The incident of Mr. P.H.A in Quang Ninh using a credit card from the Export-Import Commercial Joint Stock Bank (Eximbank) and owe more than 8 5 million VND in 2013 to 2023 This debt increased to 8.8 billion VND, causing confusion and frustration among public opinion.
According to reporter Dan Tri On social networking sites, in the comments on articles, many people complained to “boycott” Eximbank. Many people advised each other to return their credit cards, cancel their credit cards, or limit opening or using credit cards
Banks “lose more than they gain”
According to a report measuring crises on social networks and online news 2022-2023 from an analytical unit Eximbank is the second biggest crisis of The banking industry in the past 2 years ranked second only to the SCB incident.
In the above incident, Associate Professor. Dr. Nguyen Huu Huan, lecturer at Ho Chi Minh City University of Economics, assessed that Eximbank lost a lot but still gained. However, the advantage of this bank lies in the coverage that many people spread their names on social networks all over the newspaper but mentioned negative things.
The Eximbank brand is mentioned a lot, but in the near future this unit will also have to face challenges. “losing” many customers due to the way banks treat customers.
According to Mr. Huan, even if Eximbank is able to collect 8.8 billion VND from customers, the bank will still lose more than that amount. A bank can win one customer but will lose most of the remaining customers due to loss of trust.
In the service industry, customer satisfaction is the deciding factor for success or failure. failure of a brand. Many units want to build a customer-friendly brand to support customers and operate with the principle of “the customer is always right”.
Mr. Huan emphasized: “In the service industry The first rule is “the customer is always right” and the second rule is don’t forget the first rule.
Under no circumstances or under any circumstances businesses should still put customers’ interests above customer priorities, rather than arguing and suing customers. A business that forgets that principle will have to “pay” a lot when something goes wrong.
Mr. Huan assessed that Eximbank’s crisis handling in the above incident was quite poor, thus greatly affecting the bank’s brand and losing customer trust.
He also said that it would be difficult for Eximbank to regain customer trust in the short term. People often say “buy fame for 30,000, sell fame for 3 dong”. No matter how much effort it takes to build a brand, just one bad communication crisis can easily lead to brand failure.
Brand story is extremely important, businesses cannot always compare right and wrong with customers. When an incident occurs, the bank should have a broader vision of the story of gains and losses to limit the incident. This is also a lesson that other banks also need to learn from.
The above incident will more or less affect the results business of Eximbank in the short term, Mr. Huan commented.
Recently, Mr. Vo Minh Tuan, Director of the State Bank (SBV) Ho Chi Minh City Branch shared with the media that banks do business on credit. The above incidents more or less affect the brand and weaken competitive advantage.
In the near future, the State Bank of Vietnam’s Ho Chi Minh City branch will direct credit institution branches to review customers whose cardholders do not use their cards and work in unison with them to avoid similar situations.
This agency also requires banks to fully advise on the main contents of products and services, especially the card segment. At the same time, according to the regulations of the State Bank, when providing products and services, banks must publicize the fee schedule. They can only collect fees according to the published fee schedule.
Don’t worry too much when using credit cards
Master of banking, finance and financial technology Le Duy Dien said that after the incident at Eximbank, losing trust in credit cards is an understandable mentality. with many customers who have credit cards or are about to open credit cards. “Many customers are worried that they may fall into a similar situation,” Mr. Dien said.
However, customers should not worry too much when they need to open and use a credit card. We are in the 4.0 digital era and even entering 5.0, all personal information is increasingly safe, secure and transparent. Banks always protect customers and want to bring them high benefits.
“Unlike the current period of 2010-2015, opening a single credit card without using additional Other services provided by banks such as SMS/email transaction notification of card statements/mobile banking service accounts… are impossible” Mr. Dien affirmed.
The bank also requires customers to install mobile banking services on their mobile phones using their primary phone number. The customer is providing it to the bank to once again verify the correct customer and track all transaction information.
The bank even authenticates the device used to log in to mobile banking or the channel where the customer is using the credit card by sending an OTP/authentication message via phone number.
“This is a way for the bank to protect its customers and their customers. Today’s customers will definitely feel secure in using services, especially credit cards,” he emphasized and advised people not to worry too much about using credit cards after the recent rare incident at Eximbank.
A unit specializing in analyzing social network data assesses that the Eximbank crisis is second only to the above-mentioned SCB incident, saying that the promotion of credit card products by banks in the near future in addition to mentioning To highlight the benefits that customers receive when using it, we should also consider increasing awareness for users.
Especially about the costs when using interest rate cards. What is the card cancellation policy that automatically cancels the card… to somewhat “reassure” users.
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