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Banking & Finance

FE Credit launches digital roadmap for super financial app

Released at: 08:13, 28/12/2019

FE Credit launches digital roadmap for super financial app

Photo: FE Credit

Lender introduces new super mobile app providing a superior digital financial experience to customers.

by Hung Cao

Vietnamese consumer finance firm FE Credit has stepped up its “digital transformation game” by launching a new super mobile app, which promises to provide a superior digital financial experience that meets all needs of customers.

Over the past three years, the company recognized that there were certain factors causing their business to change. One was that customer behavior has been undergoing rapid change. Although the company’s main target customers are mostly blue-collar workers, it was seen that they were becoming extremely mobile-centric and digitally-savvy.

FE Credit also revealed that they were receiving a huge volume of incoming calls from customers, at about 600,000 a month, and 60 per cent were basic queries such as card activation, changing PINs, confirming or extending credit limits, or repayment schedules, etc.

“Even if all of our customer service agents were working at full capacity, we would still not be able to instantly address all customer requirements,” said Mr. Basker Rangachari, CMO of FE Credit.

Those reasons are why the management team at FE Credit decided to move ahead strongly with its digital transformation roadmap, to provide customers with self-serve solution via the FE Credit Mobile app.

After the success of the launch of $NAP, the company’s digital lending platform, last year, FE Credit has seen its customer adoption rate increase well beyond expectations and customer satisfaction has reached new heights. Thanks to its ability to help customers proactively apply for loans and obtain instant approval through the app, the company decided to focus on enhancing their mobile apps.

However, as there were a few separate mobile apps, the firm realized that customers needed a one-stop app for all their needs. Therefore, it decided to launch a digital road map for the super app. The first wave of the road map is consolidating access to all FE Credit’s apps and creating an “apps in app” capability in the super app, called FE Credit Mobile.

The app provides a comprehensive user experience and enables them to conduct transactions with just “one touch” for daily financial needs. The launch of the app marks a critical step by FE Credit on its journey to creating a financial services ecosystem through a technological platform to serve millions of Vietnamese people.

“We want to go beyond banking and leverage related services and make a single gateway through FE Credit,” Mr. Rangachari said. “This digital roadmap is to deliver the ultimate consumer finance experience. Starting with the app, we can meet the daily financial needs of every Vietnamese customer anytime, anywhere.”

With the FE Credit mobile app, customers can do more than just basic queries, from easily applying for a new loan or credit card or purchasing exclusive insurance deals to checking their loan and card details and conducting daily transactions such as mobile top-up, utility bill payments, loan repayments, purchasing movie tickets, booking air tickets, and locating the nearest ATM or VNPost branch, etc.

Moreover, the mobile app is integrated with many advanced features such as allowing users to scan QR codes and pay at Smartpay merchants, while giving users the chance to earn rewards by referring friends or merchants to FE Credit.

“In fact, there are many small businesses you may interact with every day that are looking for cashless solutions to help them serve their customers better and grow their business - be it the corner coffee shop or the street vendor downstairs,” Mr. Rangachari added. “By cooperating with Smartpay, FE Credit is not only giving these merchants a faster way to receive their payments but also giving them immediate access to 2 million FE credit card holders who have their credit line available for day-to-day purchases at any store.” 

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