New financial services mobile app is rated #1 in Vietnam and delivers 30% transaction growth

/ EmbedIT delivered a global mobile platform that enabled Home Credit Vietnam to transform into a fully digital, highly scalable online business with a preference-driving, market-leading customer experience.

/ By combining ready-made components and bespoke development, EmbedIT delivered a highly secure, robust and scalable app solution at 70% of the conventional development cost. 

/ As a result, the solution enables 10,000+ new user loans to be approved per day in less than 2 minute per application.

Czech Republic, Vietnam

Product discovery
UX/UI design
Product management
Testing & Analytics

The challenge

Home Credit Vietnam launched in 2009 as one of the country’s first providers of consumer finance products. Today, it provides point of sale (POS) loans for items such as home appliances, furniture and vehicles as well as cash loans.

At launch, much of the company’s business was delivered through offline, paper-based processes, with customers typically applying in-store for credit. Behind-the-scenes processes including application processing and ID checking relied on significant manual intervention, with additional teams of people required to manage customer service, accounts and collections.

Since Home Credit launched in Vietnam, there has been a dramatic increase in competition within the financial services sector, and it became clear that the company would need to make changes if it wanted to remain in top position in the marketplace. Together, Home Credit and EmbedIT identified the need to be:

  • Fully digital. To enable Home Credit to move away from the manual processes that were blocking large-scale online service delivery, preventing the ability to process applications and service customers 24/7.

  • Focused on customers. To engage customers with personalised services, in order to encourage applications for new services, as well as provide a digital access point for customer support.

  • Robust and rapidly scalable. To ensure Home Credit’s systems would grow effortlessly alongside business growth.

  • Highly secure. To keep safe the data managed and processed online – and to ensure compliance with local regulations, for example in-country processing of cards data.

Home Credit also wanted to build on its brand as a customer-centric finance provider, with an environment that made it easy for people to additionally access insightful financial guidance to help them make good financial decisions.

The solution

To achieve all of these objectives, the EmbedIT team proposed a new comprehensive digital ecosystem, including a global mobile platform that would deliver a robust, secure mobile app for customers. EmbedIT managed the whole process of app development and delivery for Home Credit, from research and design through to development and rollout, with the two companies collaborating closely throughout the process.

The proposed solution combined a number of ready-made technology components from EmbedIT’s Mobile Applications portfolio with tailored development, to deliver an end-to-end solution from requirements gathering, to design thinking, usability, and business orchestration. As part of the project the EmbedIT team also delivered full product validation and usability testing, and worked with an agile development framework to speed up development and reduced costs.

As a forward thinking IT partner, EmbedIT was able bring considerable innovation to the project, for example, pioneering the use of the Flutter framework for large-scale applications. Security, a big concern for Home Credit in Vietnam, was assured through the use of advanced encryption and multi-layered protection, creating a wall that kept customers’ financial data totally safe without impacting their user experience.

"The launch of the Home Credit Mobile Application marks a significant milestone in our journey towards financial empowerment for our customers. I am immensely proud of the team's dedication and the positive impact we're witnessing, as we redefine what's possible in the realm of accessible and secure financial services."

Phuc Le Phuoc
Head of Online, Home Credit Vietnam

The Benefits

Working with EmbedIT to introducing the customer mobile app has delivered the following benefits to the Home Credit Vietnam team.

/ A 30% reduction in app development costs.

Using ready-made technology components from the EmbedIT portfolio reduced the amount of bespoke development required, significantly reducing development and rollout costs.

/ Significant growth in digital transactions.

Making it easy for people to sign up has delivered a 30% growth in transactions and has reduced the loan approval time to an average of 2 minutes. Home Credit can also now deliver on goals that rely on fully digital workflows.

/ Improved access to better customer support.

The app has revolutionised customer support, using AI-powered assistance to quickly get users the information they need (and to speak to a human if needed).

/ Delivered on the goal of improving consumer financial insight.

With sophisticated analytics and personalised financial guidance, customer can now make decisions that fit their own financial situation and goals.

/ Forward-looking customer engagement.

The ability to collaborate with financial experts and institutions creates an engaging environment that will keep customers coming back in the future.

/ Significantly increased digital engagement.

Achieving a core business goal that will enable Home Credit to deliver greater efficiencies, including faster loan processing times, and reduced application processing costs.

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