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.

Fabien Sanchez, Chief Sales Officer of Home Credit Vietnam.

The Vietnamese consumer finance industry has encountered many challenges in recent years. What do you consider the biggest challenges facing Home Credit Vietnam?

Vietnam’s consumer finance market has experienced its most challenging years due to a slowing economy, which led to a 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 developed a deep understanding of their reluctance to spend when their income is impacted. As a result, their ability to repay debts requires careful consideration.

However, I believe the market is recovering and moving towards sustainable growth. Many Vietnamese people are still underserved by traditional banks due to their low income or lack of credit history. The penetration rate of consumer finance in Vietnam remains low compared to other countries in the Asia-Pacific region. We will strive to help the unbanked or underserved customers improve their financial status.

I am also optimistic about the shift in perception among the new generation of borrowers, particularly Gen Z, who increasingly see consumer finance products as useful payment options. We have already observed this trend in some of our products, such as Home PayLater. Recently, we officially 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.

However, 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 for Home Credit Vietnam and for you personally?

After three years as Chief Risk Officer at Home Credit Vietnam, I transitioned to Chief Sales Officer in May 2023. In this role, I am responsible for leading our customer-focused sales team of 3,500 associates and overseeing all sales-related activities. With a vast distribution network spanning 16,000 points of sale across 63 cities and provinces, we’ve proudly served over 16 million customers. I find the transition both challenging and fascinating.

CSO Fabien Sanchez rewarded his talented and dedicated staff at Home Credit Vietnam.

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

Fortunately, my background in technical expertise and data analysis gives me a unique perspective in sales. It enables me to critically analyse technical decisions and identify opportunities to leverage technology for sales growth. Examples include transitioning customers from offline to online platforms, using AI to assist with customer service, and creating a platform that enables partners to efficiently onboard into the Home Credit Vietnam ecosystem. This combination of strategic leadership and technological insight has enabled me to approach my new role with a fresh perspective and a strong sense of purpose.

Currently, after 1.5 years of working with the Sales Department, I am extremely proud of the many targets we have achieved.

Could you share more about how you utilise technology to stay competitive in the market?

First, I would say that technology is not the core focus. Many organisations in Vietnam are overly concerned with back-end system integration and other technical aspects, which may cause them to overlook the more important task of supporting customers through their digital transformation.

Three years ago, during the height of the pandemic, when customers were moving towards digital channels, the performance of online finance businesses in Vietnam lagged behind that of their counterparts in neighbouring countries. We found that the answer wasn't necessarily technology, but rather addressing customer needs. We decided to focus on enhancing financial literacy, promoting transparency, and building trust among customers. We need our customers' trust to accelerate this digital transformation.

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

Based on our understanding, we continue to improve the customer experience. We offer a seamless customer experience across both offline and online channels and work to enhance sustainable digital finance across all business activities. This approach helps us onboard new generations of customers and reach those from the most remote areas.

We understand that innovation is a key driver of enhanced customer experiences. From applying a fully automated decision process and paperless contracts as early as 2019, to implementing alternative distribution models that rely on retail partners' salesforces, creating a virtual credit card during the COVID-19 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 and a strategy that promotes financial inclusion and sustainable development, Home Credit is committed to being a long-term partner for our customers and will continue to do things the right way.

Looking to 2025 and beyond, what goals do you set for your sales team at Home Credit Vietnam?

In an industry heavily influenced by the macroeconomic environment, the most important goal is to outperform the market and competitors, whether in favourable or challenging times.

CSO Fabien Sanchez believes in the consumer-centric approach and will take it as a priority to achieve Home Credit's sustainable growth.

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 aligned with Home Credit’s core mission: to support Vietnam's economic growth through consumption and provide customers with the opportunity to live the life they desire.

As the market enters a new growth cycle, businesses that adapt promptly will have the opportunity to accelerate. At Home Credit, we will focus on diversifying and enhancing the flexibility of our financial solutions to promote financial inclusion and provide better-suited offerings for each customer. Another key area of focus is optimising technology usage and digital channels to offer the best customer experience through phygital (physical and digital) journeys that align with customer expectations and increase convenience.

Additionally, I believe that people are the key to an organisation's success, and sales are a direct reflection of this. I will continue to care for and help develop my team members in their career paths.

In 2025 and beyond, our sales team and the entire Home Credit Vietnam will continue to prioritise a customer-centric commitment to achieving sustainable development, financial inclusion, and financial literacy. On this journey, we will keep leveraging strategic partnerships to drive business and innovation, ultimately improving customer experiences and elevating industry standards, benefiting consumers as a whole.