Digital payments of the banking system bring many benefits to people

To mark the digital transformation activities of the Banking industry, contributing to creating a positive spillover effect in the national digital transformation program, Banking is the first industry to have its own Digital Transformation Day - May 11 every year.

quang binh thanh toan so cua he thong ngan hang mang lai nhieu loi ich cho nguoi dan

Digital banking transformation is the integration of digitization and digital technology into all areas of banking. Digital transformation has helped banks improve operational efficiency by streamlining and automating processes, enhancing customer experience.

In addition, digital transformation helps credit institutions compete better in a rapidly changing ecosystem. This helps maintain good profit margins, regenerate human and monetary assets, and maintain competitiveness in a challenging market; at the same time, it helps save time and money for customers, banks and the whole society, contributing to economic growth.

Up to now, the digital ecosystem and digital payment of the banking system have been connected with services in other fields, bringing many convenient services to people. Currently, banks in Quang Binh have deployed account opening using eKYC with 66,490 accounts opened electronically in operation. Most credit institutions have, are or are planning to build and deploy digital transformation strategies; actively apply technologies of the 4.0 Industrial Revolution or cooperate with Fintech companies to optimize and simplify business processes, improve operational efficiency and customer transaction experience in payment activities.

Many basic operations have been 100% digitized. Banks have applied Artificial Intelligence (AI), Machine Learning (ML), Big Data technologies in customer assessment, classification and disbursement decisions... Some outstanding products in the digital transformation journey include: launching the Smartbanking version; deploying the omni ibank system; developing features on automatic transaction machines... Some commercial banks (Vietcombank, BIDV, Vietinbank...) have coordinated with the Police to pilot the application solution of authenticating people via chip-embedded CCCD cards in some commercial banking operations such as opening eKYC accounts, performing electronic banking and digital banking transactions; transactions at ATMs, replacing ATM cards issued by banks.

Non-cash payments have grown well in recent times. Up to now, Quang Binh has 1,257 POS, 14,431 points accepting payments via QR Code; 03 telecommunications enterprises providing Mobile Money services (Vinaphone, Viettel, MobiFone) with 1,455 business points, 42,274 users (of which 52.9% are customers in rural, remote and isolated areas), transaction value in 2022 increased nearly 6 times compared to 2021. The number of customers using banking services through online payment channels has grown in both quantity and value.

In 2022, payment transactions via POS reached 501,000, an increase of 61% with a transaction value of VND 956 billion, an increase of 42%; payment transactions via QR Code reached 293,000, an increase of 156% with a transaction value of VND 230 billion, an increase of 200%; via the internet channel reached 1,136,000, an increase of 79% with a transaction value of VND 14,088 billion, an increase of 35%; via mobile phone channel reached 34,446,290, an increase of 110% with a transaction value of VND 358,167 billion, an increase of 81% compared to 2021.

The implementation of e-commerce for public services, online payment of administrative procedures, payment of electricity, water, hospital fees, tuition fees, etc. has been effectively implemented and achieved positive results. In 2022, electricity bills paid through non-cash methods were 1,975 billion VND, accounting for 89.6%, an increase of 14.9%; water bills were 47 billion VND, accounting for 41.9%, an increase of 22.1%; telecommunications were 170 billion VND, accounting for 43.9%, an increase of 27.8% compared to 2021. This is a very positive result of the digital transformation process of Quang Binh Bank in the recent past.

In the coming time, the State Bank of Vietnam, Quang Binh branch, will focus on proposing to perfect the legal framework to facilitate digital transformation of banking activities; Continue to closely coordinate with the Police and relevant departments and branches to accelerate the implementation of Decision No. 06/QD-TTg of the Prime Minister; Continue to upgrade and perfect the technology infrastructure and strengthen the security, safety and continuous operation of the inter-bank electronic payment system and important information systems of the State Bank of Vietnam; Step up propaganda and communication work so that people and businesses can see the practical benefits and become real beneficiaries of the digital transformation of the banking sector, thereby actively participating in using banking products and services on digital channels.

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