The biggest consumer finance survey in Vietnam has named MoMo (30.8 points), Vietcombank (27.8 points), and ZaloPay (23.0 points) as the country’s three most considered banking and payment brands.
The rankings are based on YouGov BrandIndex’s positive Consideration score, which measures the percentage of a brand’s customers who would consider it when next in the market to use a Financial Institutions & Services brand. The rankings show the brands with the highest average Consideration score between 1 October 2021 – 30 September 2022 compared with the same period in the previous year, revealing the brands at the forefront in the minds of potential customers.
Fintech’s disruption of consumer finance
The rankings hint at the changing face of consumer finance in Vietnam, with half of the top-ranked brands being newcomers to the brand rankings, the majority of which are from the fintech sector. Alongside MoMo (1st) and ZaloPay (3rd), mobile banking brands ViettelPay (8th) and ShopeePay (10th) also made the top 10.
Despite the inroads being made by newcomers, some traditional banks – such as MB (5th) and Techcombank (6th) – have managed to maintain their strong positions in the market and feature as some of the most considered brands.
Newcomers gain ground on traditional banks
Alongside the brand rankings, YouGov also released the ten “most improved” brands of the sector, tracking how sentiment towards these banks and financial institutions in the minds of Vietnamese consumers may have changed over the past year. By far the biggest improver this year was MB Bank, which saw an increase of seven points in 2022.
Commenting on the 2022 YouGov Bank and Payment System Consideration Rankings, Thue Quist Thomasen, CEO of Decision Lab, YouGov’s exclusive partner in Vietnam, said:
“The 2022 YouGov Financial Services rankings show that mobile banking is becoming more popular in Vietnam and fintech brands are gaining ground on more traditional financial players. Vietnamese consumers are embracing the ease and convenience of e-wallets and digital payments, presenting new challenges to long-established banks.
“Consumers are becoming more comfortable with digital-first products and mobile banking services. This presents both challenges and opportunities to the sector as a whole. Financial brands who understand this trend and adapt their marketing strategies to match can capitalise on this emerging consumer segment. But this requires using tools that can track fast-moving consumer trends in real-time – such as YouGov’s BrandIndex – measuring what customers think about financial brands and their products.”
Mr. Nguyen Manh Tuong, Executive Vice Chairman and CEO of MoMo, the top-performing financial brand in 2022, said:
"We are delighted that MoMo to be the brand most Vietnamese consumers would turn to when looking for new financial products. The fact that MoMo has taken the number one spot in our first year in the YouGov Financial Services rankings shows the speed at which customers have embraced the ease and convenience of our platform. Fintech helps speeding up the growth of finance services in Vietnam, and this trend will only continue to grow in the future."
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