Pandemic makes 85 percent of Vietnamese consumers more likely to use digital banking in future

Around 85 percent of Vietnamese banking consumers are more likely to use online and digital banking services compared to 18 months ago, according to a new report from SaaS cloud banking platform Mambu.
Pandemic makes 85 percent of Vietnamese consumers more likely to use digital banking in future ảnh 1Illustrative image (Photo: VNA)
Hanoi (VNS/VNA) - Around 85 percent of Vietnamese bankingconsumers are more likely to use online and digital banking services comparedto 18 months ago, according to a new report from SaaS cloud banking platformMambu.

The 'Financial tribes you need to know' report reveals that nearly two thirds(61 percent) of consumers globally have made greater use of digital bankingservices over the last 18 months and two in five (41 percent) have startedusing digital banking services for the very first time because of the pandemic.In Vietnam, these numbers are higher, at 70 percent and 54 percentrespectively.

The report, which is the latest in Mambu’s ‘Disruption Diaries’ series,surveyed 4,500 consumers globally, including Vietnamese consumers (accountingfor 11 percent) and identifies five emerging financial “tribes'' that banksneed to know about in a post-pandemic world.

These key consumer groups include techcelerators, ethical bankers, conveniencecravers, covidpreneurs and neo asset hoarders.

Techcelerators are recent converts to the world of digital banking who haveadopted digital services amid physical branch closures. Vietnam was most likelyto identify with techcelerators, with 33 percent of respondents showing thetraits of this group.

Ethical bankers are young, purpose-driven savers that want to make a positiveimpact in the world. Some 76 percent of Vietnamese consumers agreed that theyare willing to pay a premium for financial services if a cut goes towardshelping the environment or local communities – the highest percentage of allsurveyed markets.

Convenience cravers are one-stop shoppers who want all-in-one services at theirfingertips, and at no extra cost.

Covidpreneurs are entrepreneurs who have set up their own business during thepandemic, in need of easy-to-use and reliable business banking services.Fourteen percent Vietnamese respondents belong to this group.

Meanwhile, neo asset hoarders are new asset owners who want to use financialservices to buy, trade and hold assets. This group is the smallest, but rapidlygrowing tribe globally.

Eugene Danilkis, CEO at Mambu, said: “Each tribe tells us something significantabout the way consumer behaviour is adapting and what banks must do to stayahead of the curve. Traditional audience segmentation in financial services isbroken. The one-size-fits-all model, in which customers are divided based onhow much they earn, or simple demographics, is redundant in a world of openfinance.”

“If banks want to survive, they must think about how to affiliate themselveswith the new groups within society and appeal to them with products andexperiences that meet their shared values and user needs. Globally we have over50 million end users on our Mambu platform which demonstrates the growingdemand for new and digitally-enabled financial products."

Pham Quang Minh, CEO of Mambu Vietnam, said: “Digital transformation in bankinghas accelerated in Vietnam to adapt to changing customer behaviours in the newera. It is shown in our report that 87 percent of local banking customersagreed with the importance of online and digital banking services in a bank orfinancial institution.

"Most of them (over 80 percent of respondents) prefer to save or investrather than spending money – the highest rates of all surveyed markets, andmore than 74 percent are willing to pay a premium for financial services thatsave their time and offer greater flexibility.

"Approximately 90 percent of respondents use online and digital bankingservices mostly to pay bills, transfer money and check account balances. Thesestatistics will help banks to capture the habits and behaviours of customers inorder to create more effective online services and products that can attractcustomers.”/.
VNA

See more

A vessel docks at Hai Phong Port ready to be loaded with containers. (Photo: VNA/VNS)

Vietnam's port firms thrive in 2024

According to the Vietnam Maritime Administration, the total cargo volume through the nation's port system reached approximately 864.4 million tonnes, up 14% year-on-year. Container throughput was estimated at 29.9 million TEUs, reflecting a 21% rise.

THACO Chairman Tran Ba Duong (Photo: VNA)

THACO targets sales of over 100,000 vehicles in 2025

In 2025, THACO will continue to expand the scale of investment in all six key production and business sectors including automotive, agriculture, mechanical engineering and supporting industries, investment - construction, trade – services, and logistics.

Nearly 1 million workers of more than 12,600 businesses with trade trade unions in Ho Chi Minh City have returned to work following the nine-day Lunar New Year (Tet) holiday. (Photo: VNA)

HCM City: Nearly 1 million workers back to work after Tet holiday

Nearly 1 million workers of more than 12,600 businesses with trade trade unions in Ho Chi Minh City have returned to work following the nine-day Lunar New Year (Tet) holiday, reaching 85.33% of their total workforce, according to the municipal Labour Federation.

Prime Minister Pham Minh Chinh (centre, first row), and leaders of Binh Duong province handover investment certificates to enterprises. (Photo: daibieunhandan.vn)

Binh Duong lures additional 1 billion USD of investment

Seven foreign-invested projects, with a total registered capital of 1 billion USD in the southern province of Binh Duong have been granted in-principle approval and investment certificates at a recent meeting held by the provincial People's Committee.