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.

In recent days, the whole country has continuously recorded a record increase of Covid-19 cases, many consumers have begun to change the way they go to the media market, instead sitting at home still “shopping online” quickly.

Previously, Ms. Nguyen Thanh Thao, who lives in District 3, Ho Chi Minh City, used to get up early to go to the market, but in recent weeks, her family has begun to gradually switch to online shopping. In particular, after District 3 recorded Covid-19 cases, she limited going out and promoted online shopping more. Thao shared: “After breakfast, I took advantage of “going to the online market”. In less than 2 hours, the food is delivered to my home, carefully preserved and fresh, I can keep it in the refrigerator for a week to eat and drink, avoiding crowded places. Use Happy Digital card on Nam A Bank’s Open Banking application to shop online and get 10% cashback. Not only “online shopping”, all transaction activities of Mr. Nguyen Van Nam (Tan Binh District, Ho Chi Minh City) in the past 2 years have been used online for a very practical reason. “Going shopping, meeting a partner for lunch, going to a coffee shop with friends… we all pay online. In particular, on this occasion, I used Happy Digital card on Nam A Bank’s Open Banking application to shop online and get up to 10% cashback. During the Covid-19 epidemic season, paying by online form will easily look up the travel information where you have been” (Mr. Nam said).

In fact, non-cash payment is a current development trend, especially during the Covid-19 season, this form is chosen by many people because of its superiority in fast, safe payment speed. security and limit direct person-to-person contact. “I have been using online payment methods for many years now. Not only shopping but also paying bills for electricity, water, phone bills, etc., I also do it through Nam A Bank’s Open Banking app, which is very fast and convenient” (Ms. Thanh Mai, resident of Binh Tan District).
At the same time, in order to encourage users to transact online, banks also “accelerated” the digital transformation process to bring the most useful financial solutions to customers. At the same time, banks also waive many kinds of fees to encourage customers to use. Online payment is the current development trend, especially during the Covid-19 season, this form is chosen by many people For example, Nam A Bank’s Open Banking application is one of the most modern and latest technology applications, helping customers maximize their online transaction experience. For example, Nam A Bank’s comprehensive automatic electronic customer identification feature – eKYC allows customers to register for account opening 100% online on the Open Banking application.
In addition, the Bank also has many preferential activities for customers using the services on this application. Using Happy Digital card right on Open Banking without keeping the card in the wallet, without worrying about losing the card, customers also get up to 10% cashback on transactions. Especially, from June 2021 to the end of 2021, Nam A Bank credit cardholders will receive a discount of up to 500,000 VND when shopping online at Tiki e-commerce site. Or this bank is encouraging customers to save online with a higher difference at the counter from 0.05 to 0.8 percentage points. The highest online savings interest rate is 6.8%/year for a term of 13 months or more. This is a profitable, safe and stable investment channel with competitive interest rates… According to information from the State Bank at a recent press conference, electronic payments via the Internet, mobile phones, and QR codes have achieved remarkable results, attracting a large number of customers to use. Compared to the same period in the first 3 months of 2020, transactions via the Internet channel reached 156.2 million items with a value of 8.1 million billion (up 55.9% in quantity and 28.4% respectively in value). ; transactions via mobile phone channel reached 395.05 million items with a value of more than 4.6 million billion VND (increasing respectively 78% in quantity and 103% in value); transactions via QR code channel reached 5.3 million items with a value of VND 4,479 billion (up 83% in quantity and 146% in value respectively)….

MBBank shakes hands with Insider to accelerate becoming the most convenient bank in 2021. (Source: Vietnam+) With Military Commercial Joint Stock Bank MBBank, digital transformation is the focus of this business. In June 2020, MB implemented a policy that was supported by a large number of customers, which was to open a beautiful digital account (quartile number, fortune account number, etc.) completely free of charge on the bank’s application. By March of this year, MBBank continued to mark as the first bank in Vietnam to allow opening accounts with the same phone number, making it easy for customers to remember account numbers and facilitate transactions. This is expected to be an attractive policy to continue to attract a large number of customers to MBBank. With the rapid increase in customer base, MBBank pioneered the implementation of electronic authentication (eKYC) to be able to solve the bottleneck. With electronic identification technology (eKYC), opening an account at MB not only does not take time to wait, no need to queue at the bank, opening an account can be used immediately after only a few minutes, but also ensure the highest level of security. Implementing the digital transformation strategy from 2017, up to now, MBBank has achieved remarkable results with the number of transactions reaching 5 million transactions per day with the block alone. Digital Bank . At the same time, in the past year, the MBBank app has at times surpassed many famous international apps (Facebook, Youtube, Faceapp, …) to reach the top 1 in the world. App Store Vietnam and always in the top 3 Finance App. Accelerate the digitalization race by partnering with the giants in the Martech industry The competition for digital transformation between banks is getting tougher and tougher. MBBank clearly understand that improving customer satisfaction index, taking care of them on technology platforms needs to become the number one priority. Faced with that challenge, MBBank decided to join hands in the race to create and improve digital life, to get closer to its customers, and to bring customers great experiences when choosing to use MBBank. . Choosing a technology partner that both meets the characteristics of the banking industry and has practical implementation experience in the Vietnamese market is something that MBBank must carefully consider to find a safe solution. , reliable and efficient. Insider’s solution provides MBBank with an insight into customer experience personalization with advanced automation technology applications. Along with that, the dedicated, close advice and in-depth insights of the local Insider consulting team make MBBank feel very secure in this digitalization race. Insider with technology strengths, brings users automation, AI and Machine Learning (ML) solutions to optimize user experience, deliver outstanding results, increase conversion rates, and retain customer. Currently, Insider is present in 26 countries, has a representative office located in Ho Chi Minh City and is cooperating with 90 major partners who are leading enterprises in Vietnam. For 16 consecutive quarters, this technology startup has continuously won first place in the poll on G2Crowd Mobile Marketing Software Grid. Insider is also featured and recognized in the Gartner Magic Quadrant for Multichannel Marketing Hubs 2020. Jack Nguyen, Insider’s Director of Vietnam, Taiwan and Thailand markets, shared: “With the vision of helping Vietnamese businesses improve digital platforms, accelerate the national digital transformation. , Insider is very proud to officially cooperate with MBBank from 2021. Insider is confident that it can support MBBank in automating and personalizing customer experience in the shortest time thanks to the experience that has been and is being developed. open to major banks in the world.” With this step, 2021 is expected to continue to be a sublime year for MB on the way to asserting its position as a digital bank.

Mr. Nguyen Duc Huy – Deputy Director of the MB Banking Division represented the award. (Photo: Vietnam +) After two consecutive years (2019, 2020) enrolled with Sao Khue award for 2 digital banking products: App MBBank and Biz MBBank, Military Commercial Joint Stock Bank (MB) has just received the Sao Khue award. 2021 for an online identity solution (eKYC). In 2 pre-qualification rounds and direct presentations, MB’s eKYC solution was highly voted by the Board for optimizing customer experience on the digital platform. Accordingly, customers can use the eKYC feature above App MBBank to open and identify a 100% bank account online without going to the counter. Immediately after completing the identification procedure, customers can immediately use services such as: transfer within and outside the system, bill payment (electricity, water, air tickets), online savings, online loans. … MB is one of the pioneers in implementing eKYC in Vietnam, and the bank with the highest eKYC success rate, about 80% of the banks applying this solution in Vietnam. Up to now, about 1.8 million MB customers have successfully opened bank accounts with eKYC, accounting for 70% of the total number of new customers since the time MB officially applied eKYC. Especially, eKYC solution MB is the pioneer and only solution in the Vietnamese market providing a full range of technology Face Recognition and voice. With Machine Learning technology, customer data can be identified and extracted through photos. In addition, MB’s eKYC is capable of recognizing and verifying faces / voices according to information on each customer’s personal papers, recording the information. biometrics corresponding to the user’s checking account. With the completion of the technology system, operating procedures, … to deploy eKYC on Mobile Banking application, MB allows customers to identify online through 3 basic steps: Turn around according to instructions, read random PIN code, take pictures with identification and check life by random method. Estimated total time with each process identifier is about 45 seconds. Notably, MB’s eKYC solution is deployed on Dynamic Key and Digital OTP platforms, ensuring customer information security. In 2021, MB determined to continue focusing on products with high technology content. The fact that MB won the “Sao Khue” award for the 3rd consecutive year shows the bank’s strong digital transformation spirit as well as the bank’s high determination in implementing the 2021 motto “Accelerating numbers; retail breakout; safe-efficient, ”continues the vision“ MB is the most convenient bank, ”making MB become“ No. 1 in digital banking, five in the top 3 retail banks in Vietnam ”./.

The year 2021 saw the fourth consecutive year that iPay products continued to win Sao Khue award, especially, VietinBank iPay Mobile was honored to be in the Top 10 Sao Khue for the second time in a row. Overcoming 182 excellent nominations to win Sao Khue Award (of which 149 awards for software products / solutions and 33 awards for information technology services), VietinBank iPay Mobile entered the Top 10 has proven the position of excellent, prestigious, multi-utility financial-banking technology products along with the national digital transformation process, especially promoting non-cash payments. Mr. Dam Hong Tien, Head of Retail Division of VietinBank represented to receive Sao Khue Award in 2021 for the digital banking application VietinBank iPay Mobile. VietinBank iPay is developed on a new technology platform based on open application programming interfaces (Open APIs) under the name of VietinBank iConnect. With this modern platform, VietinBank can easily provide external APIs to help Fintech companies and Mobile Apps on the market easily connect and provide financial and banking services of VietinBank on the main application, contributing to cross-selling products and services and building a comprehensive ecosystem, in which customers are the focus and enjoy all the features and utilities of that ecosystem. VietinBank iPay Mobile excellent digital banking application for the second time in a row into Top 10 Sao Khue 2021. Pioneering technology ahead of the trend In 2020, the Covid-19 epidemic has created a significant impact, changing the operating platform of the banking system, in which non-cash payments increased sharply. Many economic – financial experts also affirmed that developing digital banking is an indispensable need to help banks overcome challenges, create competitive advantages, proactively adapt and develop sustainably in the context of Ways industrial network 4.0. According to the statistics of the first 6 months of 2020, there are 200 million internet payment transactions with a value of about 12.9 million VND, an increase of 36% over the same period. The number of transactions via mobile phones is up to 472 million transactions (equal to 178% in 2019) with a transaction value of about 4.9 million billion dong (equaling 177% in 2019). In particular, under the impact of the Covid-19 translation, customers’ psychology, consumption and investment behavior change, banks must prioritize services and routes that can help customers complete remotely. the highest amount of service. VietinBank also recorded a sharp increase in service usage through Mobile Banking application. Mr. Dam Hong Tien, Head of Retail Division of VietinBank said: “In 2020, the number of cumulative VietinBank iPay customers increases by 50% compared to 2019, the number of transactions via iPay increases 120% compared to 2019. Translation iPay Mobile service is considered a safe payment method and brings many benefits to customers ”. Accordingly, in order to help customers perform transactions with banks without going to the branch’s transaction counters, VietinBank has developed a variety of customer service features: money transfer, information checking account … VietinBank customers can also perform many other features right on the application to serve the needs of daily life. With more than 130 features provided to customers, VietinBank is increasingly demonstrating its ability to understand customer needs with the diversification of the ecosystem, especially focusing on “contactless” features such as: Deposit money, withdraw money by QR code, sell insurance, pay bills; Online overdraft loan … In addition, VietinBank also invests in developing a widespread QRPay network, focusing on exploiting online QRPay with a total of more than 13,000 accepting points and payment website. Representatives of VietinBank Retail Division took a souvenir photo with Mr. Truong Gia Binh, Chairman of VINASA Founding Council, Head of the Organizing Committee of Sao Khue Award 2021. Most recently, VietinBank was the first of the four Big 4 banks to implement the eKYC feature. Accordingly, without going to the counter, without contacting a transaction agent but only with a smartphone, face authentication, and filling in some personal information, customers can completely own an account “0 fees ”thanks to Electronic Identification Solution (eKYC) available on the VietinBank iPay Mobile app. In addition, customers can choose for themselves a beautiful digital account at will, open a Vpay card right on the app with many incentives. Along with the deployment of eKYC, VietinBank also implements the FacePay transaction authentication method to help customers feel more secure when performing financial transactions via digital banks. With 155 branches and thousands of transaction offices in provinces and cities, and 24/7 Customer Service Center (1900558868), VietinBank can assist customers anytime, anywhere. In 2020, VietinBank will also deploy Chatbot on Facebook to support, advise and answer customers’ questions with hundreds of thousands of inquiries and answers every month. Diversifying utilities, pioneering technology and striving to meet customers ‘needs and experiences in the direction of increasing personalization and diversifying customers’ choices, VietinBank iPay Mobile is on the rise with the criteria of friendly, fast, creative, helping to get closer to customers’ daily life, contributing to building a convenient and modern digital life.

Many banks are aiming to build digital banking Many opinions suggest that the institution for the digital transformation of the banking sector basically meets the development of society and the trend of not using cash. “However, the current institutional reforms sometimes still follow the market trend in the short term because it focuses more on the payment segment. Meanwhile, in response to the long-term development of the banking and financial technology industries, there is a lack of sandboxing mechanisms to help the implementation of new technologies gain support. and legal framework from the beginning ”, said Mr. Nguyen Hung, General Director of TPBank. Many regulations need to be further improved Banks also said that the legal framework and policy should continue to be completed, in which, the prerequisite is to speed up the process of building and developing the national database system on personal identification. and at the same time allow sharing, open connection with service industries such as banking, telecommunications, insurance … “Despite applying modern technologies, Vietinbank’s solutions cannot guarantee 100% accuracy that the identity documents that customers provide online are real, so all banks are looking forward to it. the national residential data system for the most accurate authentication, ”shared Deputy General Director of Vietinbank Tran Cong Quynh Lan. Representatives of banks also asked the authorities to issue a draft of agent banking to allow banks to develop service points (when banks are not allowed to open many branches / transaction offices. ). At the same time, it is necessary to speed up the development of regulations on user data protection, digital identity, and building an eKYC alliance. Complete regulations on transaction confidentiality, information security, detailed regulations on electronic signatures, electronic certificates, electronic transactions in accordance with international practices … A very important content is the permission to deploy the Sandbox mechanism – policy testing mechanism applicable to the application of new technologies and new business models in Vietnam. Allowing banks in the digital transformation process to have certain exceptions in meeting safety and efficiency ratios according to the State Bank’s regulations will help the bank boldly research and test new things. According to Mr. Duong Trong Chu, Director of Digital Banking Division of Lien Viet Post Bank, compared to some countries in the region, Vietnam’s digital conversion speed is relatively fast, but Vietnam is not yet a typical example of a country with the fastest speed of digital conversion in the world. Vietnam has a young, flexible and easy to accept the digital transformation model, but we face certain barriers. First, it must be mentioned that the Vietnamese people’s habit of using cash is too great. Second, Vietnamese people tend to trust physical transaction points rather than a digital bank model without branches / transaction offices. Third, the policy has almost no compulsory regulations for digital transformation, just stop at encouraging. Vietnam is an eager market to learn but takes a lot of time to implement because the legal corridor is slower than the development of business models. International experience shows that major cyber attacks are a top concern in the short term, and organizations face important trade-offs in improving their endurance and resilience. school network. According to a survey by Oliver Wyman, cyber attacks are rated as the No. 1 global risk by business leaders in developed economies as the No. 1 global risk in implementing business operations. Mr. Nguyen Xuan Nam, Strategic Director of Viettel Cyber ​​Security Company, affirmed that technology issues related to bank number conversion are now relatively safe, even able to catch up with the technology. Around the world, of course, there is still a need for improvement for the better, but people should not be too worried. For example, the current mobile banking applications are all applying new technologies to prevent exploitation of source code and are not allowed to be installed on unsecured phones. However, according to Mr. Nam, a problem posed is that the legal corridor related to user data is not very strict, such as regulations on information disclosure, personal data theft, as recently. There have been a number of cases of using data without the subject’s permission to register for credit cards or loans … Mr. Nam personally said that having opened a card at a bank A, the next day, there was a bank. customer B calls to ask, which means that customer information disclosure is quite common. However, according to Mr. Nam, from the consumer perspective, the most important thing is not about technology or legislation, but the consumer perception of information security, which is still relatively weak. There have been a lot of personal information theft, account theft not due to technology or legal, but due to the carelessness of users. Therefore, each citizen must actively learn basic cyber safety skills, along with state agencies accompanying businesses in communication to raise awareness for the people. Consider the risks and benefits Mr. Nguyen Ba Diep, Vice Chairman of MoMo e-wallet, said that a digital and innovative innovation model cannot work based on old regulations, heavy management, does not promote innovation. create. A simple example, instead of the parties coming to meet to sign a contract, we will use a digital signature (e-signature), sign on an e-contract, output digital documents. (e-invoice), payments in digital money (e-money) and transactions are done on digital platforms (digital platforms). Therefore, there is a need for legal provisions to create digital signatures, to identify (KYC), the identity of the signer, the legitimacy and protection of digital contracts, regulations on payment in money. electronic, manage sales on digital platforms and accept digital vouchers. “In order to meet the comprehensive digital transformation, the legal structure must also have changes in quantity and quality. However, this takes a lot of time for state management agencies to weigh risks and benefits, this is also a common trend happening worldwide because in reality there is no legal mechanism. can fully adapt to the revolutionary changes created by current technology “, Mr. Diep said. A lawyer in charge of managing a large Vietnamese commercial bank said that, basically, the current legal institutions are still inclined to paper transactions, cash transactions. There are a number of examples of this, but there is not yet a unified definition of digital assets and when there is an administrative dispute or violation, a criminal offense, there are a lot of problems like the definition by Evidence, evidence, electronic contract in the field of electronic transactions, digital transactions, how do we understand the integrity and originality of digital evidence? Another example, when a person dies leaving behind an amount of Bitcoin without an heir, nor with a password for the wallet containing Bitcoin, how will this “derelict property” be handled? Among the many problems posed with the bank number conversion, the lawyer said that banking transactions can be done almost entirely electronically, but still on the basis of a ” the first “paper” that the user communicates with the bank. However, the story would be very different if the whole process was done entirely electronically. “When taking photos of identity papers or photos of users, what data does the bank get to confirm the identity of that person?”, This person raised the problem. Agreeing with Vietinbank’s opinion, this lawyer emphasized that building a shared, linked database is extremely important to reduce effort and costs for all subjects in the commune. associations, including banks. All current legal issues pose many risks for financial and banking services on technology platforms. Therefore, the lawyer also proposed to amend the Law on Credit Institutions to be more practical, and soon allow the application of a sandbox mechanism for these services. Term 4: Legal provisions in digital economy need to be improved

Specifically, the AB Ditizen digital bank application has just been integrated with the comprehensive automatic electronic customer identification feature – eKYC. Accordingly, customers can register to open a 100% online account right on the application with only 5 registration steps in about 5 minutes without going directly to the transaction counter. In addition, AB Ditizen is also applying the program to immediately donate the same account number with the customer’s phone number when opening new via AB Ditizen eKYC, helping users to increase their stylish experience when using digital banks. At the same time, a series of essential online financial services, including maintenance fees at AB Ditizen digital bank, will be served free of charge until December 31, 2016. Through that, AB Ditizen’s citizens can freely carry out money transfer transactions (including money transfer in ABBANK and interbank money transfer) with various forms such as account number, phone number, code. QR code … fast, secure, and worry-free about fees. These services aim to help customers more easily access digital financial services, enhance experience activities and receive more benefits, thereby gradually forming a habit of not using cash in the trend. Save digitized spending in modern society. Accordingly, ABBANK joined the group of banks with free digital banking service for customers, and is also one of the few banks providing products with competitive and modern technology platforms. .