Physical banking and breakthrough technology

With technology advancing at a rapid pace, the banking industry is facing a major turning point in attracting modern customers with increasingly sophisticated demands for seamless and multi-channel experiences.

MB launches over 100 card sets for young people to choose from, matching their individual personalities - Photo: DNCC

The latest banking industry report not only explores shifts in consumer behavior among new customer segments but also reveals the Physical trend – a fusion of physical and digital technologies.

Expectations of the new generation of consumers

Generations Z and Alpha – born and raised in the digital age – have become a key consumer force, shaping the development trends of many industries, including finance.

The report "The Banking Industry and the New Generation of Consumers," recently released by MB in collaboration with and in consultation with reputable experts in finance, banking, and business administration, indicates that: Unlike previous generations, this customer group demands a banking experience that goes beyond simple transactions, requiring personalization and optimization through modern technology.

According to the report: "The new generation of customers is seeking a comprehensive banking experience that is not only fast and convenient, but also engaging and highly interactive. This places high demands on innovation, especially in personalization and the integration of digital technology into banking services."

These desires stem from the consumption habits of a generation accustomed to mobile applications and online experiences, leading them to prioritize the flexibility and convenience of digital services.

Unlike previous generations, Gen Z and Alpha are quickly adapting to cashless transactions, and they also appreciate convenience features such as online banking and mobile financial apps.

Pioneering the digitalization of banking, in a recent episode of the Business Insights program "Protecting Your Wallet Through Technological Breakthroughs," Mr. Vu Thanh Trung - Vice Chairman of MB - shared: "Customers have different preferences; some prefer speed, others prefer caution, and for Gen Z, using a banking app also needs to be fun. MB has launched over 100 card sets for young people to choose from, matching their personalities."

This is practical evidence of the efforts made by banks in Vietnam to meet the expectations of this customer group.

Orientation towards meeting the needs of banks.

The report emphasizes that comprehensive digital transformation is a critical requirement for banks if they want to meet the increasingly high expectations of new generations of consumers.

Accordingly, developing a Physical system that harmoniously integrates physical and digital channels is considered a strategic solution to help banks provide multi-channel services, bringing seamlessness and consistency to the customer experience.

"Physical technology helps the banking industry optimize customer experience, reduce processing time, and ensure consistency across transaction channels," the report analyzes. Following this direction, banks need to develop multi-channel systems where online services and physical transactions complement each other, creating a reliable and flexible customer journey.

Integrating VR and AR into banking services also creates a unique experiential space, allowing customers to visualize financial products and easily understand the service packages they are using.

Digital banking - Optimizing customer experience in the digital age. Source: Report "The banking industry and the new generation of consumers" - Photo: DNCC

Another important factor mentioned in the report is the application of Big Data analytics to better understand customer behavior and needs. Through Big Data, banks can provide highly personalized financial services, helping to optimize customer outreach strategies.

Additionally, the report also addresses the potential application of AI and machine learning technologies to automate processes and improve customer service performance.

With these tools, banks can easily detect unusual behavior, thereby enhancing security for customers. "AI and machine learning not only help optimize processes but also provide the ability to detect and handle security issues efficiently and quickly," the report noted.

The Physital system also helps banks maintain competitiveness in the market as younger customers increasingly demand seamless and multi-channel financial services.

Physical technology not only optimizes the customer experience but also enables banks to be more flexible in providing services, from mobile applications and smart ATMs to 24/7 advisory services.

The report emphasizes that: "A tightly integrated multi-channel system between physical and digital channels is crucial in retaining modern customers, ensuring satisfaction and loyalty."

The report provided a comprehensive and detailed overview of the changing consumer expectations, while also outlining new development directions for the banking industry to meet those needs.

With the Physital system and the integration of advanced technology, banks not only have the opportunity to enhance customer experience but also to strengthen their position in an increasingly competitive environment.

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