Improving The Capacity And Role Of The State Bank In Managing Monetary Policy And Stabilizing The Economy

Developing banking services at Nam Viet Commercial Joint Stock Bank - 10

Diversifying credit products, adjusting lending interest rates competitively, valuing collateral in line with market prices, streamlining loan procedures.

Credit granting is associated with the use of banking services and facilities. Credit products are placed in close relationship with other services in order to form a new service offering, package.

3.2.1.3 Solutions for payment and treasury services

Simplify procedures, speed up payment and create more convenience for customers. Modernize payment technology to maintain and expand payment service market share.

Expand and improve the quality of account services, simplify account opening procedures and have 1

Expand and improve the quality of account services, simplify account opening procedures and have policies to encourage customers to open accounts through promotions, providing free or fee-based services. at low level.

Expanding the service network, deploying a direct payment network to all branches and transaction offices, ensuring the confidentiality of customers’ information.

Diversify forms of cash collection and disbursement activities quickly, conveniently for customers and ensure safety. At the same time, strengthen the sense of responsibility, communication style, service attitude of staff dealing directly with customers.

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3.2.1.4 Solutions for forex services

First of all, the exchange rate must be suitable for the market

Modernize technological equipment, trading equipment to serve foreign exchange business. Increase the number and improve the qualifications of qualified and experienced foreign exchange trading staff.

3.2.1.5 Solutions for card services and e-banking

Promote marketing and customer care policies. Reduce the cost of managing different types of accounts per customer.

Diversifying card products and services, enhancing card’s features, giving Navibank card its own characteristics.

Make the most of the available ATM system of banks in the inter-bank connected system. Since then, there has been a policy to increase the number of customers using the card. Ensure smooth transmission and system operation.

3.2.2 Support solution group

3.2.2.1 Completing the banking legal system

Focus on building, synchronously and timely promulgating a system of documents guiding the implementation of the Law on the State Bank and the revised Law on Credit Institutions in order to create a solid legal framework for the bank’s operations.

Review and identify any legal documents and legal frameworks that need to be supplemented, adjusted, or are unclear, and inadequate, causing difficulties and hindering the development of services and business activities of the bank. for timely remedial action.

3.2.2.2 Improving the capacity and role of the State Bank in managing monetary policy and stabilizing the economy

Operating monetary policy proactively, flexibly and prudently according to market principles, closely coordinating with fiscal policy and other macroeconomic policies to control inflation and stabilize the macro-economy. .

Operating exchange rates and managing foreign exchange according to market signals, in line with interest rate movements, harmoniously balancing supply and demand of foreign currencies, increasing market liquidity and promoting exports, limiting trade deficit. , gradually reducing the dollarization in the economy. Strictly manage gold market and foreign currency market.

Strengthening the ability to detect and early warn risks in banking activities

Continue to improve credit quality, assess the current status of credit quality of credit institutions to apply appropriate measures to strictly control the size, quality and structure of credit.

Consolidate and rearrange credit institutions in line with international practices and standards, and enhance publicity and transparency in banking activities.

3.2.2.3 Financial solutions.

The biggest challenge for Vietnamese commercial banks lies in the internal strength of the banks themselves. The stronger the bank’s financial capacity, the more foundation it has to develop its network, expand its market share and business scale, and diversify its banking services. Due to limited financial capacity, Navibank has difficulties in network development, market share expansion, limited lending capacity… Therefore, financial solutions are the basis for Navibank to improve efficiency. activity results. However, financial capacity must be developed synchronously with management ability, must have a plan to use capital effectively and safely to avoid waste or loss of capital.

In addition, Navibank can strengthen financial capacity in the following ways:

Increase equity capital in the form of mobilizing from the market through the issuance of stocks and bonds, the State supplementing capital, retained profits, improving the quality of valuable assets, etc.

Handling bad debts according to international practices and standards, reducing bad debts must be associated with building an effective control and monitoring mechanism for credit quality.

Diversify forms of capital mobilization, adjust medium and long-term deposit interest rates reasonably

Improve profitability by gradually expanding operating market share, attracting cheap and stable capital sources, and seeking effective but safe investment channels, accurately calculating the difference between output interest rates and profit margins. input for proper adjustment direction.

Increasing the quality and quantity of non-credit services to increase the ratio of credit fees in total revenue to ensure safer banking operations.

Capital investment structure under new conditions in the direction of gradually reducing the proportion of short-term loans, increasing the proportion of medium and long-term loans, and developing consumer loans for individuals in the economy.

3.2.2.4 Human resource solutions

 To solve the increasing requirements on the quantity and quality of human resources. Navibank needs to focus on improving management quality and developing human resource development policies based on the following basic issues:

Focus on recruiting bank staff in the right profession to reduce the pressure of investment costs for retraining. Balancing human resources in departments and committees to ensure the completion of work. Completing, publicizing and standardizing recruitment policies, developing specific recruitment criteria for senior leadership positions.

The bank should have a young talent investment fund to invest in good students studying in universities, committing to work at their bank later.

Accelerate the research and application of human resource management software to improve the management process in a systematic, scientific and effective manner. This software helps managers to query information easily and quickly, thereby arranging and arranging suitable personnel for each specific requirement and minimizing implementation time.

Review and evaluate the job requirements of each department in order to plan the structure, reallocate personnel to avoid wasting existing resources and create favorable conditions for recruitment in determining number and subjects to be recruited as well as the necessary requirements of the candidate.

Build a clear job description so that employees clearly understand their responsibilities and rights, thereby having goals to strive for at work.

Building a scientific scale to assess the capacity of staff, this scale is the basis for evaluating the quality of monthly work completion. The evaluation should be done objectively, transparently and with a reasonable reward policy. The appointment of key positions should be evaluated based on working capacity, not on seniority. These things will create a strong motivation to boost employee morale.

Strengthen supervision and inspection mechanism to ensure compliance with regulations, professional processes, and requirements on work behavior of employees.

Establishing a training and human resource development center under Navibank. Staff in charge of training must have qualifications, experience and pedagogical ability. Building a scientific training program, close to reality, ensuring the best and fastest application for the job, aiming to build and develop a team of staff who are proficient in professionalism and standards in ethics. business, professional in working style and enthusiastic to serve customers. Leading experts and foreign experts in the banking industry should be invited to exchange and impart practical experience as well as international knowledge in order to improve professional skills and knowledge for staff. .

Focusing on the strategy of retaining existing human resources, attracting and developing high-quality human resources for Navibank with a reasonable and clear salary policy and ensuring that there is not too low difference compared to other banks. , pay salary on the principle of salary associated with qualifications, productivity, quality and work efficiency.

Navibank needs to focus on building a corporate culture, a united and friendly working environment for individuals to promote their full potential.

3.2.2.5 Technological solutions

Information technology is the most important factor in the fierce competition among banks, especially when there is the participation of foreign banks with modern technology that is more dominant than domestic banks. Currently, Navibank has applied Corebanking system as the foundation to develop modern banking services. However, the system has not been fully invested and completed, there are still many limitations that need to be overcome. Therefore, to complete Navibank, it is necessary to implement the following solutions:

Invest in the accompanying synchronous infrastructure to serve the system to operate quickly and accurately, limiting transmission line congestion, slow processing of transactions, data not updating timely or inaccurately. In addition, it is necessary to invest in a backup system that is always ready for use.

Navibank needs to exploit all the features of information technology in researching and developing compatible banking services, improving the quality of traditional banking services, from these services to promote new services with modern technology. Attention should be paid to ensuring security and confidentiality on banking databases, ensuring data security on the transmission line to avoid counterfeiting and stealing money from customers’ accounts.

Advanced training and standardization of qualifications and capacity of managers and operation team to meet operational requirements and effectively promote modern features of the existing system. This team must not only understand the financial and banking processes, but also be fluent in foreign languages, have broad knowledge and vision in science and technology, and understand the system’s features and operations. Therefore, to recruit and retain this department, it is necessary to have a reasonable human resource policy.

Technology investment must be associated with operational strategy and in line with the bank’s service development plan. However, at present, the research and development of modern banking services of Navibank is still limited because the program’s features are not enough to meet the construction of new features and utilities. Therefore, Navibank needs to invest in additional features necessary for the program to serve the development of new services.

3.2.2.6 Solutions on policy, service development process at Navibank.

As mentioned in Chapter II, the reason why Navibank’s banking service portfolio compared to other commercial banks is still monotonous, has not yet created a feature associated with the bank’s image and is competitive because Navibank has not have a specific and clear policy on developing banking services. Besides, the service research and development department is not yet specialized, so Navibank needs the following specific solutions:

Developing service development policy

– Focus on developing retail banking services. Develop programs and types of services together with after-sales policies to attract the target group of customers who are individual customers, small and medium enterprises. In addition, the transaction characteristics for this group of customers is to provide dedicated and specific advice and guidance, and the procedure must be simple and quick.

– Focus on developing Navibank in the direction of modern banking. Specifically:

  • In deploying card services, it is necessary to diversify card types and increase utilities to suit each audience and specific needs. Associate with partners specializing in providing different types of services that can be integrated with the card and agree on accompanying promotions to increase benefits for customers when using. Upgrading and installing service infrastructure (ATMs, POS machines, transmission lines, etc.)
  • In deploying e-banking services, it is necessary to ensure that the technology system is capable of meeting the operation and handling of the features of the service being provided. Focus on researching and diversifying services to maximize customer needs.

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Date published: 01/11/2021
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