Banks racing to catch digitisation (Vietnam Plus)

Vietnam has seen a digital wave in the finance-banking industry, with many lenders investing significantly in digitisation, experts have said.

The COVID-19 pandemic might have had a severe effect on the economy, but it has helped accelerate banks’ digitisation, they told.

With many people looking for new options to deal with their financial affairs, digitisation of services and e-payments are becoming crucial, and banks, seizing the trend, have been embarking on the use of technology 4.0 and modernising their business models.

Digital technologies come with lower costs but offer wider coverage than traditional models.

The development of internet banking, mobile banking, payment solutions using QR codes, near-field communication technology (NFC), and advances in biometric technology using fingerprints and iris scanning has enabled banks to offer new and convenient products and services to customers, helping them achieve sustainable growth thanks to an increase in revenues from services and gradually reduction in dependence on lending.

The Joint Stock Commercial Bank for Foreign Trade Vietnam (Vietcombank) launched its new digital bank service, VCB Digibank, last month integrating its online trading platforms.

Dao Minh Tuan, the lender’s general director, said digital transformation has been identified as a key growth driver, and the bank is hastening the digital transformation process.

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Vietnam Plus

5 August 2020

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