Home Credit Vietnam: The answer is always with the customer

What are the biggest challenges facing Home Credit Vietnam amid headwinds in the consumer finance industry?

Vietnam’s consumer finance market has experienced its most challenging years due to a slowing economy, which led to the decline in consumption and an unfavourable credit environment. Both traditional banking institutions and consumer finance companies have faced difficulties.

Working directly with customers, my Sales department and I have an in-depth understanding of their reluctance to spend when their income is impacted, and therefore, their ability to repay debts needs careful consideration.

However, I believe the market is recovering and moving towards sustainable growth. There are still many Vietnamese people who are not served by traditional banks due to their low income or no credit history. The penetration rate of consumer finance in Vietnam remains low compared to other countries in the Asia-Pacific region. We will try our best to help the unbanked or underserved customers to improve their financial status.

I am also optimistic about the change in perception of the new generation of borrowers, mainly Gen Z, who will see consumer finance products as a useful payment option. We have already observed this trend in some of our products, such as Home PayLater. In November, we announced our cooperation with BE, the super-app, to provide its 10 million users with the Home PayLater solution for beFood services, airline ticket purchases, insurance, and other services on this platform.

Regardless, the market is becoming more competitive due to our competitors' constant innovation aimed at improving customer service. We will continue to adhere to our customer-centric commitment while also maintaining robust financials and healthy non-performing loans.

What does your transition from chief risk officer to chief sales officer mean to Home Credit Vietnam and to yourself?

After three years as chief risk officer at Home Credit Vietnam, in May 2023, I transitioned to chief sales officer, where I am responsible for our customer-focused sales team of 3,500 associates and all sales-related activities. With a vast distribution network spanning 16,000 point-of-sale locations across 63 cities and provinces, we’ve proudly served over 16 million customers. I find the transition to be both challenging and fascinating.

In the months before my transfer from Risk to Sales, several significant decisions were made to align our sales approach with the evolving market landscape. These decisions involved substantially raising sales targets while maintaining strict control over budgeted operational costs.

Fortunately, my background in technical and data expertise gives me a unique perspective in Sales. It equips me with the ability to analyse technical decisions critically and identify opportunities to leverage technology for sales growth. Examples include transitioning customers from offline to online, using AI to help with customer servicing, and creating a platform to enable partners to onboard into the Home Credit Vietnam ecosystefm efficiently. This combination of strategic leadership and technological insight has enabled me to approach this role with a fresh perspective and a strong sense of purpose.

Currently, after 1.5 years of accompanying the Sales department, I am extremely proud of many targets we have achieved.

What is Home Credit's strategy to improve customer experience?

At Home Credit, we actively listen to our customers' needs through quarterly Net Promoter Score (NPS) surveys and monthly sales quality surveys. Some specific initiatives, such as the Customer Talk series, Try Customer shoes, and events held across provinces, enable our top management level to directly engage with customers, thereby understanding their lifestyles, demands, and challenges encountered during service. Particularly in the Sales department, we have a dedicated team responsible for running regular customer surveys and arranging focus groups to update.

Based on our understanding, we continue to improve the customer experience. We offer a seamless customer experience in both offline and online channels and enhance sustainable digital finance across all business activities so we can onboard new generations of customers and those from the most remote areas on our lending journey.

We understand that innovation is a core driver of enhanced customer experiences. From applying a fully automated decision process within seconds and paperless contracts as early as 2019 to implementing an alternative distribution mode that relies on retail partners' salesforce, creating a virtual credit card during the pandemic, launching Home PayLater, and integrating voice bots and chatbots for improved service and sales, we consistently stay ahead of evolving customer needs.

With a customer-centric approach in the strategy to promote financial inclusion towards sustainable development, Home Credit is committed to being a long-term partner for our customers and will continue to do things the right way.

What goals have you set for your sales team in 2025 and beyond?

In an industry that is heavily dependent on the macro picture, the most important thing is outperforming the market and the competitors in both favourable and bad times.

Our Sales team aims to maintain and strengthen our leadership position in consumer durable financing, increase our market share in motorbike financing, and explore new and developing commodities and services where financial solutions can expand our customer base. All of this is related to Home Credit’s core business, which is to support Vietnam's economic growth through consumption and provide our customers with the opportunity to live the life they want.

Today, the market is entering a new growth cycle, and certainly businesses that adapt promptly will have the opportunity to accelerate. At Home Credit, we will strive to diversify and enhance the flexibility of our financial solutions to promote financial inclusion and provide a better-suited offer for each customer.

Another notable focus is optimising technology usage and digital channels to offer the best customer experience through phygital (physical and digital) journeys that align with customers' expectations and support increased convenience.

Also, I believe that people are the key factor of success of an organisation and definitely Sales is direct proof of it, so I will continue to care for and help to develop my team members in their career path.

In 2025 and beyond, our Sales team and the whole Home Credit Vietnam will continue to prioritise customer-centric commitment to achieve sustainable development, financial inclusion, and financial literacy. On that journey, we keep leveraging strategic partnerships to drive business and innovation, which improves customer experiences and elevates industry standards, ultimately benefiting consumers.

Fabien Sanchez, a consumer finance leader with over 20 years of experience in risk and sales strategy, joined Home Credit Vietnam as chief risk officer in August 2020. In May 2023, he took on a new challenge as chief sales officer. Leveraging his deep industry knowledge and strong leadership skills, Fabien is well-positioned to drive the company’s growth and deliver exceptional customer experiences. His customer-centric approach is expected to be instrumental in shaping Home Credit Vietnam’s future success.

Home Credit paves way as leading sustainable business for three consecutive years

Home Credit has been a Top 100 Sustainable Businesses in Vietnam for three consecutive years thanks to their comprehensive environmental, social, and governance (ESG) Strategy.

Home Credit partners with Be Group to promote Home PayLater

Home PayLater from Home Credit formed a strategic partnership with Be Group on November 5 to expand the availability of Home PayLater - the "Buy Now, Pay Later" (BNPL) method that offers credit up to $988.