Internet Banking wins the trust of users in Vietnam.

Vietnam is considered a potential market for the application of integrated electronic payment tools.With over 40% of the population using the internet, Vietnam is a potential market for the application of electronic payment tools integrating information technology applications into the banking system. Meeting the increasingly high demands of users for Internet Banking (IB) is a goal that Vietnamese banks are striving for.

Internet Banking - Persuading with benefits

Since its introduction in Vietnam 10 years ago, online banking services have become increasingly popular, attracting more and more users. It is estimated that in just three years, by the end of 2013, the number of IB users had increased by 45%. The Vietnam Banking Association reports that approximately 40 banks have announced the implementation of IB systems to varying degrees. The most robust IB systems are offered by some large banks such as Vietcombank (a state-owned bank) and Techcombank (a leading joint-stock commercial bank).

The biggest advantage of online banking is convenience and minimizing the cost and time spent on banking transactions. With online banking, transactions have never been so convenient and easy: transferring money, paying bills, checking account information, shopping online... all within minutes from a computer or mobile device with an internet connection, uninterrupted by time (24/7) and limited by location. Furthermore, customers receive added benefits such as larger discounts when shopping online, booking hotels, and traveling online...

Users are extremely excited about the development trend of Internet Banking (IB) in Vietnam. Globally, IB is considered an inevitable trend for the development of retail banking, expanding and diversifying products and services, and maintaining and expanding the customer base. IB creates an alternative transaction channel, reduces costs for both banks and customers, and improves capital turnover efficiency. IB is encouraged because it significantly contributes to the creation of a cashless economy.

Challenges in developing in depth.

Developing a modern Internet Banking (IB) system with a wide range of advanced products and services to meet diverse user needs is a challenging goal. This requires significant initial and ongoing investment in technology and infrastructure, as well as highly qualified IB professionals. Insufficient investment and weak infrastructure will compromise network quality, transmission speed, and technical reliability. Banks lacking strong financial resources or a strategic investment plan for IB development will struggle to sustain a long-term presence in the market.

It's easy to see that most banks in Vietnam only offer simple online services like money transfers and online payments. More advanced services, such as linking e-wallets and transferring money via phone number, are only available at large, technologically advanced banks. Techcombank's "Online Savings" and "Online Credit" services allow customers to transfer money into savings accounts, or request and receive loans online. This minimizes travel costs and time, while effectively utilizing idle funds. The convenience of Techcombank's services is further enhanced by its strong infrastructure, extensive network of agents, and ATM coverage exceeding 90% of the nationwide ATM system, including 1,200 Techcombank ATMs and over 11,000 ATMs belonging to the card alliance system.

To gain increasing user trust and foster the habit of using Internet Banking (IB), the bank's security technology 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 are given a fixed PIN code to remember and a random, constantly changing Token code. To conduct transactions via IB, users must declare both codes. Similarly, there are other security mechanisms to prevent security risks such as hackers and computer viruses.

Built on a foundation of modern technology and security, Techcombank continuously introduces new products and services to meet the needs and expectations of its users. In 2013 alone, the bank launched a series of new services, particularly the mobile phone money transfer service. This service allows IB users to transfer money to mobile phone subscribers and simultaneously allows the mobile phone subscriber to withdraw the money from an ATM without a card.

2013 marked significant progress for Techcombank in developing its Internet Banking (IB) services in Vietnam, as the bank received a series of international awards for information technology, such as the eAsia Award 2013 for “E-commerce solutions to bridge the digital divide” from the Asia Pacific Council for Trade Facilitation and Electronic Business (AFACT), a card security certification, and the Best Internet Bank 2013 award from the prestigious Global Banking and Finance Review magazine.

According to Labor