Insights
Hu y en Nhung
Pioneer in digital transformation
With banks offering a similar range of products and services and comparative fees and promotions, competition within the banking sector has become a race in technology. Great strides in digital transformation The Fintech and Digital Banking 2025 Asia-Pacific report released by IDC and Backbase shows that the eight largest banks in Vietnam have defined Core banking and payment system modernisation as the current top two priorities, expecting 50 percent growth in new accounts thanks to the smart account generation. Many banks have quickly launched new services on a modern technological platform, triggering the digitalisation race. A number of outstanding banking apps in operation include BIDV SmartBanking, VCB Digibank, VietinBank iPay Mobile; TPBank’s LiveBank; VPbank’s Yolo, Zero fee and ACB mBanking. Each bank has a different digital banking development strategy, from improving infrastructure
to expanding ecosystems or offering attractive fees. For SmartBanking, BIDV defines that customers are central to all digital transformation decisions. This move is considered a strategic step to retain customers given the unpredictable development of Covid-19, and to quickly increase the number of new customers from the younger generation. The SmartBanking app features outstanding advantages and utilities such as instant and automated account opening through e-KYC, user personalisation, and seamless experience on four platforms (unique in the market): website, mobile, smart watch and smart keyboard as well as a comprehensive ecosystem of more than 2,000 diverse services. As of Q4.2020, services on SmartBanking grew strongly with
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more than 1,300 types of payment transactions conducted, accounting for over 85 percent of total transactions on BIDV's electronic banking channels, processing 20 million transactions per month on average, with a total value of over VND13,000 billion (USD565 million).
Developing the best digital platform BIDV is set to become the bank with the best digital platform in Vietnam. This goal is built on three factors: preparedness for strong digital transformation, market potential for high-tech services, and a clear and effective business strategy.
