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1. Digital Banking - An Inevitable Trend of the Era
Digital banking (or Digital Banking) is a type of bank that allows transactions to be conducted online. Users can perform transactions such as transfers/payments directly on their mobile phones or computers without the need to visit a physical bank or fill out complex paper documents.
Digital banks offer online payment services.
Digital banks support users on both PC, Laptop, and smartphones with countless utilities such as:
- Personal/business finance management.
- International money transfers, transfers within and outside the system.
- Deposit savings.
- Borrow from banks.
- Financial investment, purchasing insurance, etc.
'Digital banking trend' is now a keyword appearing on various forums and social media platforms. This is easily understandable as digital banking is gradually infiltrating and becoming an essential part of people's lives.
As technology advances, complex processes and procedures are eliminated. Instead, there is a proliferation of online services, where any service can be performed online, from shopping to beauty care to language learning. And digital banking is the most suitable solution, capable of meeting all these human needs.
2. Benefits of digital banking compared to other service types
To help readers better understand what digital banking is, we present the specific benefits of digital banking. Specifically, digital banking services have the following outstanding advantages:
- Cost-saving: Digital banking helps banks significantly reduce costs compared to manual labor. In the future, digital platforms will facilitate rapid data analysis and processing to meet market demands.
- Enhancing business efficiency: Digital banking serves not only as a tool for interacting with customers but also provides methods to efficiently handle internal functions.
- Absolute accuracy: Digital banks possess superior technology platforms, enabling swift execution of operations such as calculation, processing, and transaction recording, ensuring high accuracy.
- High security level: When conducting any transaction on their bank account, customers immediately receive a one-time password (OTP) via phone or email. This OTP sequence is securely protected by the digital bank, allowing customers to feel completely secure.
Digital banking brings countless benefits to customers.
However, in the era of Industry 4.0 with the explosion of information, digital banking also harbors some weaknesses such as:
- Fraud: Customers may have money withdrawn from their accounts due to leaked information or system breaches by hackers.
- Limited customer interaction: When using digital banking services, users have to perform transactions on their own with machines, without the assistance of bank tellers. This drawback causes some people to refuse to use digital banking as they do not receive customer service support.
3. List of digital banks in Vietnam
The advancement of technology has gradually brought digital banking closer to customers. In Vietnam, most banks have implemented this service. The popular digital banks currently are:
- Timo - VPBank
- Yolo - VPBank
- eBank - TPBank
- VIB Digital Bank
- BIDV Digital Bank
- ...
In Vietnam, digital banking services are continuously evolving.
Digital banking is a form of providing utilities to customers. It is also a tool to build good relationships with customers, gain a competitive advantage over competitors, and so on, which banks should apply nowadays.
This article aims to shed light on the concept of digital banking and provide some related insights. Hopefully, readers will gain a fundamental understanding of this topic. Wishing you the best experiences with digital banking! Additionally, feel free to explore more about Hong Leong Bank for further insights.
