09.03.2023, 18:25

How Vietnamese banks speed up the digital transformation

How Vietnamese banks speed up the digital transformation

Digital transformation is rapidly developing in the banking industry in Vietnam, as revealed by a recent analysis report by Vietnam Insider.

The banking industry has invested nearly VND 20,000 billion in digital transformation activities, resulting in significant improvements. Non-cash payment transactions increased by over 30% in value in the first half of 2021 compared to the previous year. Transactions via the internet increased by 35%, via mobile phones increased by 85%, and QR codes increased by 150%. Many Vietnamese banks have achieved 90% of transactions conducted via digital channels, exceeding the SBV’s digital transformation plan of 70% by 2025.

The report highlights the benefits of digital transformation, including improved cost control, fully digitized services related to opening payment accounts, transferring money, and sending savings, and faster loan approval and disbursement times.

However, the comprehensive digital transformation still faces many challenges, such as legal barriers, large IT investment, time to train personnel to adapt to the digital environment, cybersecurity, and customers’ perception of using digital products.

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Despite the challenges, Vietnam Maritime Bank (MSB), one of the first joint stock commercial banks in Vietnam, has been successful in implementing digital transformation, making it highly competitive in the market.

MSB has been successful in implementing digital transformation

MSB has recorded remarkable results, with over one million individual customers registering to open new accounts through eKYC in 2022, increasing six times compared to 2021. Transaction sales through digital banking channels, including internet banking and mobile banking, also increased by nearly 200%.

In the institutional customer segment, the number of customers registering for new services through the digital banking channel also increased by more than 70%, bringing the total number to more than 70,000 customers.

MSB is also one of the first few banks in Vietnam to implement eKYC for institutional customers, which is a significant competitive advantage in digital transformation.

Experts predict that MSB will continue to handle the risks and challenges of the market well in a volatile period, making it a leader in the digital transformation of the banking industry.