Banking industry: Digital transformation associated with security and safety

Digital transformation and non-cash payment activities of the banking industry have continued to grow strongly so far this year, bringing double benefits to both credit institutions and customers.

During a visit to the fair held at Yen Phi Park, Tran Khanh Van (in Ha Thanh Street, Nha Trang City) experienced the smart teller machine (STM) of KienlongBank. “I am very impressed with the new and modern features of the STM, which is different from the traditional ATM. Especially, in just over 2 minutes after opening an account, I was able to print my ATM card right at this machine. No need to go to the counter.” According to Nguyen Dinh Minh - Director of KienlongBank - Khanh Hoa branch, STM is one of the most prominent digital transformation solutions of KienlongBank now.

With modern features and technology, the STM system can help customers easily withdraw - transfer money between banks cards thanks to the QR Code scanning. In addition, the STM integrates electronic identification (eKYC); face recognition (Face ID), voice recognition or analysis technology that converts images into text; issue cards in a short time... Thanks to these technologies, each STM system can take over the role and replace the transaction counters, reducing procedures to facilitate users.

KienlongBank staff instructs customers on new features of STM machines.

Vietcombank - Khanh Hoa branch is one of the state-owned commercial banks actively implementing digital transformation. The branch has started the digital transformation strategy since 2019 and has been implementing it more and more strongly. Regarding personal products, this bank has VCB Digibank digital banking service, opening online accounts via eKYC; VCB CashUp - the most comprehensive and complete digital banking platform for institutional customers. In particular, due to the fact that most of the businesses in the province are small, the branch also promotes the implementation of the new generation digital bank VCB Digibiz for small and medium enterprises. In addition, the branch has coordinated with the Social Insurance, the Department of Health, the Department of Education and Training and the General Hospital of the province to sign a cooperation agreement to promote the use of non-cash payment means.

Representatives of some credit institutions also said that at present, individual customers transacting on digital banking platforms account for a very high percentage of transactions. On digital banking services, customers can use fingerprints and faces to authenticate transactions instead of entering PIN and OTP as before.

Do Trong Thao - Deputy Director in charge of the State Bank of Khanh Hoa Province said that in the first 6 months of the year, the banking industry continued to actively participate in digital transformation of activities, development of products and services. new payment, based on application of modern technology; promoting the deployment of payment applications, products and services on mobile devices as well as promoting the development of the digital economy.

At the same time, the State Bank of Khanh Hoa province also directed credit institutions to strengthen solutions to ensure security and safety in payment activities. Many banking operations such as opening a payment account, making payment, transferring money, depositing money, saving money have been fully digitized 100%, allowing customers to perform completely on digital channels; coordinate with units to deploy payment via bank for services such as tax collection, electricity, water, hospital fees, tuition fees...; build a data connection, customer's invoice information for online payment or sign a contract to automatically deduct money from the account to pay for the service provider. In fact, more and more customers are gradually switching to non-cash payment methods, such as QR codes, e-wallets, Internet Banking applications, Mobile banking... Payment habits of people are gradually changing. major changes, becoming a driving force for credit institutions to actively transform digitally.

According to banks, with the rapid advancement of technology, AI technologies and robots will be the pioneering technology that banks in particular, all companies and enterprises in Vietnam will generally apply. Therefore, in the coming time, digital transformation of the banking industry will continue to grow stronger, both helping banks save costs and improve customer experience. The task of digital transformation of the banking industry will be associated with the work of ensuring security and safety for customers in the digital environment.

In the first 6 months of 2023, domestic payment transactions via internet was more than 4.03 million items with a value of more than 12,966 billion VND; domestic payment transactions via mobile phone was more than 33.5 million items with a value of more than 271,826 billion VND.

Mai Hoang
Translated by T.T

KienlongBank staff instructs customers on new features of STM machines.