A transaction that takes seconds requires an entire operating system behind it

Like many of his peers, Hoang Manh Hung in Ha Noi now rarely carries cash. According to him, almost all payments can now be met through digital transfers. He simply opens his phone and scans a QR code to pay for a cup of coffee. On the screen, the transaction is completed almost instantly.

Like Hung, very few people know that behind those few seconds, numerous processes are taking place simultaneously: identity authentication, real-time data processing, account reconciliation, and the activation of fraud-monitoring layers. This is the least visible part of digital banking.

Users often perceive digital transformation through the speed and convenience of transactions. However, for major banks, what matters more is the ability to operate safely and stably on a very large scale.

As Viet Nam promotes the digital economy, cashless payments and a national digital data, digital banking is no longer solely a matter for the financial sector. It is gradually becoming part of the operational infrastructure of the economy.

Representatives of the Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) said that the bank’s digital ecosystem processed approximately 1.17 billion digital transactions in 2025, with a total value of around 14.7 quadrillion VND. Nearly 99% of retail transactions were conducted through digital channels. The scale of one of the country’s leading financial institutions allows users to authenticate through VNeID to complete loan profiles, scan QR codes for overseas payments, or conduct transactions directly on their phones without visiting a branch. For businesses, digital platforms help real-time cash flow management, reduce paperwork, and optimise operations.

This digitalisation process has also helped promote cashless payments and significantly reduce social operating costs relating to cash, paperwork, and manual procedures.

The restructuring behind digital banking

For many years, banking digital transformation was often viewed through mobile banking, QR payments, or eKYC. However, for large banks, the core lies in the data and technology infrastructure operating behind the scenes.

One of Vietcombank’s key milestones was the successful go-live of its core- banking system in 2020. In the banking industry, core-banking is considered as the foundation that determines real-time processing capabilities and the ability to expand digital services on a large scale.

From this platform, Vietcombank has gradually developed a digital ecosystem comprising VCB Digibank for individual customers, VCB DigiBiz for small and medium-sized enterprises (SMEs), VCB CashUp for cash flow management, VCB Online Lending for online lending, as well as digital platforms in healthcare and education sectors.

Notably, these platforms do not operate independently but are connected through data, digital identification, and centralised processing systems. This helps create a more seamless customer experience while enabling the bank to automate many back-office processes.

Alongside digital payments, Vietcombank has also been one of the pioneering banks in deploying biometric authentication through chip-based citizen identity cards, integrating VNeID, and remote digital signatures. By the end of 2025, the bank had collected biometric data from more than 15 million customers, linked around 2.5 million social security accounts through VNeID, and disbursed approximately 8.35 trillion VND through VNeID-based personal digital signatures.

This trend also takes place in countries such as India, Singapore, and Brazil, where data and electronic identification are becoming the foundation of modern banking.

Why is digital transformation more difficult for large banks?

For start-ups, experimentation with technology or changes in models can happen very quickly. However, for major banks, such as those in Viet Nam’s Big4 group, digital transformation is an entirely different challenge.

A bank with tens of millions of customers, one of the largest transaction volumes in the system and extremely high security requirements cannot simply “reset” itself like a conventional technology application. Every change must be accompanied by considerations of stability, security, and risk management. This is also what makes Vietcombank’s digital transformation journey distinctive.

Le Quang Vinh, Chief Executive Officer of Vietcombank, said that 2026 has been identified as the starting phase of a new development strategy requiring “stronger innovation, higher efficiency, and more sustainable development.” The bank’s focus is on renewing its growth model in line with operational restructuring, leveraging the strength of its ecosystem, and improving workforce quality to adapt to digital transformation. This includes integrating AI, Big Data, and modern forecasting models into governance, business, and risk management.

This demonstrates that banking digital transformation is no longer limited to putting services online. It is moving into a new phase driven by data, AI, and automation.

In addition, Vietcombank is expanding its digital transformation efforts towards intelligent operations and sustainable development. The bank is automating numerous business processes, reducing dependence on traditional paperwork, optimising internal operations, and enhancing service-processing capabilities on a large scale. Vietcombank also considers digital technology as one of the foundations for reducing resource consumption, optimising operations, and cutting carbon emissions — a direction also being pursued by international banks such as DBS, HSBC, and ING.

In 2025, Vietcombank was recognised by Asian Banking & Finance for its initiatives in applying technology and digital transformation to risk management. It was also the only Vietnamese bank to be rated at the national credit ceiling by Moody's, S&P, and Fitch. These recognitions indicate that international markets value not only the pace of digitalisation but also the governance capability and safety of the digital transformation process.

From an international perspective, this is also the path being pursued by banks such as DBS, JPMorgan, and BBVA. DBS spent years restructuring its data infrastructure to become one of Asia’s leading digital banks. JPMorgan invests tens of billions of US dollars each year in technology to enhance data-processing capabilities and real-time fraud prevention. BBVA follows a data-driven banking model and considers data a strategic asset.

Vietcombank is following a similar path within Viet Nam’s own context: digital transformation on the foundation of a bank with one of the largest scale of assets, data, customers, and security requirements, while still maintaining leading business effectiveness, operational stability, and asset quality.

In the digital era, users may see only a QR code scan or a transaction completed in a few seconds on their phones. However, behind those simple experiences is an entire “digital nervous system” working continuously to make banking payments faster, smarter and safer every day.