Internet Banking wins the trust of users in Vietnam

Vietnam is considered a potential market for applying integrated electronic payment tools.With more than 40% of the population using the Internet, Vietnam is a potential market for applying electronic payment tools integrating information technology applications into the banking system. Meeting the increasing needs and demands of users for Internet Banking (IB) is the goal of Vietnamese banks.

Internet Banking - convince with benefits

Since its first appearance in Vietnam, it has been exactly 10 years, online banking services are becoming more and more popular, attracting more and more users. According to estimates, in just 3 years, by the end of 2013, the number of people using IB services has increased by 45%. The Vietnam Banking Association said that up to now, about 40 banks have announced that they have deployed the IB system at different levels. The most powerful is the IB of some large banks such as Vietcombank in the state-owned sector or Techcombank leading the joint-stock commercial bank sector.

The biggest benefit of IB is convenience and minimizing the cost and time of banking transactions. With online banking, people who conduct banking transactions have never had such convenience and ease: Transfer money, pay bills, check account information, shop online... within minutes from a computer or mobile device with internet connection, without being interrupted by time (24/7) and limited by space. Moreover, customers also receive additional benefits such as larger discounts when shopping online, booking hotel services, online travel...

Users are extremely excited about the IB development trend in Vietnam. In the world, IB is considered an inevitable trend to develop retail banking, expand and diversify products and services, maintain and expand customers. IB creates an alternative transaction channel, reduces costs for banks as well as customers, and improves capital turnover efficiency. IB is encouraged by its significant contribution to creating a cashless economy.

Challenges of in-depth development

Developing a modern IB system with many advanced products and services, meeting diverse user needs is not an easy goal to achieve. Because the prerequisite is a large initial and continuous investment in technology and infrastructure, and at the same time, it requires highly qualified IB experts. Low investment, thin and weak infrastructure will not ensure network quality, transmission speed, technical errors... Banks without strong potential or without an IB development investment strategy will find it difficult to participate in the game for a long time.

It is easy to see that most banks in Vietnam only stop at providing simple online services such as money transfer, online payment. Higher-level services such as linking e-wallets, transferring money by phone number... are only available at large and technologically strong banks. Techcombank's "Online Savings" and "Online Credit" services allow customers to transfer money to savings accounts, or request loans and lend online. Thanks to that, customers reduce costs and travel time, while making effective use of idle money. The level of convenience of Techcombank services is further multiplied on the basis of a strong infrastructure, a large network of agents, and an ATM system covering more than 90% of the ATM system nationwide, including 1,200 Techcombank ATMs and more than 11,000 ATMs belonging to the card alliance system.

To increasingly gain users' trust and form the habit of using IB, the bank's security technology also plays an increasingly important role. Techcombank is one of the first banks in Vietnam to test and apply the RSA security mechanism, one of the most advanced security technologies in the world today. When using IB at Techcombank, customers will be given a fixed PIN code to remember and a random and constantly changing Token code. To make transactions via IB, users must declare both of these codes. Similarly, there are other security mechanisms to prevent security risks such as hackers, computer viruses, etc.

Based on modern and secure technology, Techcombank continuously introduces new products and services to meet the needs and expectations of users. In 2013 alone, the bank introduced a series of new services, especially the money transfer service for mobile subscribers. The service allows IB users to transfer money to mobile subscribers, and at the same time allows the mobile subscriber to withdraw this amount from an ATM without a card.

2013 marked Techcombank's great strides in developing IB in Vietnam, when the bank received a series of international awards on information technology such as the eAsia Award 2013 for "E-commerce solutions to narrow the digital divide" from the Asia-Pacific Council for Trade Facilitation and Electronic Business (AFACT), the Card Security Certificate and the Best Internet Bank Award 2013 by the prestigious magazine Global Banking and Finance Review.

According to Labor