Over three-fourths of Vietnamese adults possessing active bank account

The State Bank of Vietnam yesterday held a press conference in Hanoi to announce the digital transformation event of the banking industry in 2024.

The press conference

Accordingly, in 2023, the banking industry actively carried out several missions and measures to use the population database to clean and standardize its client data. This has allowed more effective exploitation of these valuable information pieces to offer safer, simpler, and more convenient services to customers.

Many products and services of the bank are now more user-friendly, with different useful functions to meet diverse needs of customers. A lot of basic banking operations (opening a savings account, opening a payable account, registering for a bank card or e-wallet, transferring money, applying for a loan) have been fully digitized.

Plenty of credit organizations in Vietnam have 90 percent of their transactions done online. Until now, over 77 percent of Vietnamese adults have their own bank account. More than 35 million payable accounts and about 15 million bank cards are opened via the Electronic Know Your Customer (eKYC) method.

In 2023, payments on mobile devices saw a rise of about 60 percent in quantity and 13 percent in value. Meanwhile, payments via QR codes experienced an even more impressive growth of 240 percent in quantity and 158 percent in value compared to this time in 2022. Cashless payments and digital banking activities for the first few months of this year have witnessed an increase as well.

Lately, the banking industry has cooperated with the Ministry of Public Security to strengthen security and safety for banking operations on digital platforms in order to accelerate the digital transformation process for socio-economic growth.

So far, 48 credit organizations have adopted customer authentication via their chip-based citizen ID cards with their mobile phone, while another 58 have done this at the counter and 14 are piloting the use of VNeID in their professional operations.

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