Emerging Technologies Continuing to Dominate in 2024
According to Nash Tech, digital transformation is a journey, not a destination, and 2024 continues to be a promising chapter, building on the breakthrough trends that we saw in 2023 while marking transformative innovations that will shape the future of how we work, live, and interact in a digital context.
According to reputable technology websites, in 2024, the majority of technology sectors will revolve around Artificial Intelligence (AI), standout with 2 trends: Applied AI and Generative AI. Additionally, 5G connectivity, Virtual Reality (VR), Augmented Reality (AR), cloud computing, and other technologies are predicted to be prominent as well.
In the banking sector, by embracing advanced technologies and putting the user at the center, banks and financial organizations are enhancing their service capabilities, streamlining processes, and at the same time maintaining competitive advantages in the rapidly changing landscape. Globally and specifically in Vietnam, the banking industry is considered to be one of the most agile fields in adopting new technologies. And digital banking is a product that aims to meet customers’ expectations for a more convenient, flexible, modern, and professional banking experience.
Pioneering Digital Banks Applying Modern Technologies
Looking at the market, it is noticeable that banks have been concentrating on investing significant resources in developing digital banking. Besides focusing on expanding features, ensuring stability and security, banks are also applying various modern technologies to enhance and optimize user experiences. MyVIB is a typical example with several cutting-edge technologies first applied in Vietnam’s digital banking, specifically through the following standout technologies:
Cloud-native: VIB is a leading bank in Vietnam to integrate cloud-native technology into its digital banking application. This technology allows building and operating applications on a cloud computing platform, enhancing application scalability, flexibility, and security. As a result, MyVIB can provide users with a fast, convenient, and secure digital banking experience.
Augmented Reality (AR): VIB is the first bank to provide an Augmented Reality (AR) experience in its MyVIB digital banking application to enhance customer experience. With AR technology, users can conveniently and vividly access banking information and services.
AR technology brings virtual objects into the real environment, making financial transactions more interesting and creating unique experiences for users. In AR mode on MyVIB, users can perform various financial tasks such as card management and security, location tracking, finding ATMs/branches, or discovering nearby promotions just by scanning the camera.
Artificial Intelligence (AI): With MyVIB, VIB is the first to apply voice-based AI technology, transforming speech into text (Speech to Text) and vice versa (Text to Speech), enabling users to make transactions easily without touching. To transfer money to a VIB account, top up services, or report card lock/unlock, users only need to speak the command following the template, and the transaction will be processed in less than 1 minute.
Recently, the updated MyVIB application features voice notifications, allowing users to receive balance fluctuations, card transactions, or promotions without touching their phones. Users can also choose between Northern or Southern accents, male or female voices, and choose a suitable timeframe.
In addition to the aforementioned technologies, VIB is constantly staying ahead of technology by applying AI, Machine Learning, and Big Data to deeply analyze customer profiles and needs, thereby offering appropriate and personalized solutions. This is demonstrated by the fact that new features, promotions, and benefits on MyVIB will be personalized for each customer. The effectiveness of the new AI-based approach has been proven by increasing customer satisfaction and accessibility over time.
With digital transactions growing by 100% from 2017 to 2023, and digital transactions accounting for 94% of total individual customer transactions in 2023, digital banking continues to be the leading channel and VIB will continue to invest in strong growth in 2024. VIB is also deploying a core banking project on a cloud computing infrastructure, increasing capacity, flexibility, and expanding the digital solution ecosystem, including digital banking MyVIB, thereby enhancing user experience and maintaining a leading position in digital banking experience in Vietnam.
