Technology race between banks escalates

16-Aug-2019 Intellasia | Nhip song Kinh te | 6:02 AM Print This Post

In the era of the Industrial Revolution 4.0, digital technology is considered a key factor to make the difference, the superior and create competitiveness among banks in Vietnam.

It is not difficult to affirm, unless the banks constantly innovate and create, they will remove themselves from the “racetrack”. One of those “tracks” is the development of e-banking services or online payment tools to establish a turning point for future banking transactions.

In the world, cashless payment activities in general and electronic payment in particular have become popular payment methods. According to a survey by the World Bank (WB), cashless payment has become a popular payment method in many developed countries around the world with the value of people’s spending accounting for more than 90 percent of the total daily transaction number. Along with that, the trend of using Smartphone as a “non-separation” device has turned the phone into “mobile banks”. Catching that trend, Vietnamese banks have quickly entered to build convenient banking products and services with an easy-to-use interface on the phone, maximising the transaction time and being suitable for all customers.

However, the conversion of payment habits of users to cashless payments is still difficult when the current transaction process still uses cash. A difficult problem for Vietnamese banks is to conduct research to create new payment methods and utilities for users on digital technology platform.

Grasping the great potential of the market, Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) joined the race to develop various electronic banking services on the basis of modern technology such as: VCB [email protected], VCB-Mobile [email protected], VCBPAY, VCB-SMS [email protected] In addition to traditional banking features such as money transfer, online paymen and phone recharge, Vietcombank electronic ecosystem has additional specialised utilities such as: Auto Debit deduction, train ticket booking, Car tickets, payment via QR codes and automatic savings with just a few quick taps on the phone.

With a multi-layer security barrier verified on Vietcombank’s services, customers are completely assured of cashless payment transactions. Specifically, in order to log in to an account, customers need to enter OTP code sent by the bank via a message to successfully execute the transaction. In addition, when the customers leave the phone screen or exit the application, the system will automatically exit and must log back into the user account to ensure that there is no use by the crook.

Furthermore, Vietcombank’s e-banking application is designed with friendly interface, easy to use with customers. With Vietcombank’s digital technology platform, customers can completely transfer money in less than one minute while the recipient will receive money immediately (transfer 24/7).

Vietcombank’s efforts to optimise convenience for users have been recognised by The Asian Banker Magazine with the award “Bank with the best Mobile Banking initiative in Vietnam” at the “Vietnam National Awards” ceremony 2019 “is within the framework of the Prospects for BankingFinance industry.

In addition, Vietcombank is the first and only bank in Vietnam to achieve the global GPI standard, as well as being the first Vietnamese bank recognised by the State Bank of Vietnam (SBV) to meet Basel II standards in Vietnam one year early compared with regulations. This recognition marks an important step in the successful Basel II implementation roadmap of Vietcombank in particular and the Vietnamese commercial banking system in general.


Category: Finance, Vietnam

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