VPBank promotes digitalization of funding process for SMEs

Digital transformation is an inevitable trend, helping banks improve operational management efficiency, increase competitiveness, and develop customer networks. Since the Covid pandemic, when society has been practicing social distancing, VPBank has pioneered digital transformation, creating many superior financial technology products for SMEs.

Currently, this bank continues to consolidate its position as a leading bank by creating a closed digital financial ecosystem in providing capital to small and medium enterprises (SMEs): completely digitized from approval, disbursement and post-disbursement stages.

Approval process simplified to the maximum by digitization

In the context of economic recession, weak consumption of goods, declining revenue, the need for working capital becomes more urgent for SMEs. Quick approval of documents and timely funding will help businesses accelerate and regain growth momentum.

VPBank's product chain such as: online overdraft, Micro Plus online, online refinancing, Race app is a smart financial solution, helping SMEs overcome difficulties in working capital flow, purchasing more valuable assets to serve business development needs.

In particular, online overdraft helps businesses access capital more quickly and easily. SMEs do not need to have collateral, spend time on paperwork, but only need to prove a good cash flow history to be granted unsecured capital up to 500 million VND by VPBank. Especially, the application approval time is flexible, within only 2 hours.

VPBank also offers credit privileges to businesses with collateral through the Micro Plus Online service. With this service, business customers are granted a limit of up to 10 billion VND with online application procedures. Currently, VPBank is also a pioneer in the market providing online mortgage loan products. In particular, the bank accepts diverse mortgages for businesses: valuable papers issued by VPBank, real estate, means of transport including tractors, semi-trailers, etc.

Along with online overdraft and Micro Plus online, VPBank also deploys online re-issuance service to support customers who already have a credit limit at VPBank. Accordingly, when the limit expires, the VPBank system will automatically screen and send a notice to re-issue the limit. If a corporate customer has a need, just log in to the SME Connect system to request re-issuance, the application that meets the criteria will be automatically approved, the customer only needs to confirm the information, sign and receive capital.

In addition, the online car loan service for businesses - Race App also gives businesses the opportunity to own a car quickly. Businesses are supported by sales staff at car showrooms with online loan procedures without having to go to the bank, the approval time is only about 5 minutes when meeting all procedures. Especially when borrowing to buy a car online, businesses will enjoy more preferential interest rates than regular loans.

"Express" disbursement

VPBank's online disbursement has become a superior solution, quickly "scoring points" with corporate customers since 2021 when the Covid epidemic broke out. With this service, geographical distance or time will no longer be a problem because businesses can minimize procedures and paperwork. With just a few online steps, the bank will quickly disburse within 1-2 hours. In particular, the business's profile information is also stored by the bank and kept absolutely confidential.

“Instead of spending a week to complete complicated paperwork, we just need to click to complete the procedures, monitor the approval process, and the money will arrive a few hours later. Thanks to online disbursement, we save time, travel effort, and especially have timely capital to serve production and business,” said Mr. Nguyen Hoang, director of a food company in Ho Chi Minh City.

Digitalize post-loan services

Not stopping at the appraisal and disbursement approval process, VPBank continues to promote the application of technology in the post-disbursement process, gradually perfecting the digital ecosystem to increase service speed and improve processing quality.

Accordingly, VPBank has implemented a series of additional processes: online debt collection, online collateral release, online overdraft settlement... Instead of having to go directly to the transaction counter to complete debt repayment procedures or collateral release after loan settlement, now corporate customers only need to sit in place to proactively and flexibly handle procedures.

By anticipating the digital transformation trend, VPBank has established its position as an all-powerful digital bank with a diverse ecosystem of products, services and financial solutions.

According to VPBank statistics, by October 2023, 2,500 businesses had been supported with online overdraft loans, 10,000 businesses had online disbursement, and other products, although newly deployed, had also supported thousands of businesses to successfully apply and handle needs quickly.

“Promoting digitalization of financial services has helped VPBank gradually improve customer experience, bringing two-way efficiency: customer - bank. This contributes to VPBank's rapid progress on the growth journey as well as gaining more and more trust from customers, deserving the title of Best Digital Bank for SMEs”, said a VPBank representative.

For more information, please visit: https://www.vpbank.com.vn/doanh-nghiep-vua-va-nho

Phuong Dung

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