The race of bank apps

The year 2019 marked a turning point of digitization in banking, especially in Mobile banking apps. Banks considered it a concentrated product in the increasingly intense race to attract customers.

About 80% of Vietnamese banks have introduced mobile banking apps. Not only provide basic features such as money transfer, online savings…, 60% of the said banks’ mobile banking apps provide additional features such as online shopping, mobile top-up, bill payments, QR pay, train/air ticket booking, etc. Customers no longer have to download multiple apps for different purposes because now they can find all functions in one app only.

While many banks are rushing to race for multi-utility goals, some pursue new directions like pushing multi-platforms and compatibility with different forms of smart device. A typical product out of this trend is bank app for Apple Watch – an update reflecting the current technological trend of the banking industry.

BIDV SmartBanking's features on Apple Watch standing out among that of other banks

A new leap in integrating  banking apps on smart watches

There are some global banks that have implemented the app on smart watches like CommonWealth, CIBC, HDFC… featuring balance checking, ATM search, card-lock requirement,… In Vietnam, VIB introduced app MyVIB for Apple Watch which still remained some drawbacks, thus users of this app were not able to make financial transactions through the watch.

A new push for the market is BIDV implementing BIDV SmartBanking app to Apple Watch with many outstanding features, allowing customers to perform basic financial transactions right on their smart watches.

Not only for checking account and balance, the app allows its users to transfer money to assigned beneficiaries, pay electric/water/TV cable/Internet bills, top-up registered mobile numbers, etc. A virtual assistant has also been integrated into the app, enabling customers to use their voice to perform banking transactions.

Smart tech-duo

To enable the app on Apple watch, customers need to pair their smart phone with the watch and follow the requirements for setting up the list of transactions on the app. The Apple Watch version of BIDV SmartBanking is the effective supporter of the mobile app, maximizes the convenience for customers, especially the fans of Apple Watch.

“BIDV SmartBanking on Apple Watch is the latest tech product designed for enhancing customer experience, while staying convenient and secured” – said a representative of BIDV.

Recently, Viettel Telecom has provided eSIM service on Apple Watch, allowing users to connect the watch with data telecommunication without connecting Bluetooth to an iPhone. This update will make it more convenient for customers to bank online without carrying a mobile phone.

Checking balance anytime, anywhere

According to a report of The Financial Brand, there are 3 major advantages of digitization for banks, which are: increasing customer experience, promoting development of new products, and elevating operation result. BIDV SmartBanking on Apple Watch is an important update on the digital conversion process of the bank towards completing the mobile banking ecosystem.