More than 77% of Vietnamese adults have a bank account

More than 77% of Vietnamese adults have a bank account

On April 25, 2023, the State Bank of Vietnam (SBV) held a Press Conference to announce the Digital Transformation event of the Banking industry in 2024.

The 2024 Banking Industry Digital Transformation Event aims to spread the positive results of the Banking industry in digital transformation, contributing to strongly promoting national digital transformation, as well as making a positive contribution to the development process. socio-economic of the country. This year’s theme is “Expanding connections and developing the digital ecosystem” – a continuation of the theme “Application of population data in banking activities – the driving force for digital transformation” of Transformation Day. Changing banking numbers in 2023. This topic affirms the determination of the banking industry to continue to effectively implement tasks in the Banking Industry Digital Transformation Plan to 2025, with a vision to 2030.

It can be said that digital transformation has become an inevitable trend to help banks overcome challenges, create competitive advantages, proactively adapt and develop sustainably. After 3 years of implementing Decision 810, digital transformation activities in the banking industry have achieved encouraging results, contributing to the overall development of the economy.

Regarding the legal framework, the State Bank has researched, issued and implemented many important policies to promote digital transformation of the banking industry. From 2020-2022, the State Bank ranked high among ministries and branches in the digital transformation institutional creation index. Infrastructure serving the digital transformation of the banking industry is always focused on investment, upgrading and development.

Many friendly banking products and services are rich in utilities, bringing practical value to meet the diverse needs of customers. Many basic operations have been 100% completely digitized (savings deposits, term deposits, opening and using payment accounts, opening bank cards, e-wallets, money transfers, loans… .). Many credit institutions in Vietnam have a rate of over 90% of transactions performed on digital channels.

To date, about 77.41% of Vietnamese adults have bank accounts, more than 35 million payment accounts and about 14.9 million cards opened using the active eKYC electronic method. In 2023, mobile payments will increase by 59.86% in quantity and 12.73% in value; Payment via QR code increased by 242.46% in quantity and 157.2% in value compared to the same period in 2022.

Non-commercial payment activities and digital banking activities in the first 2 months of 2024 compared to the same period in 2023 continue to achieve a good growth rate: Non-commercial payment transactions increased by 59.6% in quantity and 32.73% in value; via Internet channel increased by 51.6% and 23.88% respectively; via mobile phone channel increased by 63.24% and 33.43%; via QR code method increased 846.41% and 1,146.14%; via POS increased 2.53% and 3.56%.

Recently, the banking industry has been very active and endeavored to implement Project 06 and the tasks set out in Plan 01 (this is a coordination plan between the State Bank of Vietnam and the Ministry of Public Security signed on January 24). April 2023 to implement Project 06), contributing to enhancing security and safety in the process of popularizing banking services on digital platforms, thereby promoting the industry’s digital transformation process, serving the development socio-economic development. Up to now, 48 credit institutions have been implementing customer authentication applications using chip-embedded CCCD cards via phone applications; 58 credit institutions have been implementing applications to authenticate customers with chip-embedded CCCD cards via devices at the counter; 14 credit institutions are testing the application of electronic identification and authentication accounts (VNeID) in the following operations: opening payment accounts; authenticate payment transactions; compare and authenticate customer information; 7 credit institutions have been implementing reliable scoring solutions. Regarding data cleaning: 23 credit institutions have signed with C06 (Police Department for Administrative Management of Social Order – Ministry of Public Security) to deploy customer data cleaning offline.

The State Bank of Vietnam has deployed a system to connect and exploit the National Database for the online public service system (issuing digital certificates) from December 2022. Currently, the system has connected and exploited population data to process more than 560 applications. Vietnam National Credit Information Center (CIC) has connected with the National DatabaseGvDC to clean 48.5 million credit information.

Han Dong

FILI