What made Timo stand out from traditional banks was a strategic decision to bypass formal branches and instead, invite customers to “Hangouts”, which are hybrid coffee shop-banking centres. This was the first innovation that prioritized customers at the forefront of the business.
Unlike typical banks in Vietnam, Timo also streamlined the sign-up process via Digital channels that could be completed in under 5 minutes, followed by a 15-minute physical visit to any of the Hangouts nationwide where a “wet signature” and Debit Card was collected (as required by State Bank of Vietnam regulation). A new Timo member enjoyed a complimentary beverage at the Hangout, while the verification is completed and walks away with a Debit Card.
Most importantly, this customer experience and customer-first approach allowed Timo to demystify the complex banking environment and deliver a Simple, User-friendly and transparent banking platform accessible on iOS, Android and through a web app. Safety measures like authentication, are also streamlined with multi-level security protocols like Fingerprint Login, Face Recognition, Card lock / Unlock in-app iOTP in the App and OTP via SMS to ensure customers’ funds are safe.
By partnering with a local, forward-thinking and well-established bank – VP Bank, Timo customers’ accounts are essentially a VP Bank account and hence their money is safe.
After 5 years of operating in the market, Timo acquired more than 350,000 accounts and opened 4 hybrid coffee shop branches called “Hangouts” across 4 key provinces nationwide – where customers can experience a digitized financial product in a unique environment that’s not a typical bank. In 2019, Timo was recognized for its innovative efforts and was awarded “The Best Digital Bank in Vietnam” by Asia Money– further cementing its maturity and success in improving the landscape of banking sector in Vietnam.
Timo changes banking partner
Extending the digitalization trend in Vietnam, Timo decided to move to its next development stage by partnering with Viet Capital Bank in September 2020, with a shared vision of bolstering innovation and better customer experience.
Timo’s mission is to benchmark its smart financial management platform with a focus on the best user experience. Timo offers users can conveniently send and receive payments, manage savings and investments, borrow money and create financial plans. To accomplish this mission, Timo decided to form this strategic partnership with Viet Capital Bank that promises a closer working relationship and upgrades.
Within 2 months post the transition from the previous partner, Timo recorded impressive numbers with over 100,000 new and migrated accounts. The company has been quick to expand its capacity by continuously deploying new ‘hangout’ branches and pop-up event locations to meet the overwhelming demands of customers eager to join the newest digital bank. In the true spirit of collaboration, Viet Capital Bank branches in select cities, also onboarded Timo customers. This number will continue to grow as Timo and Viet Capital Bank strengthen their partnership and aims to reach as many customers as possible across the country.
About Viet Capital Bank
Established in 1992, Viet Capital Bank has over 27 years of experience in transforming the banking sector of Vietnam through a focus on technology and customer care, especially for SMEs and individual clients. In digital banking, Viet Capital Bank has earned its reputation to adopt digital transformation initiatives such as being the first to implement eKYC with TrueID technology from VNG.
Viet Capital Bank has also been pioneering in online and mobile banking and has led the banking sector in partnerships with the leading Fintech and digital financial services innovators. Its business results through the first 6 months of 2020 reflect the benefits of this focus on technology and innovation as the number of transactions and transaction value handled by Viet Capital Bank have increased by over 3 times and over 5 times, respectively, as compared to last year.