Banking industry: Pioneering digital transformation

– Determining that digital transformation is no longer a trend but a mandatory task, an opportunity for the banking industry to break through and develop, recently, commercial banks in the province have focused on implementing the digital transformation, developing modern and convenient digital banking services to increase customer experience and engagement.

The Decision 749/QD-TTg dated June 3, 2020 of the Prime Minister approving the program “National digital transformation to 2025, orientation to 2030”, clearly stated that finance – banking is one of the areas that have social impact, are related to people every day, change perceptions the fastest, bring efficiency, help save costs, need prioritizing in digital transformation first. Currently, commercial banks in the province have been making strong strides in digital transformation with many new and modern services.

Bank staff instruct customers to use E-Mobile Banking at Agribank Lang Son

As one of the leading units in digital transformation, over the past time, Commercial Joint Stock Bank for Investment and Development of Vietnam Lang Son Branch (BIDV Lang Son) has actively introduced many new products and services to optimize the customer experience with modern payment methods. Mr. Tran Lenh Hung, Head of Personal Customer Division said: “In order to increase transactions on electronic banking channels, BIDV Lang Son has actively promoted digital banking through products and services such as BIDV SmartBanking, opening eKYC online accounts, withdrawing money by QR Pay, etc. Up to now, 31,027 accounts have registered for BIDV’s SmartBanking digital banking applications (accounting for nearly 80%).”

Similar to BIDV Lang Son, recently, Bank for Agriculture and Rural Development of Vietnam Lang Son branch (Agribank Lang Son) has also actively promoted the online account opening service on Agribank E-Mobile Banking application. Ms. Dinh Thi Hong Giang, Head of Service and Marketing Division of Agribank Lang Son affirmed: “In order to support customers to switch from transactions at the counter to transactions on electronic banking channels, Agribank Lang Son offers free transactions on the E Mobile Banking for customers to make transactions on this application. In addition, all customers who deposit money online through the application will be free to open and close online deposit accounts. In 2021 alone, 25,800 customers have registered and used the E-Mobile Baking service. In the coming time, Agribank Lang Son will continue to promote the provision of a full range of basic banking and financial services such as money transfer, online deposit, bill payment, QR payment, mobile recharge, ticket booking… in order to meet the daily transaction needs of customers.

Not only the two banks above, since 5 years, commercial banks in the province have launched convenient products and services on the digital application platform. In order to implement digital transformation, over the past time, the provincial branch of Vietnam State Bank has closely directed the branches of credit institutions in the area to actively coordinate with relevant departments, commissions and sectors to implement electronic payment method to serve digital transformation purpose; to expand the scope and subjects to open accounts, make online payments through digital stores, e-commerce floors. At the same time, we promote technology application to core banking services, such as account opening, payment, money transfer, savings, etc. which can all be online, expanding QR code payment acceptance points. Besides, we still make sure that transactions take place safely and smoothly, limiting direct contact between customers and bank staff, contributing to the good implementation of COVID-19 prevention and control in the province. Currently, non-cash payment has become popular everywhere, from supermarkets, shopping malls, grocery stores, etc., giving customers more options when paying, instead of paying with cash as before.

Credit officer of Bank for Agriculture and Rural Development Trang Dinh branch instructs people to use E Mobile Banking service

Ms. Nong Thi Thuy Trang, Tran Hung Dao street, Binh Gia town, Binh Gia district said: “I work as an office worker, so I often come home late, to pay for family services such as Internet, electricity, water… I have signed up to receive notification of the bills and set up automatic monthly payment via my bank account. Since registering to use Lien Viet 24h application of Lien Viet Post Commercial Joint Stock Bank, I don’t have to worry about forgetting to bring cash every time I go shopping. I just need a smartphone with digital banking application.”

Ms. Truong Thu Hoa, Director of the provincial branch of Vietnam State Bank: “In the current context, in order to promote digital transformation, the expansion of digital banking models is extremely necessary, creating competitive advantage among banks. In the coming time, in order for transformation activities to go in the right direction, achieve high results and create spreading power, the banking industry has set out a roadmap for implementing appropriate solutions and tasks. It is to closely coordinate with relevant departments, commissions and sectors to focus on promoting non-cash payments, especially payments for online public services and new services based on digital platforms. At the same time, commercial banks in the province are also continuing to make customers fully properly understand about e-banking products and services, register and use them. . The goal is that by 2025, credit branch organizations in the area will reach 50% of the adult population having electronic payment accounts and e-wallets; 60% of customer transactions are made through digital channels…”

With undeniable benefits such as reducing transaction costs, increasing profits, improving service quality, increasing user experience… digital transformation is a necessary step today for the banking industry. However, with the increasing requirements of customers, banks need to focus on ensuring payment products and services with high safety and increased security. This helps to contribute to promoting the digital transformation process of the province and completing the digital transformation plan to 2025, orientation to 2030 of the entire banking industry