BIDV has cooperated with VNPAY to launch the BIDV SmartBanking app on Apple Watch, marking a new turning point in the development of digital banking services in Vietnam.

Users of the BIDV SmartBanking app on Apple Watch can easily transfer money, pay bills, recharge phones, and make account inquiries with just a few swipes on the wrist anytime, anywhere. This update will help maximize convenience for customers using banking apps while adding more widgets for avid fans of Apple Watch.

Race to differentiate banking apps

2019 was marked by numerous major changes in the digitalization of Vietnam’s banking industry, especially in Mobile Banking services, with mobile banking apps, which are considered by many banks to be among the key activities and a vital factor in the increasingly grueling competition for customer attention.

Some 80 per cent of banks in Vietnam have now deployed mobile apps. In addition to basic functions such as bank transfers and deposits, more than 60 per cent include consumer utilities and payments such as phone recharging, bill payments, QR payments, and the purchase of air and train tickets. Thanks to this, there is no need for users to download many apps at once, with all bundled into a single app.

While many banks are moving at their fastest in the race for multi-utilities, there are a few that decided to take a different route, focusing on multi-platform promotions and compatibility with other smart devices. The most typical example is the first ever version of a banking app exclusively for Apple Watch - one of the updates that welcomed the latest technological trends in the banking industry.

The features of the BIDV SmartBanking app on Apple Watch, however, are more prominent than previous attempts by other banks to provide this service.

Bringing banking apps to Smart Watches - A pioneering step in differentiation

There are several banks around the world that have successfully deployed mobile apps on smart watches, including CommenWealth, CIBC, and HDFC, with features such as account inquiry, ATM search, and a card lock function. In Vietnam, VIB has introduced its MyVIB app for Apple Watch, but users have yet to be able to perform basic financial transactions on the watch.

BIDV’s SmartBanking app on Apple Watch represents a breakthrough, with many outstanding features allowing customers to perform basic financial transactions right on their wrist.

Not stopping at an information search function, the app is also integrated with essential features such as bank transfers according to an installed list, payment of electricity, water, TV, and internet bills from saved transaction templates, and recharging phones to saved contacts. Simultaneously, the mobile app is also integrated with a virtual assistant that allows customers to easily perform transactions by voice.

In order to use the voice function, customers need only pair the mobile app and the smart watch and change the settings for the list and transaction pattern. The BIDV SmartBanking app on Apple Watch will be an effective complement for mobile apps and maximize convenience for customers, especially those who enjoy a smart technology experience on Apple Watch.

“The BIDV SmartBanking app on Apple Watch is one of the leading technology trends, bringing customers a new and differentiated service experience while still ensuring convenience and safety,” a BIDV representative said.

Viettel recently provided an eSIM service on Apple Watch, where users can directly connect with telecommunications networks without doing so via Bluetooth on iPhone, as was previously the case. This update will contribute to increasing convenience for customers using the app on Apple Watch, where they can easily make transactions even without their smartphone.

Easy account inquires anytime, anywhere

A report from Financial Brand noted that three of the superior benefits digitalization brings to banks are enhanced customer experience, the leveraging of the development of new products, and improvements to operational efficiency. The BIDV SmartBanking app on Apple Watch will be an important update in the digitalization of Vietnam’s banking industry, gradually completing a service ecosystem for banking apps.