Faced with the COVID-19 epidemic, many banks have accelerated their transformation to new technology trends to not only survive but also rise above the pandemic.
According to statistics from the State Bank of Vietnam, in the first three months of 2021 alone, internet transactions in our country amounted to 8.1 million billion VND, up 28.4% compared to the first quarter of 2020. Transactions via mobile phone channel are more than 4.6 million billion VND, up 103% compared to the first quarter of 2020 (source).
To respond well to this trend but still ensure system safety, the banking industry has made great efforts by applying a series of new technologies such as e-wallets, eKYC, multi-platform digital services, etc. Electronic Customer Identification (eKYC) The online transaction process cannot be perfect if the customer still needs to go to the transaction office to carry out the account opening procedure. Therefore, eKYC (Electronic Customer Identification) is considered a must-have piece in the digital banking picture. Pioneering this application of technology, with the new generation BIDV SmartBanking, customers can complete all registration steps at home, through BIDV’s eKYC system. Users only need to take a photo of their identification, a photo of their face, and the system will check the valid information and open an account for customers to use banking services immediately. BIDV representative – Ms. Nguyen Thi Quynh Giao – Deputy General Director in charge of Retail Banking said: eKYC is a new step in BIDV’s comprehensive digitalization strategy when investing in digital channels, digital processes as well as digital products. This development is also a testament to BIDV’s efforts to better serve customers and bring more convenient digital products. “. In just 2 months since its implementation, BIDV has recorded nearly 200,000 successful registrations via eKYC on SmartBanking. 
eKYC is an important step in the bank’s digitalization strategy. Cross-platform trading, following individual needs In the increasingly busy life cycle, problems such as remembering passwords, switching transaction devices, balancing revenues and expenditures, etc. also become a nuisance for many customers. Grasping that mindset, many banks are improving their services to offer effective support solutions. In the case of BIDV SmartBanking, this digital bank has expanded the application to include phones, computers, smart watches, smart keyboards, etc., helping users to make transactions anytime, anywhere. through personal devices and at the most convenient time and space. In particular, these devices use uniformly only 1 account name, 1 password for each user, minimizing inconvenience for customers. BIDV SmartBanking has also just launched a new function that allows customers to set up a revenue and expenditure plan (planning revenues, proportioning expenses for living, shopping, saving …) and closely reporting the implementation process. present. This function touches the practical needs of many young customers. Having an overview of expenses will help users monitor their personal finances, thereby balancing money sources, cutting unnecessary expenses, easily accumulating and responding to risks. risk in life. Currently, on mobile application stores, there are also some similar revenue and expenditure management support software, but most of you will have to enter information completely manually and pay to use it, not automatically and built-in on mobile devices. banking applications such as BIDV SmartBanking. 
Convenient banking applications such as BIDV SmartBanking allow unified login on all devices (Mobile, Laptop, PC, Apple Watch…). Electronic wallet According to a report by IDC, Vietnam has an e-wallet growth rate of 67% in the 2017-2022 period, ranking third in the Asia Pacific region, just behind China and South Korea. According to this report, the demand for e-wallets will continue to increase due to the impact of the Covid-19 epidemic along with the increasingly strong influence of the Millennials (those born after 1980 to early 2000) and GenZ (those born after 2000) (source). This demand poses a great challenge and is also a rare opportunity for financial institutions to race to break through the rankings. According to a share from BIDV, this banking giant is aiming to create a large-scale service ecosystem for BIDV SmartBanking users. Thanks to that, BIDV SmartBanking customers will be able to use all functions of e-wallets and banking services such as money transfer, savings, loan repayment… on the same application. To develop this ecosystem, BIDV has promoted links with financial institutions, signed cooperation agreements with more than 1,000 suppliers and 32/43 Fintech companies in Vietnam to provide more than 2,000 payment services on e-wallets. and continue to expand the ecosystem in the near future. Through the above examples, it can be seen that in the context of the pandemic, banks are actively turning ‘danger’ into ‘opportunity’, changing the form of product and service provision to catch up with the trend and dominate the market. New markets, new habits, new behaviors. This not only brings benefits to customers, but also promises to help Vietnam’s financial system move closer to global digital technology.
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