Vietnam Maritime Bank halves digital-loan turnaround from 30 to 15 minutes with FICO credit decisioning

Vietnam Maritime Bank (MSB) manages 260 branches, a workforce of over 7,000 people, more than eight million retail customers and nearly 100,000 corporate clients. FICO describes MSB's challenge as growing its lending book and serving customers faster without compromising on risk. The bank also wanted to standardise its credit assessment process, reduce manual errors and launch digital credit products faster.

MSB deployed automated credit decisioning technology from FICO and regional partner Blitz. The bank integrated artificial intelligence and machine learning models with rule-based criteria to standardise its credit assessment process. The system assesses every loan application using consistent risk parameters, regardless of the product type or application channel. The deployment was completed in 10 months.

MSB halved its loan turnaround time from 30 minutes to 15 minutes for its digital products. Deputy Chief Risk Officer Nguyen Quang Man said the bank can now approve loans with a level of speed and accuracy that was previously unattainable. MSB is now looking to apply the same technology to its customer management and debt collection operations.

• Combine machine learning models with rule-based criteria so every application is assessed on consistent risk parameters, whatever the product or channel.
• State the risk objective alongside the speed objective: the aim here was to grow lending and serve customers faster without compromising on risk.
• Look beyond lending: MSB is now looking to apply the same technology to customer management and debt collection.