Chuyên đề tốt nghiệp: The current situation of Smart-banking service activities and some recommendations for its developments at Bank for Investment and Development of Vietnam at Ngoc Khanh branch

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

NGO PHUONG DUNG

THE CURRENT SITUATION OF SMART-BANKING SERVICEACTIVITES AND SOME RECOMMENDATIONS FOR ITS

DEVELOPMENTS AT BANK FOR INVESTMENT AND

DEVELOPMENT OF VIETNAM AT NGOC KHANH BRANCH

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NATIONAL ECONOMICS UNIVERSITYFACULTY OF FOREIGN LANGUAGESDEPARTMENT OF BUSINESS ENGLISH

NGO PHUONG DUNG

THE CURRENT SITUATION OF SMART-BANKING SERVICEACTIVITES AND SOME RECOMMENDATIONS FOR ITS

DEVELOPMENTS AT BANK FOR INVESTMENT AND

DEVELOPMENT OF VIETNAM AT NGOC KHANH BRANCH

Hanoi, November 2022

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subject in which I possess experience.

Secondly, I want to express my gratitude to Doctor of Philosophy NguyenLan Ngoc for giving me the chance to study and write this report in order to

better understand the BIDV Ngoc Khanh branch and the problem I have been

encountering. Additionally, I would never disregard the three months that youspent reading and providing me with comments so that I could improve my

study. If not for them, I would never have been able to finish my report. Thank

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EXECUTIVE SUMMARY

Future banking will be invisible, linked, insight-driven, and intentional; to

keep up, it will need to evolve quickly. While other banks struggle to put anunified strategy into practice, major banks successfully navigate their digital

transformation. Customer experience is now one of the most important success

factors in banking as empowered digital consumers continue to raise their

expectations. Open banking and open finance promise to alter financial servicesover the next ten years as business models also change. Banks must change theiroperating model to one based on an ecosystem with dependable partnerships in

order to navigate these forces. BIDV is delighted to have made numerous notablecontributions and successes during its development process as a pioneer bank in

the application of scientific and technology advancements to commercial

activities, product and service development. However, there are still a lot of

issues that need to be fixed, including security flaws, login problems, and

transaction errors. Because of these issues, many clients would be hesitant to usethis kind of service.

Therefore, on the basis of findings, the authors proposed recommendationsfor these subjects. They are respectively: IT promotion, Frequent survey

implementation, VIP customers’ priviledges application, Safety and security

reinforcement, Customers’ eficient expectation increase and Staff’s quality

training methods. In general, to help t achieve its anticipated efficiency, BIDVhas to introduce more standout features on the platform, such as preferential

policies for VIP users. Additionally, by regularly surveying its customers, the

bank will be able to enhance its service and give them a memorable experience.

In the process of developing a service, the safety and security factor alwaysoccupies the top spot, so it is essential to preserve and further improve this

component. Last but not least, the human resource component is particularly

crucial because bank employees are the ones that deal with clients directly and

conduct transactions; hence, consumers' perceptions of BIDV will be reflected intheir interactions with staff.

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BSC BIDV Securities Joint Stock Company

HSBC Hongkong and Shanghai Banking Corporation LimitedID Identification

IT Information TechnologyOTP One Time Password

POS Point of SaleVND Vietnam Dong

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LIST OF TABLES

Table 1. General information of Bank for Investment and Development of VietnamTable 2. Content of questionnaire for customers' experience when using Smart-banking application ... ccc +3... 26

Table 3. Interview questions for staff working at BIDV's Ngoc Khanh branch .. 28Table 4. Background of CuS†OIYS... -- 5 5c 32 322132113191 EEEErrrerrkerrrrek 30Table 5. Customers' situation when using Smart-banking application ... 32

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LIST OF FIGURES

Figure 1. The governance structure of BII)V...----c+-s+sss2Figure 2. Customers' evaluation on the quality of Smart-banking app

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TABLE OF CONTENTS

EXECUTIVE SUMMARYY... 0G G5 2 9S 9. 09.00 00.0000 000100966008896 iLIST OF ABBREVILATIONS...- 0 GHI 0001 8e iiAbr€VÏAfÏOII... <5 (5 5c <<... HH. TH HT. Họ 00000000 0900960408 iiEEXPÌAIIAfÏOIN... 0 (G5 << 6 S . 9 9... 0 0.000.000.004. 0004.000.0400. 0090800006 08 iiLIST OF TA BLUEẺS...- <5 <5 < 5< s9... Họ. TH... 010000 HiLIST OF FILGU REVS... 55-5 < 5< 5 9. c0. 0000000 000609566 ivINTRODUCTIONN... G5 5 9.99 0.9 T0 00009 009.0098000809 800 1

1. Rationale ...2- 7G G5003. 100000601600180080100918099609080080080908086 12. Research Oj€CẨÏV€S...- Ăn HH HH. 0 001080088008468840841080088108070885 084 23. Research SC€OJD€... «5< s sọ... HH. 0000 00080000004000 00890 24. Research Questions ... dc G G5 5 999.9999995 999999 995.58999958969956869996056096 25. Methodology ...o << G5 < 5. 9 0 0. 00.04.000.040. 000.0400000996 04.0000 24%. 1. PÍIH(IF (Í(HÉ(N... << . HH. họ TH TT TT 084 35.2. Jun... ..e... 36. Research Title ...o-- o5 5 5 2 5 5 999999 90 90800009 :0056050091809500986008099800 3CHAPTER 1: THE OVERVIEW OF BANK FOR INVESTMENT AND

DEVELOPMENT OF VIETTNAIM... s00 0080886 86 51.1. General information of Bank for Investment and Development of

ViCtnMn...scccsecsssccssssccsesesccccsscsesesssssssscssesessosessscsessesscsessesssssesecsssossssssesssesessesonees 51.1.1. Foundation and DeV€ÏOJDIHCHHỨ... cv rệt 61.1.2. Mission, vision and Core VÑÏHGS ... SG G GB ve 7J2) 1... Ắ... 71.1.4. (OV€FHHC€ SÍPHCÍH FC ... SG SH HH HH hy 111.2. The current situation of Smart-banking service activity at Bank for

Investment and Development Of Ï€ÍHI(IHH... .- 5s << 5 xu ng re 13CHAPTER 2: THEORETICAL FRAMEWORK...-ccesSeeseessee 142.1. The definition of Digital banking and its ÏHÍSÍOFÿ... << <<<<<< <<<« 142.1.1. The definition of Digital DaHkiHg... . Sàn eeieeerey 142.1.2. History of Digitalization in DANkKing ...cccccc ccc ets eects eeeeeenees 142.2. The advantages of Digital D1 KÏTIE... << c1 ng re 152.2.1. FOr DQHĂS... HH HH HH HH HH hệt 152.2.2. FOV CHSÍOHLCF...- SG HH HH HH Hệ 172.3. The definition of BIDV Smart-banking service and its features... 18

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QB LD. The defitition ...ccccccccccccccccccecccessecenseceseesesecssceceseeseseeseeecsseeseaeeeeaeenaes 182.3.2. The features of Smart-banking S€FVỈCG... Si, 192.4. Smart-banking service in BIDV development ...sccscssessserssessessessseeees 202.4.1. The definition of “Smart-banking service development” ... 202.4.2. Performance evaluation criteria of Smart-Banking service... 21CHAPTER 3: METHODOLLUOCYY...o 5 555 5< S5. 9 95 65 850840 8566 24

3.1. Participants Of the F€S(HFFCÌH... s5 5<... TH ch re 243.1.1. Group 1: Staff working at BIDV office’sNgoc Khanh branch... 243.1.2. Group 2: Customers who are using the Smart-banking qpp... 243.2. Data Collection HICẨÏIO(ÍS...- 5= 5 HH. TH ng nnườ 253.2.1. QUCSTIONNGITE ... Q0 HH nh tt 253.2.2, ÏHHÍCFFVÏDU ... Qui 273.3. Data ANALySiS DFOC€(ÏHFF ... «<5 5 << SH... TH TH 1 ch ve 28

3.3.1. Qualitative data ANALYSIS ... Gv, 283.3.2. Quantitative data ANALYSIS ... Án, 28CHAPTER 4. FINDINGS AND ANALYSIS ... 55c S151 1esee 30

4.1. Research results ...scsccseccssccsscesccosscsecesscssscsesesssesscsesssssessssssssesssssosssoesoeees 304.1.1. Participants’ DqACkg@FOHHỞ,... Ác HH Hưng ệt 304.1.2. Customers’ experiences when using the dDJ...- -- 555555 324.1.3. Participant’ opinions for improving the app’s quality... 334.2. General assessment of the current situation of the activities on Smart-

banking application at BIDV bank Ngoc Khanh branch... 384.2.1. ACHIiQVEMENES nn...ằ... 38XP... nan ng ốố.ốố.ố..ằ.ằ... 39CHAPTER 5. RECOMMEENDATIONS...o Go nH ng ng 0e 415.1. Orientation to develop the quality of using Smart-banking service... AI5.2. Recommendations for Smart-banking service deveÌlopHi€Hf... 42CONCLUSIONS ...ccscsssssscsssccsssssssscsssscssssscssscessessssssnssesssssssessonssesssessonseees 50SUMIMATY Of the StUMY 20080808086 .ee... 50Limitation Of the Study ..iccrccccsccssscsscssssssssscsssccsccscsscssssccsssessscsssscsssssssssessscesseees 50REFERENCE ... 5-5 5<... 0000000090090 850 52

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INTRODUCTION1. Rationale

In the age of rapid technological development along with the current

tendency of integration with the international economy, competition is extremelyimportant for most fields in our economy, especially in the banking sector.

Currently, Vietnamese state-owned commercial and private commercial banks

are facing the entry of foreign banks and multinational financial groups with a lotof experience, financial potential, and advanced modern technology. In order todevelop, Vietnamese commercial banks must make every effort to keep up withthe process of banking modernization. Therefore, in addition to perfecting

traditional operations, they need to be focused on developing modern bankingapplications by constantly diversifying and improving the quality-of-service

products to meet the requirements of expanding competitiveness, integration anddevelopment.

E-banking was once a trend of the 2000s and 2010s. Now, it is gradually

being replaced by the trend of Digital banking, which is a more optimal service, ahigher step of E-banking. In addition to state-owned commercial banks, private

commercial banks are also accelerating in the digital race. Since integrating withthe world economy, Vietnamese commercial banks have successfully applied

electronic services and it is impossible not to mention the pioneer bank in the

field of Digital banking. It is Bank for Investment and Development of Vietnamwhich has always played a key role in the banking system in Vietnam. Many

products and services have been launched and improved, of which BIDV haslaunched the new generation of Digital banking application - Smart Banking

service. With the rapid development of information technology, Smart-bankingservice is gradually becoming the decisive service of BIDV in the present and inthe future. In fact, BIDV have been actively developing this service segment;

however, there are numerous unresolved difficulties such as transaction errors,login errors, security issue and so on. As a result, these problems would makemany customers hesitate when choosing to use this type of service.

Understanding the reality of how the service works and the difficulties thatcustomers are experiencing, the author has conducted a study on the advantagesand disadvantages that Smart-banking services bring to customers, thereby

finding some solutions to overcome difficulties, propose recommendations to

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develop Smart-Banking service at BIDV. All these contents will be included in a

study named “The current situation of Smart-banking service activities and

some recommendations for its developments at Bank for Investment andDevelopment of Vietnam at Ngoc Khanh branch”.

2. Research Objectives

In the face of competitive challenges to survive and develop, efforts andexpansion of Smart-banking services are essential for BIDV. There are threedesirable outcomes that the study aims to produce. Firstly, the topic goes intoresearching the features of Smart-banking service that the customers use, from

which the benefits and difficulties of this service’s operation would be revealed.Moreover, the research also investigates the expectations of customers about howthe service can be improved by conducting paper surveys. The last goal is

practical recommendations for improving the service quality so as to gain morereputation and customer loyalty.

customers have registered to use Smart-banking service and have had objectivefeedbacks on the operation situation and experiences for more than one year

since this service was launched.4. Research Questions

Question 1: What are the features of BIDV's Smart banking service that the

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5.1. Primary data

Interviews and surveys will be conducted on managers and employees to gaina deeper understanding of Smart-banking service activities of BIDV and suggestsome potential recommendations for enhancing the efficiency of its quality

providing operation. Furthermore, the experience gathered during the internship

period is also applied in this research.

5.2. Secondary data

Secondary data typically includes theoretical framework, literature reviewand internal organizational data. The theoretical framework and literature reviewin this report are gathered from journals, newspapers, and official website of thebank to the topic under research. This report also includes data on Smart-banking

service activities in recent periods, such as figures compiled from the last year's

first days of its founding year.

Chapter 2: Theoretical framework

The second chapter will give the basic theoretical background relevant to theconcept “Digital banking” which consists of definition, the importance and theadvantages this kind of banking service brings to people. Moreover, this chapteralso defines the difference between Digital-banking service and E-banking one tosupply a more specific observation of outstanding features of Digital-bankingservice.

Chapter 3: Methodology

This chapter aims at explaining the methodology used to accomplish thestudy objectives. In this chapter, the introduction of participants, data gatheringmethods, and data analysis procedures will be mentioned.

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Chapter 4: Findings and Analysis

The fourth chapter will present and analyze data collected from participantsto assess the current situation of Smart-banking service activities at BIDV.Therefore, the author would be able to find out the existing problems anddifficulties. Some possible elements influencing the current status of the servicewill be identified as well.

Chapter 5: Recommendations

The significance of suggesting potential solutions to the service’s issues willbe re-emphasized. After that, some recommendations for improving the Smart-banking service quality efficiency will be suggested.

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CHAPTER 1: THE OVERVIEW OF BANK FOR INVESTMENT ANDDEVELOPMENT OF VIETNAM

The first chapter will present the general information of Bank for

Investment and Development of Vietnam. Besides, the problem in the currentsituation of Smart-banking service activities will also be mentioned.

1.1. General information of Bank for Investment and Development

of Vietnam

As a joint stock commercial bank established on April 26, 1957, BIDV isproud to be the oldest financial institution in the field of finance and banking in

Vietnam, with prestige and value ranking in the top of Vietnam; Top 2,000

largest and most powerful companies in the world (voted by Forbes); Top 300most valuable banking brands globally (according to Brand Finance); Top 10largest enterprises in Vietnam for 4 consecutive years.

The following table summarizes the basic information of Bank ofInvestment and Development of Vietnam:

<small>Full name JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND</small>

<small>DEVELOPMENT OF VIETNAM</small>

Abbreviation BIDV

Establishment 26/04/1957SWIFT CODE BIDVVNVX

Address BIDV Tower, 35 Hang Voi, Hoan Kiem, Hanoi

Chief Executive Phan Duc Tu

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(Source: BIDV Company’s profile)

1.1.1. Foundation and Development

From 1957 to 1981, the "Bank for Construction of Vietnam" was underthe Ministry of Finance, with the main function of allocating state budget capitalfor construction investment according to the tasks assigned by the State, servingthe public construction of Socialism in the North, the liberation of the South, andthe country's reunification. By the early 1980s, the Bank for Construction of

Vietnam System had established a nationwide network with 38 branches in 39provinces, two key project branches, and dozens of level 2 branches. After the

State Bank, the Bank for Construction of Vietnam had the largest and most

extensive banking network at the time. Approximately 3000 employees workedfor the company overall during this time. The following time period, which ran

from 1981 to 1990 and was known as the "Bank for Investment and Constructionof Vietnam," was subsequently linked to an eventful time in the history of the

nation when it prepared for and carried out the renovation period (1981-1990),effectively completing the primary task of assisting the national economy.

Additionally, the bank made substantial adjustments during this time period inaccordance with the country's general and banking-specific reform. The bankalso made direct loans to businesses, eventually developing into a commercialbank in line with market forces. BIDV had a huge impact on the nation's

innovation throughout this time. The bank gave construction businesses access tooperating capital, encouraging them to develop technology and productivity

while accelerating construction pace. The "Bank for Investment and

Development of Vietnam" phase, which lasted from 1990 to 2012, was

connected to BIDV's shift from a specialized bank to one that operated in

accordance with market principles and economic openness goals. The BIDV's

first international commercial ventures started in 1990. The bank joined togetherwith international financial institutions to establish joint ventures. During this

period, BIDV's worldwide commercial operations covered finance, banking,

insurance, and securities with the creation of representative offices and banks inLaos, Cambodia, Myanmar, Russia, and the Czech Republic. After then, BIDV

transformed into a commercial bank and joined the world's financial markets.

Additionally, the period from 2013 to the present has been seen as a transition ofoperations to a Joint Stock Commercial Bank model and a significant

development step for BIDV in the integration process. When BIDV was

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effectively equitized, there was a fundamental and substantial shift in theownership, operation, and procedure. During this time, BIDV successfullyachieved all of its business goals, with the aim of becoming the premier

commercial joint stock bank in Vietnam with sustainable development based onmarket principles and an emphasis on global integration and competitiveness.

1.1.2. Mission, vision and core values

BIDV was founded with a mission of bringing the best benefits andutilities to customers, shareholders, employees and the social community. In

addition to that objective, BIDV's aim is to rank among the top 100 Asian banksand be a leading bank in Southeast Asia, offering the greatest financial servicesto the general public.

Mutual affection, sharing hardships with those who are less fortunate,and helping the communities where BIDV is present to thrive. The five basicvalues of the bank—customer focus, innovation, professionalism, social

responsibility, and quality and trustworthiness—have been developed by thiscultural identity. All of these factors combine to make BIDV a reputable brandthat pioneers in investment, development, economic restructuring, and globaleconomic integration. According to BIDV, the bank will continue to work on

enhancing its brand and provide clients with excellent experiences that will earntheir trust.

money transfer... Checkable deposit helps customers transact at any branch in

BIDV system, ensuring customer's solvency but still be profitable, providing

simple registration procedure, convenient transactions, time-saving benefits for

<small>customers.</small>

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Time Deposit is a deposit product that depositors can withdraw moneyonly after a certain deposit term as agreed with the deposit receiving

organization. Time Deposit helps customers deposit, withdraw cash or transferthe entire balance at the Issuing Branch, pledge or mortgage to borrow capital atBIDV and other credit institutions. In addition, it also confirms and blocks

deposit balance and guarantee loan for the 3rd party.Loan Servicing

Currently, there are two main types of bank loans: unsecured loans and

mortgage loans. Each type of loan will have corresponding terms and procedures.An unsecured loan is a simple and unsecured loan. Banks will rely on the

customer's income to assess the borrower's solvency and creditworthiness. Unlikean unsecured loan, a mortgage is a form of loan that requires collateral and the

borrower must have ownership of that property for the duration of the loan. Bycarefully understanding the terms, procedures and interest rates of the loan,

customers will be proactive and ensure their solvency.Bank card

International Debit Card includes BIDV MasterCard Young Plus,

BIDV MasterCard Ready, BIDV Mastercard Platinum Debit, BIDV MasterCardVietravel Debit, BIDV MasterCard Premier

International Credit Card consists of BIDV Visa Infinite Card, BIDVVisa Platinum Cashback Card, BIDV MasterCard Platinum, BIDV Visa PremierCard, BIDV Vietravel Platinum, BIDV Visa Precious Card, BIDV Visa Flexi

Card and BIDV Vietravel Standard Card

Debit Card includes BIDV Smart Card which is used to withdraw,

transfer and save money, recharge mobile phones, pay for goods and services.

Visa Prepaid Card has many functions such as creating transactions at

POS network with Visa logo nationwide, providing contactless chip card

technology that only needs to touch the card to pay on POS, making Card

management convenient and safe via BIDV web-secure, helping customers to topup at BIDV branches/transaction offices nationwide or on Smart Banking

application.

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Digital banking service

Digital banking is a great development of BIDV, with the task ofproviding special features such as online account registration, payment of

common expenses, 24/7 transfer, savings, loans, account management, customerparticipation in investment products and insurance products, personal financial

management. Besides, Digital banking also brings many great benefits to

customers. Users can perform all banking services at any time and in any placewith high accuracy and speed. As a result, customers can save their costs andtime and their own accounts will be secured with advanced 3-layer securitytechnology.

Insurance service

Life insurance: Together, BIDV and BIDV MetLife offer life insuranceproducts with savings, protection, and investment options to assist consumers in

developing sound financial strategies for every stage of their lives.

Non-life insurance: When consumers use services at BIDV, it works inpartnership with BIC to offer goods like BIC Binh An and BIC Home Care in

order to fully satisfy their demands and preserve their assets.Foreign exchange and capital markets

Customers who use BIDV's complete foreign currency services are

supported with adaptable solutions to reduce risks and enhance trading strategiesthrough cross-selling and hedging products. rate of exchange risk. Additionally,BIDV is always focused on creating services based on cutting-edge technologythat enable users to transact easily and swiftly while reducing transaction costsand time for clients. In order to maximize benefits for clients in operations

involving foreign currency trading, BIDV has also released a number of policies.To decrease transaction time and records, BIDV always works. Through onlinetools like BIDV Smart Banking or BIDV I-bank, customers may plan

transactions, buy, sell, and exchange a variety of foreign currencies with the bankdirectly. They may also submit papers using online forms for the bank to reviewbefore heading to the counter, considerably cutting down on the time it takes forboth parties to complete the transaction.

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In terms of capital markets, more than 100 different currencies aresupported by BIDV, which also offers financial solutions to help clients cut

costs, increase capital efficiency, and hedge exchange rate risks. Besides, BIDValso provides products that give customers the opportunity to enjoy higher

interest rates than normal savings rates of the same term on the basis of correctassessment of the market.

In order to offer customers the following services, BIDV works with

BSC. These services include portfolio structure consulting, securities investmentconsulting, and ethics lead consulting. Additionally, it provides services relatedto securities, such as bond payment, financial services, depository registration,and customer transactions.

For corporate customers

Besides the same services as those provided to individual customers,BIDV also has other services for corporate customers

cooperation, import and export with partners around the world. With thepioneering step to innovate digital technology, the new system with high

flexibility will also help BIDV to modify and customize trade finance tools tomeet the changing needs of the bank.

Investment banking

A bank with a focus on medium- and long-term financial markets is aninvestment bank. The purpose of BIDV's investment bank was to assist

enterprises and the government in obtaining medium- and long-term financing

through the issuing of securities. A BIDV investment bank is a company that actsas a buffer between the supply and demand of capital, facilitating the matching of

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the two. Investment banks are also referred to as semi-intermediary financialinstitutions for this reason.

1.1.4. Governance structure

<small>GENERAL MEETING OFSHAREHOLDERSSUPERVISORY BOARD.</small>

<small>IT COMMITTEE</small>

<small>BOARD OF MANAGEMENTAND CHIEF ACCOUNTANTASSETS & LIABILITIES</small>

<small>MANAGEMENT COMMITTEE CREDIT COMMITTEE</small>

<small>OTHER COMMITTEE</small>

<small>RETAIL BANKING TREASURY RISK MANAGEMENT OPERATIONS</small>

Figure 1. The governance structure of BIDV

(Source. BIDV’s official website)

The current organizational structure of BIDV is clearly illustrated in theabove hierarchy (Figure 2). Holding the most important role in BIDV's

management system is the General Meeting of Shareholders with the function ofcontrolling the business activities. In a lower position in the management

apparatus is the Board of Directors consisting of 7 departments: Inspection and

Supervision, BOD’s secretariat, Research Centre, Strategy and Organization

Committee, Rish Management Committee, Human Resources Committee and IT

Committee. After BOD is Board of Management and Chief Accountant whichinclude three separate departments: Assets and Liabilities Management

Committee, Credit Committee and other Committee.

The General Meeting of Shareholders which consists of all shareholderswith voting rights is the highest decision-making body of BIDV. The General

Meeting of Shareholders has the following tasks and powers: approving

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development orientations; amending and supplementing the charter; approvingregulations on organization and operation of the Board of Directors and the

Supervisory Board; deciding on the number of members of the Board ofDirectors such as electing, removing, dismissing, additionally electing or

replacing members of the Board of Directors, members of the Supervisory Boardin accordance with the standards and conditions prescribed by the law and the

credit institution's charter.

The Board of Directors is the governing body with full authority on

behalf of the credit institution to decide and exercise the rights and obligations ofthe credit institution, except for matters falling under the authority of the generalmeeting of shareholders. The Board of Directors of a credit institution being a

joint-stock company must have at least 05 members and no more than 11

members, including at least 01 independent member. Specifically, BIDV's Boardof Directors consists of 9 members. An investment bank is a bank that focuses onmedium- and long-term financial markets. The goal of the investment bank of

BIDV was to help businesses and the government achieve medium- and term funding through the issuance of securities. A business that serves as a

long-middleman between the supply and demand of capital to help match the two isknown as a BIDV investment bank. For this reason, investment banks are alsoknown as semi-intermediary financial institutions.

The Board of Management of BIDV is responsible for maintaining anddeveloping the business activities of the enterprise in all divisions and branches

in order to help the business grow up, be strong and achieve a high position in thecompetitive market. In terms of Chief Accountant, this department plays an

important role in supervision and financial management of BIDV. Forprofessional accounting operations, the chief accountant will provide a

development strategy suitable to the general operation situation of the business ineach period. At the same time, they have to monitor and check economic

contracts to ensure the interests of enterprises while promptly giving handling

direction for cases of wrongdoing leading to loss and damage of fixed assets. Forfinancial operations, the chief accountant will advise the management board on

how to handle financial difficulties due to inappropriate financial regulations;monitor and manage the capital of the enterprise with the goal of helping the

enterprise improve the efficiency of capital use of the enterprise.

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1.2. The current situation of Smart-banking service activity at Bank

for Investment and Development of Vietnam

Although Smart-banking service has brought many advantages overtraditional banking and E-banking in making account operations simple andconvenient, this service still brings some problems for customers during their

usages. Based on user feedback of two operating systems iOS and Android - AppStore and CH Play, the author has summarized three main issues that customersexperiencing Smart-banking service have responded to. First issue is called

transaction error due to the maintenance of the banking system. Unjustly losingmoney due to system malfunction is the case where the bank has announced asuccessful transfer and the amount in the account has been deducted. However,the beneficiary account did not receive the money transferred. At this point,

customers will certainly feel extremely worried, not knowing how to continuetheir transactions.

The second one is security issue due to scammers. In this situation,

fraudsters send fake bank emails to inform customers that they have received a

sum of money from the bank they are using. The subject will ask the customer toconfirm the transaction by accessing the link or file containing malicious code

attached in the email for the purpose of appropriating money in the customer'saccount and information. Another situation is when fraudsters impersonatingbank employees call customers and use excuses to help check balances and

customer transactions to get the first 6 numbers of the card. Next, the crooks askthe user to provide the rest of the number on the card to confirm that the

customer is the correct cardholder. Then, these people inform you that the bank

will send a message to, and ask to read the 6-digit code in the message. However,this is the OTP code for making transactions in online payments.

The last issue is login error. The content of this error is when the user islogged in but cannot access. Then the system will display a failed login messagebefore the application will return to the main screen. This may be due to the bank

undergoing service maintenance or the system being temporarily interrupted dueto overload. For these error cases, the user cannot intervene, but can only wait

until the maintenance period is over.

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CHAPTER 2: THEORETICAL FRAMEWORK

The second chapter will give the basic theoretical background relevant to

the concept “Digital banking” which consists of definition and the advantages

that this kind of banking service brings to users. Besides, the definition of banking service is also mentioned, together with its special features. Moreover,

Smart-the concept “Smart-banking service development” is also referred.

2.1. The definition of Digital banking and its history

2.1.1. The definition of Digital banking

Researcher has defined Digital Banking as the digitization (or online

migration) of all traditional banking services and programs that were previouslyonly available to customers inside a bank branch (Darryl Proctor, 2019). This

includes operations such as: Deposits, Withdrawals and Funds Transfer; ManageChecking / Savings Accounts; Financial Product Subscriptions; Loan

Management; Bill; Account Service. Digital banking is the digitization of theentire banking process, from the front end to the back end (Alicia Phaneuf,

January 04 2022). This means that artificial intelligence is used by digital banksto automate back-end processes like data processing and administrative activities,which relieves the burden of daily work on staff. She also pointed out that users

of Digital banks can get customised money management services and apply for

loans more quickly, in addition to being able to remotely deposit money into and

withdraw money from their accounts.

2.1.2. History of Digitalization in banking

Andras Székely presented that: “About why the history of digitalization in

banking has been so ambiguous until now, I probably can † tell many new things to

those involved in this topic”, (Andras Székely, 2022). That means, by some

random chance, the process of "digitization" has appeared in the banking system

for a long time, which is difficult for anyone to find out the specific timeline andthe origin leading to this development. Mr Andras also argued that: “Perhaps the

most important factor is that as ofyet, no coercive force has really appeared

regarding this issue from either the market or the client side ”. This demonstratesthat the receiver side's financial awareness is still below the point at which the

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needs for which banking digitalization can offer solutions would be plainlystated.

What have banks already been involved in the development of Digitalbanking? Mindspire's bank digitalization experts have made contribution.

Respectively, at various financial organizations, people created sizable

PowerPoint presentations on digital strategy. Then, for currently used based processes, we built fantastic websites and workflow descriptions beforewiring a wide range of front-end systems with the AS400 towers. We have also

paper-contributed to the creation and implementation of Beyond banking solutions,such as those facilitating mobile payments for parking fines, bus fares, tolls on

highways, movie tickets, taxis, and other services. Moreover, we've greatly

increased the word cloud for popular acronyms and slang, and we've had a ton of

insightful conversations on cryptocurrencies and blockchains. As a reseult,

everyone was really quick and eagerly transformed anything they had access to atthe same time.

2.2. The advantages of Digital banking

2.2.1. For banks

According to the Banking Review website — an govermental banking

website of the State Bank of Vietnam, the benefits of Digital banking was clearlystated, they respectively are: cost deduction, transaction speed increase, full

service offering possibility, scope of activities expanding and competitiveness

Cost deduction

Indeed, Digital transformation helps banks reduce costs because there is no

need to deal directly with customers, reducing the same steps that have to be

repeated in a transaction. With outstanding advantages, digital banking helps

commercial banks reduce operating costs, increase profits, increase processingspeed and ensure operational efficiency, helping customers reduce costs and be

more convenient. Over the past time, commercial banks have been proactive and

highly determined in developing digital banking to match the trend of the times,

as well as meet the requirements of competition and international integration.

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Transaction speed increase

Transactions on Digital banks are completed far more quickly than they are

at traditional banks. Due to the fact that these jobs have been digitized on the

digital banking system, the human resources staff will also be able to streamline

difficult paperwork, administrative processes, and daily operations. Thanks to theuse of information technology, all of these operations are completed based on the

growth of the Digital transformation process. Therefore, the State Bank and other

commercial banks of many countries have the ability to increase workingefficiency, boost production, and increase profits through the use of Digitalbanking.

Full service offering possibility

In order to create synchronous utility products to satisfy clients' needs forconnected services, commercial banks can collaborate with securities firms,

insurance companies, and other financial firms. banking, insurance, and

investing. Commercial banks can easily establish programs to provide new

goods, services, or promotions, for instance, and can readily give consumers with

all the information they require about the bank using Internet Banking. In currentperiod of digital transformation, banks are able to attract a lot of clients by

offering a variety of exceptional and distinctive services through mobile bankingon their applications.

Scope of activities expanding and competitiveness increase

Digital banking has developed into a crucial trend in the 4.0 age to help

enhance service quality and boost competition for banks. Commercial banks

view Digital banking as a way to increase operational effectiveness and service

quality while lowering costs and boosting competition. Additionally, the Digitalbanking is a useful tool for Commercial banks to use to achieve their

globalization plan without having to set up foreign branches. Since they may nowoffer a wider range of services than only traditional lending, owners of online

lending platform portals are able to replace traditional financial intermediaries

between customers and banks. As a result, there is more rivalry among financialinstitutions, which benefits consumers by enabling them to purchase high-qualitygoods at lower costs. Traditional banks will leave the market to only provide

operational and financial mechanisms.

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choice to obtain a service”. They also pointed out that consumers can now receive

financial services and solutions that are customer-focused, simple to use, secure,frictionless, paperless, affordable, and always available thanks to technology.

Below are obvious benefits from Digital banking that these two authors haddiscovered for customers.

Big Data and AI

According to Kagiso and Awelani, AI is being used to process the data to

improve consumer value propositions and the customer experience throughpersonalization. Data have emerged as the key to developing rich customer

experiences. Take an example in Indonesia where the revolution of Digital

bankings started when many national banks adopted Internet banking and Mobile

Banking in the early 2000s. Until now, the composition of the banking

transaction in Indonesia has been changed. Transaction performed through

branches have converted to transaction through Digital banking channels. It is

predicted easily that due to the pace of technology change, in the next future, willshift Indonesia banking customers to be more cashless society thanks to Digital

bankings. And hopefully, this trend will spread popularly throughout the world.Digital Identity and Biometrics

Thanks to Digital bankings, customers can be easier and less

time-consuming when accessing to the application provided by each bank. Before therevolution of Digital banking, the process of logging into the application consists

of two steps: entering a username and password. Now, just integrating fingerprintbiometrics or Faceid scanning, users can log in quickly. The application of

Digital Identity and Biometrics also makes it more convenient for users to protecttheir accounts from being stolen by villains. Therefore, major risks will be

minimized, providing a good user experience.

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Automation and personalisation

The majority of banks reported that due to Digital transformation in

banking sector, they have partially automated and individualized the customerjourney. Some consumers prefer a brick and mortar banking experience, and

other customers struggle to receive banking services via digital channels due to

their locations' remoteness. These factors make it difficult to fully automate thecustomer journey. Banks do, however, offer a fully automated and customized

client journey to those tech-savvy customers.

Increase in customers’ experience

A small number of banks said that they had digitized customer-facing

procedures, and that this has produced benefits like a decrease in human mistakerates, an improvement in customer service speed, an increase in customer

satisfaction, trust, and loyalty.

2.3. The definition of BIDV Smart-banking service and its features2.3.1. The definition

On the official website of BIDV, the definition of Smart-banking service

has been clearly stated, in order to give a detailed view to users. Specifically,

Smart-banking is “a banking service on smart mobile phones that allows individualcustomers to perform financial and non-financial transactions and advanced

utilities provided by commercial banks. Service is provided to all customers using

smartphones using Android, iOS, and Window Phone operating systems ”.Which

means, the difference that Smart-banking brings is that customers use a mobile

phone device instead of different papers to access their account at the bank and

perform transactions on that account. Thus, with just one touch on the phone,customers can make transactions with the bank at any location.

Smart-banking service acts as an intermediary system for customers.

Specifically, the system will be able to distinguish which transactions can be

processed automatically from start to finish or which require the intervention of a

service provider. This intermediary system will integrate with the bank's serversystem and thereby allow customers’ personal computers and mobile phones to

access various automated services of the bank. This process includes the

following main steps: First, the customer will have to provide all the information

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corresponding to the required banking service on his personal mobile phone

device, then request will be transferred to the bank's server system through the

intermediary system. After receiving the customer's request, the bank's serversystem will verify the customer information as well as classify the requestedservice. Depending on the characteristics of each type of service required, thesystem will have different processing steps such as placing transactions in aqueue for automatic processing or waiting for transactions that need the

intervention of other human factors.

2.3.2. The features of Smart-banking service

The official website of BIDV also pointed out special features of banking service for customers. These followings below show detailed

Smart-information of the app’s characteristics.Convenience

Based on the feedback on the App Store and CH Play, the bank has reported

that more than 80% of customers have positive feedback about the convenienceof the Smart-banking application. They no longer have to waste time waiting fortheir bank statement to be mailed or waiting in line at the counter just to check

their account balance. Now they can check their accounts or make bank

transactions anywhere, 24 hours a day by manually logging into their accounts

with any distance in space and time. In addition, customers can also immediatelydetect errors or inaccurate data in their accounts to promptly resolve. Also sincethe online bill payment service was implemented in practice, the need to checkpaperwork, postmark and send payments by mail has been eliminated. When

customers use the bill payment feature, enter the amount to be paid and select thepayee, the payment order will be automatically executed, the amount will be

deducted from the account they have selected to pay.

Cost minimization

Making transactions through Smart Banking can help customers save every

penny by cutting down on postage or ATM fees. At the same time, Smart

Banking also helps to avoid the waste of documents, which not only reduces thenumber of people needed to manage those documents but is also good for the

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surrounding environment. In addition, online transactions also help banks reduce

other costs such as management costs, branch network development costs, etc.

As with all online and mobile transactions, security is the main concern.

Despite the fact that the data is encrypted and the likelihood of a customer's

account being compromised is low, it does not follow that it will never happen.To reduce the likelihood of being targeted by hackers, banks have to spend a lotof money constructing sophisticated firewalls based on Digital transformation.

But investing in cutting-edge technology alone is insufficient; the security of

every online transaction also depends on the reliability of the user. Customersmust follow a few easy steps, such entering accurate personal information,

choosing, and paying, before being granted access to the Smart Banking systemto execute transactions on their account. Once the essential information has been

entered, it will be sent to the bank's server system for validity checking. The

system will automatically generate a Username and Password to send the

customer if all the data is accurate. If a customer forgets or loses their passwordand wants to set up a password reset system, the question and answer

combinations they choose will be used to validate them once more. The bank willbe in charge of maintaining the privacy of this information for the clients. This is

done to safeguard both the bank's and its clients' interests.

2.4. Smart-banking service in BIDV development

2.4.1. The definition of “Smart-banking service development”

Pearson (1992) defined development as “an improvement, qualitative,

quantitative, or both, in the use of available resources’. He also claimed that

development did not relate to a single viewpoint on social, political, or economic

progress. Instead, it is a hybrid word for a variety of tactics used to transform

socioeconomic and environmental conditions from their existing to desired ones.According to development economics, “Development” is a notion that

encompasses both quantitative and qualitative changes; it also represents a

broader range of reflections. In the context of a market economy and thewidespread international economic integration that affects all facets of

socioeconomic life, commercial banks in particular, as well as other businesses in

general, must continue to innovate their service models, strengthen their financial

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independence, and expand their operational networks in order to survive and

From a socioeconomic standpoint, the development of Smart Banking

services has the effect of accelerating the flow of money, utilizing the enormous

potential of capital for economic development, and at the same time assisting inraising people's living standards by reducing the use of cash, reducing costs andtime for both banks and customers, enhancing the consumer environment, and

creating a payment civilization.

Thus, it is possible to generalize that the growth of the Smart Banking

service is characterized by an expansion of the scope of the service's delivery aswell as a rise in the proportion of this revenue to the bank's overall revenue. Bymanaging risks and boosting business efficiency in accordance with the Bank's

ongoing business objectives and plans, the quality of service delivery guaranteesthat customer demands are better met..

Therefore, the development of Smart Banking service is the growth of

quantity and improvement of service quality, providing an essential contribution

to the development of the economy based on the idea and elements contributingto the development of the Economics major. Customer satisfaction is a gauge ofhow successfully commercial banks have developed e-banking services in

general and Smart Banking services in particular for each bank in order to

increase the competitiveness of commercial banks. The development of smart

banking services serves as a link between commercial banks and other economicplayers, fostering the increase of operational efficiency and fostering sustainable

Flick, von Kardoff, & Steinke, 2004; Symon, Cassell, & Dickson, 2000). A

variety of theoretical perspectives are covered by qualitative research, which may

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also include a wide range of methodologies, methods, and research strategies. To

mention a few, these include interviews, case studies, oral histories, participant

observations, ethnography, netnography, autoethnography, ethnography,

grounded theory, and action research (Creswell, 1998; Denzin & Lincoln, 2011;

Strauss & Corbin, 1990). However, these techniques share certain crucialcharacteristics. According to Creswell (1994), qualitative research 1s "...an

inquiry process of understanding a social or human problem based on building a

complex, holistic picture, formed with words, reporting detailed views of informants,and conducted in a natural setting" (Creswell, 1994, pp. 1-2). In order to reveal indescriptive terms the meanings that people attach to their experiences of the

world, qualitative research, in the words of Ylmaz (2013), is "an emergent,inductive, interpretive and naturalistic approach to the study of people, cases,phenomena, social situations and processes in their natural settings in order to

reveal in descriptive terms the meanings that people attach to their experiences of

the world" (Ylmaz, 2013, p. 312). Qualitative indicators are those that cannot bemeasured through specific numbers, but that does not mean that they are not

important to the bank's evaluation. Qualitative criteria are evaluated based on

factors that can bring customers the best value such as customer satisfaction withservice quality, customer's perception of banking services.

Modern technology platform

It takes a bank with a fairly high level of technological development toimplement the Smart-Banking service. If banks wish to offer higher-quality

Smart-Banking services, they must modernize their technical infrastructure. Eachbank selects a unique approach to create a Smart-Banking service based on its

core banking technology. Some banks develop this service in the direction of

SMS banking, while others have improved and created Smart-Banking servicesbased on websites that are similar to Internet Banking services or can even use

standalone applications that the banks themselves offer to customers.

Safety and security

Confidentiality is a very important requirement for Smart-banking service

because it operates on the basis of applying the development of information

technology to manage the bank's activities. The more technology develops, the

more Smart-banking services have the opportunity to improve the applicability of

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products and services as well as enhance advantages and competitiveness in theeconomy. However, the advancement of information technology also comes with

certain drawbacks, such as the potential for hackers to target it and disrupt and

incorrect consumer account activity by deleting, altering, or searching for

information. Therefore, Smart-banking services must make sure that the data ofall transactions is saved safely, completely, and confidentially in order to sustain

the bank's operations and enhance its reputation with consumers. When assessing

the operational excellence of smart financial services, this is one of the most

crucial considerations.

Customer care service

Any product or service offered by the bank should be aimed to meet andsatisfy the demands of consumers in order to be efficient. In other words, there

will be high, medium, or low levels of client satisfaction with goods and services.All of the clients who use BIDV's services have different ages, educational

backgrounds, and needs; as a result, the bank's staff must advise clients on themost reasonable service, meet their needs with a welcoming, enthusiastic

attitude, and provide advice that is specific, accurate, and easy to understand.Bank employees must know how to respond swiftly, scientifically, and

appropriately to instances when clients have issues with the service, concerns, orcomplaints.

Perfection in service quality provided

When it comes to service delivery, excellence means satisfying every

customer's requirement so that they are happy using the bank's services. The

initial registration processes for utilizing the service, how simple it is to use, howlong it takes to complete transactions using Smart-banking, and whether there areany issues with the service are all indicators of service quality. Security concerns

are effective while using a data transmission line or link. When a financial

service's features and utilities are continuously improved, delivered quickly and

smoothly, have a user-friendly interface, and reduce transaction errors, it will beregarded excellently.

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CHAPTER 3: METHODOLOGY

The third chapter aims at explaining the methodology used to accomplishthe study objectives. Specifically, the data collected will be through two mainmethods: implementing a questionnaire and then distributing the survey to

customers who come to make transactions at BIDV Ngoc Khanh branch;

conducting interviews with staff there. In detail, the content includes three mainparts which are the introduction of participants; the methods of data collection;the procedures and the techniques of analysing the primary data and secondary

3.1. Participants of the research

The objective of this research is to study the features that Smart-bankingservice brings to the users, then investigating their expectations about how the

service can be improved. In order to accomplish the mission, the author collectedimportant information from two groups: the staff working at BIDV office’s Ngoc

Khanh branch, where the author had 3-month of working as an intern, and the

customers using the Smart-banking app. These contributions are important

because they will give the most objective feedbacks on the service they are using,

especially in the pinnacle of digital transformation period.

3.1.1. Group 1: Staff working at BIDV office’sNgoc Khanh branch

The group consists of 5 members who are the Head, the Deputy Head of

Personal Customer Department and three bank tellers at the bank counters. Oneof their missions at the bank is to carry out the procedures for opening a bank

account, including an account on the Smart-banking app. These are also the

people who guide customers through the steps of using Smart-banking app and

receive customer feedback about this service. Therefore, their knowledge and

experience will make an important contribution to the questionnaire about banking services that the author prepared.

Smart-3.1.2. Group 2: Customers who are using the Smart-banking app

Customers are individuals or groups of people who make an importantcontribution to answering the questions in this research. Specifically, the age

group participating in the study will be from 18 to 50 years old. These are people

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who regularly use Smart-Banking software for common purposes: transfer and

receive money, receive salary, pay for services, recharge phones and e-wallets, ...

All Opinions from this customer group will be objective for all research results.3.2. Data collection methods

the fastest and most conventional way with as many participants as possible and

to easily compare and analyse data.

As a specific tool for collecting data of surveys, the questionnaire to finddata on document activity should be logically designed by arranging the

questions in a analytical order from simple to complex assessment, therebymaking it easy for participants to answer. According to Pew Research Center

(2020), one of the most important factors that can influence how people reply toquestions is whether the question is open-ended, allowing respondents to respondin their own words, or closed-ended, requiring them to select an answer from a

list of options. The most frequent responses will be determined by conducting asurvey utilizing open-ended questions. On the basis of the research, closed-endedquestions are created with answer options that reflect the most frequent replies.

By doing so, the questions could more accurately represent what the generalpopulation is thinking, how they see a given issue, or raise concerns that the

researchers might not have been aware of. In addition, drop-down and

multiple-choice questions are two types of close-ended questions that play an important

role in clarifying all answers and capturing all useful answers. They assist the

author to collect and analyse indicators that can be plotted on a chart and used toshow trends. Therefore, in order to collect data in a more comprehensive and

convincing manner, a combination of three types of questions is necessary forcollecting feedbacks from customers when they use the Smart-banking service.

In this research, the questionnaire collecting data to analyse covers threemain themes, which are presented in the table as below.

</div>