Midterm assignment the analysis of momo's customer relationship management and case study of customer trust recovery

Abbreviation Explanation 1 CRM Customer Relationship Management 2 Al Artificial Intelligence 3 B2C Business to Customer 4 B2B Business to Business 5 SMEs Small and medium-sized enterpris

FOREIGN TRADE UNIVERSITY

HO CHI MINH CITY CAMPUS

MIDTERM ASSIGNMENT THE ANALYSIS OF MOMO'S CUSTOMER

RELATIONSHIP MANAGEMENT AND CASE

STUDY OF CUSTOMER TRUST RECOVERY

Subject: Business Customer Relationship Lecturer: MSc Ngé Hién Dan Class: ML 142

Full name Student ID

Nguyễn Chau Bao Khanh 2212155101

CHAPTER 1: OVERVIEW OF MOMO & MOMO'S CUSTOMER

RELATIONSHIP MANAGEMENT STRATEGIES 2 1.1 Overview of MoMo 2 1.1.1 Company Background ¿c2 211 11211 1101101111 11 1112101181 11211211011111 11 1 rêu 2 1.1.2 Company ObJecfIV€§ LL LH HH H011 11H HH 11 t1 HH ng HH ray 2 1.1.3 Current ŠifUatIOTi ch nh Ha nhún HH HH gi HH 2 1.1.4 Customer SegmmenI†afIOH 2 21121121101 101 1111111112111 1811112 1121121101 111111 11 11 1 rey 3 1.2 Overview of MoMo's Customer Relatonship Management Strategies 3 1.2.1 Strategic Customer Relationship Managemett - ¿c2 22x s2 4 1.2.2 Operational Customer Relationship Managøemeri - ó1 tt srre 5 1.2.3 Analytical Customer Relationship Managemert c2 3v sen erye 6 CHAPTER 2: CASE STUDY ON MOMO’S CRM STRATEGIES FOR TRUST

2.1 MoMo’s Customer Trust Crisis —- Cases and Consequences « «<< «« 8 2.1.1 The Money Fraud Crists (2017-20 18) L1 10.1011 120121121101 011811812222 ga 8 2.1.2 Promottonal campalgn COTITOV€TSV L0 TS Tn TH HH TH TH H120 1111 Ha nờ 8 2.2 MoMo’s CRM-Driven Strategies for Trust Recovery and Customer Loyalty 9 2.2.1 MoMo’s CRM Solutions for Customer TTrust Restoration ccc sec 9 2.2.2 Results and Market Impact of MoMo”s CRM Solutlons : cò: ccccsc+2 10 CHAPTER 3: EVALUATION OF CHALLENGES FACED BY MOMO AND THE COMPANY’S CRM SOLUTIONS 11 3.1 Challenges for MoMo in the Current Market Landscape - - -«-«« 11 3.2 MoMo’s CRM Strategies to Qvercome ChaÌÌenØ©S sec se se se se 12 3.3 Evaluation of MoMo’s CRM Strategies 13 3.4 Recommendations for Future CRM ÏÍmprOV€ITI€TIS 5-55 5555 se seese 13

Figure 1.1 Strategic, Operational, and Analytieal CRM che 3 Figure 3.1 E-commerce Ad Awareness & Word-of-Mouth Exposure of Top Brands 13 LIST OF TABLES

Table 1.1 Customer segmentation of MoÌMO óc tt v21 11111111111 111 111 tt Hye, 3 Table 1.2 Implementation of Strategic CRM at MoMo ác cà 4

No Abbreviation Explanation

1 CRM Customer Relationship Management

2 Al Artificial Intelligence

3 B2C Business to Customer

4 B2B Business to Business

5 SMEs Small and medium-sized enterprises

6 PCI DSS Payment Card Industry Data Security Standard

7 SSL/TLS Transport Layer Security

8 CEE Customer experience Excellence

9 QR Quick Response

10 GPS Global Positioning System

11 F&B Food and Beverage

12 OTP One-time password

13 2FA two-factor authentication

14 VND Vietnamese Dong

15 eK YC Electronic Know Your Customer

customer service centers thus allowing the company to personalize its user experience approaches The platform functions through customer memory features which removes the requirement of duplicate entry for data at subsequent visits Users of MoMo can edit their profiles through the platform by arranging automatic phone recharge and specifying transaction rules The application benefits users with these convenient features leading to improved customer satisfaction and increased customer loyalty

The operational CRM strategy of MoMo utilizes technology to supervise their customer service operations At present, MoMo joins forces with iPOS.vn which operates as a leading technology solutions provider to the F&B industry for boosting digital payment sector customer relationship management (MoMo, 2022) MoMo enhances user service through the implementation of AI-based tools such as chatbots and automated responses that deliver quick help to customers dealing with inquiries and technical problems Through AI applications the company tracks software problems to enhance app efficiency while analyzing user feedback which maintains continuous service enhancement

1.2.3 Analytical Customer Relationship Management

Analytical CRM stands as a system which analyzes customer information and conduct

to enable better business choices (Buttle and Francis, 2006) This system consists of data warehousing together with customer profiling and segmentation systems and reporting functionality The business operations of MoMo use analytical CRM to boost customer relationships and optimize marketing approaches while enhancing user satisfaction MoMo reaches higher business growth by using customer data for reliable user grouping while creating customized marketing offers and predictive analytics functions

The most vital implementation of analytical CRM by MoMo is segmenting their customers MoMo enhances services and promotions through user segmentation which operates with demographic types and spending patterns together with transaction data Users who shop frequently online through the company receive special cashback while regular MoMo bill-paying customers get reduced service fees for their transactions Through this segmentation method MoMo develops targeted marketing strategies which enhance customer response along with conversion levels

Analytic CRM remains essential for personalized marketing strategies within business operations The analytical system at MoMo evaluates multiple user data fields consisting of buying motions together with physical site information and platform engagement actions

No Abbreviation Explanation

1 CRM Customer Relationship Management

2 Al Artificial Intelligence

3 B2C Business to Customer

4 B2B Business to Business

5 SMEs Small and medium-sized enterprises

6 PCI DSS Payment Card Industry Data Security Standard

7 SSL/TLS Transport Layer Security

8 CEE Customer experience Excellence

9 QR Quick Response

10 GPS Global Positioning System

11 F&B Food and Beverage

12 OTP One-time password

13 2FA two-factor authentication

14 VND Vietnamese Dong

15 eK YC Electronic Know Your Customer

MANAGEMENT STRATEGIES

1.1 Overview of MoMo

1.1.1 Company Background

Originally launched as a pure Vietnamese high-tech startup providing mobile phone top-

up services, MoMo was founded in 2007 under M Service Joint Stock Company Three years later, in October 2010, the MoMo e-wallet brand officially entered the market, with

"MoMo" standing for Mobile Money, focusing on mobile payments and e-wallet services before expanding into a comprehensive financial ecosystem As noted by AgileTech Vietnam (2025), inspired by the success of Asian tech giants such as WeChat (China), Go- Jek (indonesia), and Grab (Singapore), MoMo has transformed into Vietnam’ s leading super app far beyond a simple e-wallet, seamlessly integrating services such as money transfers, bill payments, online shopping, investment solutions, surance, transportation, and charity donations

1.1.2 Company Objectives

On October 29, 2023, MoMo rebranded itself as "The Al-powered Financial Assistant," reinforcing its comprehensive commitment to enhancing user access and reducing dependence on informal lending (i.e black credit) while contributing to the growth of Vietnam’s digital economy

- Vision: To democratize financial services, promote inclusion, and become a trusted assistant for Vietnamese people to manage finances efficiently, leading happier lives

- Mission: To harness AI for innovation, create simple, low-cost financial solutions, and collaborate with partners to better serve customers

1.1.3 Current Situation

Since 2021, with strong backing from global investors like Warburg Pincus, Goldman Sachs, and Mizuho Bank, MoMo has become one of Vietnam’s three tech unicorns, surpassing a $2 billion valuation Remarkably, as of 2024, MoMo solidified its leadership in the Vietnamese fintech industry with the largest market share of 69% with more than 31 million users and was recognized as the “Outstanding Fintech Company” for six consecutive years By the end of the same year, on a global scale, MoMo's prominence was further cemented by being the only Vietnamese enterprise ranking 12th in the World’s Best Financial Platforms 2024 by TABInsights

MANAGEMENT STRATEGIES

1.1 Overview of MoMo

1.1.1 Company Background

Originally launched as a pure Vietnamese high-tech startup providing mobile phone top-

up services, MoMo was founded in 2007 under M Service Joint Stock Company Three years later, in October 2010, the MoMo e-wallet brand officially entered the market, with

"MoMo" standing for Mobile Money, focusing on mobile payments and e-wallet services before expanding into a comprehensive financial ecosystem As noted by AgileTech Vietnam (2025), inspired by the success of Asian tech giants such as WeChat (China), Go- Jek (indonesia), and Grab (Singapore), MoMo has transformed into Vietnam’ s leading super app far beyond a simple e-wallet, seamlessly integrating services such as money transfers, bill payments, online shopping, investment solutions, surance, transportation, and charity donations

1.1.2 Company Objectives

On October 29, 2023, MoMo rebranded itself as "The Al-powered Financial Assistant," reinforcing its comprehensive commitment to enhancing user access and reducing dependence on informal lending (i.e black credit) while contributing to the growth of Vietnam’s digital economy

- Vision: To democratize financial services, promote inclusion, and become a trusted assistant for Vietnamese people to manage finances efficiently, leading happier lives

- Mission: To harness AI for innovation, create simple, low-cost financial solutions, and collaborate with partners to better serve customers

1.1.3 Current Situation

Since 2021, with strong backing from global investors like Warburg Pincus, Goldman Sachs, and Mizuho Bank, MoMo has become one of Vietnam’s three tech unicorns, surpassing a $2 billion valuation Remarkably, as of 2024, MoMo solidified its leadership in the Vietnamese fintech industry with the largest market share of 69% with more than 31 million users and was recognized as the “Outstanding Fintech Company” for six consecutive years By the end of the same year, on a global scale, MoMo's prominence was further cemented by being the only Vietnamese enterprise ranking 12th in the World’s Best Financial Platforms 2024 by TABInsights

In the contemporary era of digital economy, Customer Relationship Management (CRM) is at the heart of business success As industries continue to evolve at an unprecedented pace, businesses must go beyond transactions to deliver seamless, personalized experiences that set them apart from the competition This is where a well- executed CRM strategy becomes essential—not only for driving long-term growth but also for enhancing service efficiency and fostering customer loyalty When implemented effectively, CRM enables businesses to anticipate client needs, tailor interactions, and improve overall satisfaction, ultimately leading to sustainable growth and a competitive edge

To further emphasize the impact of a well-rounded CRM strategy, the author selected MoMo - one of Vietnam’s leading fintech platforms - as the target company to analyze CRM

in action MoMo’s success is deeply rooted in its CRM strategies for customer acquisition, retention, and development Having faced a customer trust crisis, MoMo not only successfully recovered but has continued to thrive, making it an ideal example of how CRM can be leveraged not just for growth, but also for rebuilding trust and strengthening customer relationships in a competitive market

This report is based on qualitative analysis of MoMo’s CRM framework We examine its strategic, operational, and analytical CRM approaches, using data from company reports, industry research, and expert insights to understand how MoMo leverages CRM to enhance customer experiences and maintain market position

No Abbreviation Explanation

1 CRM Customer Relationship Management

2 Al Artificial Intelligence

3 B2C Business to Customer

4 B2B Business to Business

5 SMEs Small and medium-sized enterprises

6 PCI DSS Payment Card Industry Data Security Standard

7 SSL/TLS Transport Layer Security

8 CEE Customer experience Excellence

9 QR Quick Response

10 GPS Global Positioning System

11 F&B Food and Beverage

12 OTP One-time password

13 2FA two-factor authentication

14 VND Vietnamese Dong

15 eK YC Electronic Know Your Customer

In the contemporary era of digital economy, Customer Relationship Management (CRM) is at the heart of business success As industries continue to evolve at an unprecedented pace, businesses must go beyond transactions to deliver seamless, personalized experiences that set them apart from the competition This is where a well- executed CRM strategy becomes essential—not only for driving long-term growth but also for enhancing service efficiency and fostering customer loyalty When implemented effectively, CRM enables businesses to anticipate client needs, tailor interactions, and improve overall satisfaction, ultimately leading to sustainable growth and a competitive edge

To further emphasize the impact of a well-rounded CRM strategy, the author selected MoMo - one of Vietnam’s leading fintech platforms - as the target company to analyze CRM

in action MoMo’s success is deeply rooted in its CRM strategies for customer acquisition, retention, and development Having faced a customer trust crisis, MoMo not only successfully recovered but has continued to thrive, making it an ideal example of how CRM can be leveraged not just for growth, but also for rebuilding trust and strengthening customer relationships in a competitive market

This report is based on qualitative analysis of MoMo’s CRM framework We examine its strategic, operational, and analytical CRM approaches, using data from company reports, industry research, and expert insights to understand how MoMo leverages CRM to enhance customer experiences and maintain market position

¢ Customer support policy: every touchpoint must deliver the best and most consistent experience from start to finish (e.g., the "Customer Experience Excellence - CEE" project)

"AT Assistant - Moni")

s International remittance integration: collaborate with large financial institutions (e.g., Western Union) to expand MoMo's global

capabilities

Source: Authors' own compilation, 2025

1.2.2 Operational Customer Relationship Management

Operational CRM represents the business systems and technological infrastructure which optimizes customer-servicing operations while providing automation capabilities to sales marketing activities and service delivery (Buttle & Iniana, 2006) The combination of automated systems and customer data management makes MoMo better at streamlining different parts of customer interactions to deliver effortless personalized experiences Operational CRM at MoMo uses automated sales and service processes which enhance customer experience together with operational efficiency Operational CRM depends on three main goals to boost customer management effectiveness through individualized contact points as well as improved organizational responsiveness and faster and superior information exchange (Xu and Walton, 2005) MoMo employs advanced CRM technologies

to facilitate automated new user onboarding through personalized welcome messages which are delivered through combination of app notifications and emails during the onboarding process Users of MoMo utilize a self-service platform to execute telephone top-ups with bill payments and purchases as well as money transfers and QR code transactions independently of human worker involvement The automated system functions improve customer experience by decreasing waiting periods while providing better access to services MoMo employs transactional CRM data sourced from various user touchpoints which

e Age range: 18-50 years old

¢ Technology adoption: smartphone users

with basic awareness of digital payment

e Income level: Middle to upper-income

¢ Occupation: Office employees, engineers,

doctors, teachers, students, etc

« Geographic distribution: Nationwide,

with higher concentration in major cities

(e.g., Hanoi and Ho Chi Minh City)

¢ Seamless, secure, and convenient payment methods

Personal services such

as bill payments, money transfers, mobile top-ups, and personal financial

e Small and medium-sized enterprises

(SMEs), including retail chains and

household businesses

e Large corporations such as banks,

airlines, utility providers,

telecommunications companies

e Secure, reliable, and easily integrable digital payment systems

e Enhanced corporate financial management

« Improved customer payment experience

Source: Authors' own compilation, 2025

1.2 Overview of MoMo's Customer Relationship Management Strategies Figure 1.1 Strategic, Operational, and Analytical CRM

Ee beens ; sacs ; Performance

; Developmen ulti-Channel Assessment

i Process Value Creation Process Integration Process Process

¡ || Business Customer Sharehol

i Receives Segment Physical ` Results

i a + Lifetime H-P{] & Virtual Jen} „„ 2 anne

i |] Customer Value Value a Performance

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

customer service centers thus allowing the company to personalize its user experience approaches The platform functions through customer memory features which removes the requirement of duplicate entry for data at subsequent visits Users of MoMo can edit their profiles through the platform by arranging automatic phone recharge and specifying transaction rules The application benefits users with these convenient features leading to improved customer satisfaction and increased customer loyalty

The operational CRM strategy of MoMo utilizes technology to supervise their customer service operations At present, MoMo joins forces with iPOS.vn which operates as a leading technology solutions provider to the F&B industry for boosting digital payment sector customer relationship management (MoMo, 2022) MoMo enhances user service through the implementation of AI-based tools such as chatbots and automated responses that deliver quick help to customers dealing with inquiries and technical problems Through AI applications the company tracks software problems to enhance app efficiency while analyzing user feedback which maintains continuous service enhancement

1.2.3 Analytical Customer Relationship Management

Analytical CRM stands as a system which analyzes customer information and conduct

to enable better business choices (Buttle and Francis, 2006) This system consists of data warehousing together with customer profiling and segmentation systems and reporting functionality The business operations of MoMo use analytical CRM to boost customer relationships and optimize marketing approaches while enhancing user satisfaction MoMo reaches higher business growth by using customer data for reliable user grouping while creating customized marketing offers and predictive analytics functions

The most vital implementation of analytical CRM by MoMo is segmenting their customers MoMo enhances services and promotions through user segmentation which operates with demographic types and spending patterns together with transaction data Users who shop frequently online through the company receive special cashback while regular MoMo bill-paying customers get reduced service fees for their transactions Through this segmentation method MoMo develops targeted marketing strategies which enhance customer response along with conversion levels

Analytic CRM remains essential for personalized marketing strategies within business operations The analytical system at MoMo evaluates multiple user data fields consisting of buying motions together with physical site information and platform engagement actions

In the contemporary era of digital economy, Customer Relationship Management (CRM) is at the heart of business success As industries continue to evolve at an unprecedented pace, businesses must go beyond transactions to deliver seamless, personalized experiences that set them apart from the competition This is where a well- executed CRM strategy becomes essential—not only for driving long-term growth but also for enhancing service efficiency and fostering customer loyalty When implemented effectively, CRM enables businesses to anticipate client needs, tailor interactions, and improve overall satisfaction, ultimately leading to sustainable growth and a competitive edge

To further emphasize the impact of a well-rounded CRM strategy, the author selected MoMo - one of Vietnam’s leading fintech platforms - as the target company to analyze CRM

in action MoMo’s success is deeply rooted in its CRM strategies for customer acquisition, retention, and development Having faced a customer trust crisis, MoMo not only successfully recovered but has continued to thrive, making it an ideal example of how CRM can be leveraged not just for growth, but also for rebuilding trust and strengthening customer relationships in a competitive market

This report is based on qualitative analysis of MoMo’s CRM framework We examine its strategic, operational, and analytical CRM approaches, using data from company reports, industry research, and expert insights to understand how MoMo leverages CRM to enhance customer experiences and maintain market position

No Abbreviation Explanation

1 CRM Customer Relationship Management

2 Al Artificial Intelligence

3 B2C Business to Customer

4 B2B Business to Business

5 SMEs Small and medium-sized enterprises

6 PCI DSS Payment Card Industry Data Security Standard

7 SSL/TLS Transport Layer Security

8 CEE Customer experience Excellence

9 QR Quick Response

10 GPS Global Positioning System

11 F&B Food and Beverage

12 OTP One-time password

13 2FA two-factor authentication

14 VND Vietnamese Dong

15 eK YC Electronic Know Your Customer

¢ Customer support policy: every touchpoint must deliver the best and most consistent experience from start to finish (e.g., the "Customer Experience Excellence - CEE" project)

"AT Assistant - Moni")

s International remittance integration: collaborate with large financial institutions (e.g., Western Union) to expand MoMo's global

capabilities

Source: Authors' own compilation, 2025

1.2.2 Operational Customer Relationship Management

Operational CRM represents the business systems and technological infrastructure which optimizes customer-servicing operations while providing automation capabilities to sales marketing activities and service delivery (Buttle & Iniana, 2006) The combination of automated systems and customer data management makes MoMo better at streamlining different parts of customer interactions to deliver effortless personalized experiences Operational CRM at MoMo uses automated sales and service processes which enhance customer experience together with operational efficiency Operational CRM depends on three main goals to boost customer management effectiveness through individualized contact points as well as improved organizational responsiveness and faster and superior information exchange (Xu and Walton, 2005) MoMo employs advanced CRM technologies

to facilitate automated new user onboarding through personalized welcome messages which are delivered through combination of app notifications and emails during the onboarding process Users of MoMo utilize a self-service platform to execute telephone top-ups with bill payments and purchases as well as money transfers and QR code transactions independently of human worker involvement The automated system functions improve customer experience by decreasing waiting periods while providing better access to services MoMo employs transactional CRM data sourced from various user touchpoints which

e Age range: 18-50 years old

¢ Technology adoption: smartphone users

with basic awareness of digital payment

e Income level: Middle to upper-income

¢ Occupation: Office employees, engineers,

doctors, teachers, students, etc

« Geographic distribution: Nationwide,

with higher concentration in major cities

(e.g., Hanoi and Ho Chi Minh City)

¢ Seamless, secure, and convenient payment methods

Personal services such

as bill payments, money transfers, mobile top-ups, and personal financial

e Small and medium-sized enterprises

(SMEs), including retail chains and

household businesses

e Large corporations such as banks,

airlines, utility providers,

telecommunications companies

e Secure, reliable, and easily integrable digital payment systems

e Enhanced corporate financial management

« Improved customer payment experience

Source: Authors' own compilation, 2025

1.2 Overview of MoMo's Customer Relationship Management Strategies Figure 1.1 Strategic, Operational, and Analytical CRM

Ee beens ; sacs ; Performance

; Developmen ulti-Channel Assessment

i Process Value Creation Process Integration Process Process

¡ || Business Customer Sharehol

i Receives Segment Physical ` Results

i a + Lifetime H-P{] & Virtual Jen} „„ 2 anne

i |] Customer Value Value a Performance

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

e Age range: 18-50 years old

¢ Technology adoption: smartphone users

with basic awareness of digital payment

e Income level: Middle to upper-income

¢ Occupation: Office employees, engineers,

doctors, teachers, students, etc

« Geographic distribution: Nationwide,

with higher concentration in major cities

(e.g., Hanoi and Ho Chi Minh City)

¢ Seamless, secure, and convenient payment methods

Personal services such

as bill payments, money transfers, mobile top-ups, and personal financial

e Small and medium-sized enterprises

(SMEs), including retail chains and

household businesses

e Large corporations such as banks,

airlines, utility providers,

telecommunications companies

e Secure, reliable, and easily integrable digital payment systems

e Enhanced corporate financial management

« Improved customer payment experience

Source: Authors' own compilation, 2025

1.2 Overview of MoMo's Customer Relationship Management Strategies Figure 1.1 Strategic, Operational, and Analytical CRM

Ee beens ; sacs ; Performance

; Developmen ulti-Channel Assessment

i Process Value Creation Process Integration Process Process

¡ || Business Customer Sharehol

i Receives Segment Physical ` Results

i a + Lifetime H-P{] & Virtual Jen} „„ 2 anne

i |] Customer Value Value a Performance

customer service centers thus allowing the company to personalize its user experience approaches The platform functions through customer memory features which removes the requirement of duplicate entry for data at subsequent visits Users of MoMo can edit their profiles through the platform by arranging automatic phone recharge and specifying transaction rules The application benefits users with these convenient features leading to improved customer satisfaction and increased customer loyalty

The operational CRM strategy of MoMo utilizes technology to supervise their customer service operations At present, MoMo joins forces with iPOS.vn which operates as a leading technology solutions provider to the F&B industry for boosting digital payment sector customer relationship management (MoMo, 2022) MoMo enhances user service through the implementation of AI-based tools such as chatbots and automated responses that deliver quick help to customers dealing with inquiries and technical problems Through AI applications the company tracks software problems to enhance app efficiency while analyzing user feedback which maintains continuous service enhancement

1.2.3 Analytical Customer Relationship Management

Analytical CRM stands as a system which analyzes customer information and conduct

to enable better business choices (Buttle and Francis, 2006) This system consists of data warehousing together with customer profiling and segmentation systems and reporting functionality The business operations of MoMo use analytical CRM to boost customer relationships and optimize marketing approaches while enhancing user satisfaction MoMo reaches higher business growth by using customer data for reliable user grouping while creating customized marketing offers and predictive analytics functions

The most vital implementation of analytical CRM by MoMo is segmenting their customers MoMo enhances services and promotions through user segmentation which operates with demographic types and spending patterns together with transaction data Users who shop frequently online through the company receive special cashback while regular MoMo bill-paying customers get reduced service fees for their transactions Through this segmentation method MoMo develops targeted marketing strategies which enhance customer response along with conversion levels

Analytic CRM remains essential for personalized marketing strategies within business operations The analytical system at MoMo evaluates multiple user data fields consisting of buying motions together with physical site information and platform engagement actions

MANAGEMENT STRATEGIES

1.1 Overview of MoMo

1.1.1 Company Background

Originally launched as a pure Vietnamese high-tech startup providing mobile phone top-

up services, MoMo was founded in 2007 under M Service Joint Stock Company Three years later, in October 2010, the MoMo e-wallet brand officially entered the market, with

"MoMo" standing for Mobile Money, focusing on mobile payments and e-wallet services before expanding into a comprehensive financial ecosystem As noted by AgileTech Vietnam (2025), inspired by the success of Asian tech giants such as WeChat (China), Go- Jek (indonesia), and Grab (Singapore), MoMo has transformed into Vietnam’ s leading super app far beyond a simple e-wallet, seamlessly integrating services such as money transfers, bill payments, online shopping, investment solutions, surance, transportation, and charity donations

1.1.2 Company Objectives

On October 29, 2023, MoMo rebranded itself as "The Al-powered Financial Assistant," reinforcing its comprehensive commitment to enhancing user access and reducing dependence on informal lending (i.e black credit) while contributing to the growth of Vietnam’s digital economy

- Vision: To democratize financial services, promote inclusion, and become a trusted assistant for Vietnamese people to manage finances efficiently, leading happier lives

- Mission: To harness AI for innovation, create simple, low-cost financial solutions, and collaborate with partners to better serve customers

1.1.3 Current Situation

Since 2021, with strong backing from global investors like Warburg Pincus, Goldman Sachs, and Mizuho Bank, MoMo has become one of Vietnam’s three tech unicorns, surpassing a $2 billion valuation Remarkably, as of 2024, MoMo solidified its leadership in the Vietnamese fintech industry with the largest market share of 69% with more than 31 million users and was recognized as the “Outstanding Fintech Company” for six consecutive years By the end of the same year, on a global scale, MoMo's prominence was further cemented by being the only Vietnamese enterprise ranking 12th in the World’s Best Financial Platforms 2024 by TABInsights

In the contemporary era of digital economy, Customer Relationship Management (CRM) is at the heart of business success As industries continue to evolve at an unprecedented pace, businesses must go beyond transactions to deliver seamless, personalized experiences that set them apart from the competition This is where a well- executed CRM strategy becomes essential—not only for driving long-term growth but also for enhancing service efficiency and fostering customer loyalty When implemented effectively, CRM enables businesses to anticipate client needs, tailor interactions, and improve overall satisfaction, ultimately leading to sustainable growth and a competitive edge

To further emphasize the impact of a well-rounded CRM strategy, the author selected MoMo - one of Vietnam’s leading fintech platforms - as the target company to analyze CRM

in action MoMo’s success is deeply rooted in its CRM strategies for customer acquisition, retention, and development Having faced a customer trust crisis, MoMo not only successfully recovered but has continued to thrive, making it an ideal example of how CRM can be leveraged not just for growth, but also for rebuilding trust and strengthening customer relationships in a competitive market

This report is based on qualitative analysis of MoMo’s CRM framework We examine its strategic, operational, and analytical CRM approaches, using data from company reports, industry research, and expert insights to understand how MoMo leverages CRM to enhance customer experiences and maintain market position

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

MANAGEMENT STRATEGIES

1.1 Overview of MoMo

1.1.1 Company Background

Originally launched as a pure Vietnamese high-tech startup providing mobile phone top-

up services, MoMo was founded in 2007 under M Service Joint Stock Company Three years later, in October 2010, the MoMo e-wallet brand officially entered the market, with

"MoMo" standing for Mobile Money, focusing on mobile payments and e-wallet services before expanding into a comprehensive financial ecosystem As noted by AgileTech Vietnam (2025), inspired by the success of Asian tech giants such as WeChat (China), Go- Jek (indonesia), and Grab (Singapore), MoMo has transformed into Vietnam’ s leading super app far beyond a simple e-wallet, seamlessly integrating services such as money transfers, bill payments, online shopping, investment solutions, surance, transportation, and charity donations

1.1.2 Company Objectives

On October 29, 2023, MoMo rebranded itself as "The Al-powered Financial Assistant," reinforcing its comprehensive commitment to enhancing user access and reducing dependence on informal lending (i.e black credit) while contributing to the growth of Vietnam’s digital economy

- Vision: To democratize financial services, promote inclusion, and become a trusted assistant for Vietnamese people to manage finances efficiently, leading happier lives

- Mission: To harness AI for innovation, create simple, low-cost financial solutions, and collaborate with partners to better serve customers

1.1.3 Current Situation

Since 2021, with strong backing from global investors like Warburg Pincus, Goldman Sachs, and Mizuho Bank, MoMo has become one of Vietnam’s three tech unicorns, surpassing a $2 billion valuation Remarkably, as of 2024, MoMo solidified its leadership in the Vietnamese fintech industry with the largest market share of 69% with more than 31 million users and was recognized as the “Outstanding Fintech Company” for six consecutive years By the end of the same year, on a global scale, MoMo's prominence was further cemented by being the only Vietnamese enterprise ranking 12th in the World’s Best Financial Platforms 2024 by TABInsights

In the contemporary era of digital economy, Customer Relationship Management (CRM) is at the heart of business success As industries continue to evolve at an unprecedented pace, businesses must go beyond transactions to deliver seamless, personalized experiences that set them apart from the competition This is where a well- executed CRM strategy becomes essential—not only for driving long-term growth but also for enhancing service efficiency and fostering customer loyalty When implemented effectively, CRM enables businesses to anticipate client needs, tailor interactions, and improve overall satisfaction, ultimately leading to sustainable growth and a competitive edge

To further emphasize the impact of a well-rounded CRM strategy, the author selected MoMo - one of Vietnam’s leading fintech platforms - as the target company to analyze CRM

in action MoMo’s success is deeply rooted in its CRM strategies for customer acquisition, retention, and development Having faced a customer trust crisis, MoMo not only successfully recovered but has continued to thrive, making it an ideal example of how CRM can be leveraged not just for growth, but also for rebuilding trust and strengthening customer relationships in a competitive market

This report is based on qualitative analysis of MoMo’s CRM framework We examine its strategic, operational, and analytical CRM approaches, using data from company reports, industry research, and expert insights to understand how MoMo leverages CRM to enhance customer experiences and maintain market position

MANAGEMENT STRATEGIES

1.1 Overview of MoMo

1.1.1 Company Background

Originally launched as a pure Vietnamese high-tech startup providing mobile phone top-

up services, MoMo was founded in 2007 under M Service Joint Stock Company Three years later, in October 2010, the MoMo e-wallet brand officially entered the market, with

"MoMo" standing for Mobile Money, focusing on mobile payments and e-wallet services before expanding into a comprehensive financial ecosystem As noted by AgileTech Vietnam (2025), inspired by the success of Asian tech giants such as WeChat (China), Go- Jek (indonesia), and Grab (Singapore), MoMo has transformed into Vietnam’ s leading super app far beyond a simple e-wallet, seamlessly integrating services such as money transfers, bill payments, online shopping, investment solutions, surance, transportation, and charity donations

1.1.2 Company Objectives

On October 29, 2023, MoMo rebranded itself as "The Al-powered Financial Assistant," reinforcing its comprehensive commitment to enhancing user access and reducing dependence on informal lending (i.e black credit) while contributing to the growth of Vietnam’s digital economy

- Vision: To democratize financial services, promote inclusion, and become a trusted assistant for Vietnamese people to manage finances efficiently, leading happier lives

- Mission: To harness AI for innovation, create simple, low-cost financial solutions, and collaborate with partners to better serve customers

1.1.3 Current Situation

Since 2021, with strong backing from global investors like Warburg Pincus, Goldman Sachs, and Mizuho Bank, MoMo has become one of Vietnam’s three tech unicorns, surpassing a $2 billion valuation Remarkably, as of 2024, MoMo solidified its leadership in the Vietnamese fintech industry with the largest market share of 69% with more than 31 million users and was recognized as the “Outstanding Fintech Company” for six consecutive years By the end of the same year, on a global scale, MoMo's prominence was further cemented by being the only Vietnamese enterprise ranking 12th in the World’s Best Financial Platforms 2024 by TABInsights

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

customer service centers thus allowing the company to personalize its user experience approaches The platform functions through customer memory features which removes the requirement of duplicate entry for data at subsequent visits Users of MoMo can edit their profiles through the platform by arranging automatic phone recharge and specifying transaction rules The application benefits users with these convenient features leading to improved customer satisfaction and increased customer loyalty

The operational CRM strategy of MoMo utilizes technology to supervise their customer service operations At present, MoMo joins forces with iPOS.vn which operates as a leading technology solutions provider to the F&B industry for boosting digital payment sector customer relationship management (MoMo, 2022) MoMo enhances user service through the implementation of AI-based tools such as chatbots and automated responses that deliver quick help to customers dealing with inquiries and technical problems Through AI applications the company tracks software problems to enhance app efficiency while analyzing user feedback which maintains continuous service enhancement

1.2.3 Analytical Customer Relationship Management

Analytical CRM stands as a system which analyzes customer information and conduct

to enable better business choices (Buttle and Francis, 2006) This system consists of data warehousing together with customer profiling and segmentation systems and reporting functionality The business operations of MoMo use analytical CRM to boost customer relationships and optimize marketing approaches while enhancing user satisfaction MoMo reaches higher business growth by using customer data for reliable user grouping while creating customized marketing offers and predictive analytics functions

The most vital implementation of analytical CRM by MoMo is segmenting their customers MoMo enhances services and promotions through user segmentation which operates with demographic types and spending patterns together with transaction data Users who shop frequently online through the company receive special cashback while regular MoMo bill-paying customers get reduced service fees for their transactions Through this segmentation method MoMo develops targeted marketing strategies which enhance customer response along with conversion levels

Analytic CRM remains essential for personalized marketing strategies within business operations The analytical system at MoMo evaluates multiple user data fields consisting of buying motions together with physical site information and platform engagement actions

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

Strategic CRM encompasses the company-wide strategic approach that prioritizes customer-centricity to win, develop, and keep profitable customers Core to this is the management of customer journey across three key stages, i.e., customer acquisition, customer retention and customer development (Butter & Maklan, 2015)

Table 1.2 Implementation of Strategic CRM at MoMo

¢ Customer support policy: every touchpoint must deliver the best and most consistent experience from start to finish (e.g., the "Customer Experience Excellence - CEE" project)

"AT Assistant - Moni")

s International remittance integration: collaborate with large financial institutions (e.g., Western Union) to expand MoMo's global

capabilities

Source: Authors' own compilation, 2025

1.2.2 Operational Customer Relationship Management

Operational CRM represents the business systems and technological infrastructure which optimizes customer-servicing operations while providing automation capabilities to sales marketing activities and service delivery (Buttle & Iniana, 2006) The combination of automated systems and customer data management makes MoMo better at streamlining different parts of customer interactions to deliver effortless personalized experiences Operational CRM at MoMo uses automated sales and service processes which enhance customer experience together with operational efficiency Operational CRM depends on three main goals to boost customer management effectiveness through individualized contact points as well as improved organizational responsiveness and faster and superior information exchange (Xu and Walton, 2005) MoMo employs advanced CRM technologies

to facilitate automated new user onboarding through personalized welcome messages which are delivered through combination of app notifications and emails during the onboarding process Users of MoMo utilize a self-service platform to execute telephone top-ups with bill payments and purchases as well as money transfers and QR code transactions independently of human worker involvement The automated system functions improve customer experience by decreasing waiting periods while providing better access to services MoMo employs transactional CRM data sourced from various user touchpoints which

e Age range: 18-50 years old

¢ Technology adoption: smartphone users

with basic awareness of digital payment

e Income level: Middle to upper-income

¢ Occupation: Office employees, engineers,

doctors, teachers, students, etc

« Geographic distribution: Nationwide,

with higher concentration in major cities

(e.g., Hanoi and Ho Chi Minh City)

¢ Seamless, secure, and convenient payment methods

Personal services such

as bill payments, money transfers, mobile top-ups, and personal financial

e Small and medium-sized enterprises

(SMEs), including retail chains and

household businesses

e Large corporations such as banks,

airlines, utility providers,

telecommunications companies

e Secure, reliable, and easily integrable digital payment systems

e Enhanced corporate financial management

« Improved customer payment experience

Source: Authors' own compilation, 2025

1.2 Overview of MoMo's Customer Relationship Management Strategies Figure 1.1 Strategic, Operational, and Analytical CRM

Ee beens ; sacs ; Performance

; Developmen ulti-Channel Assessment

i Process Value Creation Process Integration Process Process

¡ || Business Customer Sharehol

i Receives Segment Physical ` Results

i a + Lifetime H-P{] & Virtual Jen} „„ 2 anne

i |] Customer Value Value a Performance

In the contemporary era of digital economy, Customer Relationship Management (CRM) is at the heart of business success As industries continue to evolve at an unprecedented pace, businesses must go beyond transactions to deliver seamless, personalized experiences that set them apart from the competition This is where a well- executed CRM strategy becomes essential—not only for driving long-term growth but also for enhancing service efficiency and fostering customer loyalty When implemented effectively, CRM enables businesses to anticipate client needs, tailor interactions, and improve overall satisfaction, ultimately leading to sustainable growth and a competitive edge

To further emphasize the impact of a well-rounded CRM strategy, the author selected MoMo - one of Vietnam’s leading fintech platforms - as the target company to analyze CRM

in action MoMo’s success is deeply rooted in its CRM strategies for customer acquisition, retention, and development Having faced a customer trust crisis, MoMo not only successfully recovered but has continued to thrive, making it an ideal example of how CRM can be leveraged not just for growth, but also for rebuilding trust and strengthening customer relationships in a competitive market

This report is based on qualitative analysis of MoMo’s CRM framework We examine its strategic, operational, and analytical CRM approaches, using data from company reports, industry research, and expert insights to understand how MoMo leverages CRM to enhance customer experiences and maintain market position

¢ Customer support policy: every touchpoint must deliver the best and most consistent experience from start to finish (e.g., the "Customer Experience Excellence - CEE" project)

"AT Assistant - Moni")

s International remittance integration: collaborate with large financial institutions (e.g., Western Union) to expand MoMo's global

capabilities

Source: Authors' own compilation, 2025

1.2.2 Operational Customer Relationship Management

Operational CRM represents the business systems and technological infrastructure which optimizes customer-servicing operations while providing automation capabilities to sales marketing activities and service delivery (Buttle & Iniana, 2006) The combination of automated systems and customer data management makes MoMo better at streamlining different parts of customer interactions to deliver effortless personalized experiences Operational CRM at MoMo uses automated sales and service processes which enhance customer experience together with operational efficiency Operational CRM depends on three main goals to boost customer management effectiveness through individualized contact points as well as improved organizational responsiveness and faster and superior information exchange (Xu and Walton, 2005) MoMo employs advanced CRM technologies

to facilitate automated new user onboarding through personalized welcome messages which are delivered through combination of app notifications and emails during the onboarding process Users of MoMo utilize a self-service platform to execute telephone top-ups with bill payments and purchases as well as money transfers and QR code transactions independently of human worker involvement The automated system functions improve customer experience by decreasing waiting periods while providing better access to services MoMo employs transactional CRM data sourced from various user touchpoints which