In a move to promote digital banking, cut costs, and handle inactive accounts, several banks have announced changes to their account management fees and rolled out new charges, starting December 1.
Many banks are applying fees based on minimum balances and account activity. (Illustrative photo: VNA)
Under the new structure, banks, including Eximbank, VIB, and Sacombank, are applying fees based on minimum balances and account activity, while tightening SMS Banking charges to encourage customers to receive balance-change notifications via mobile apps – a free method that also helps reduce operational costs.
Along with fee changes, the banking sector is ramping up efforts to sync and standardise customer data.
The State Bank of Vietnam reported that as of November 14, over 136.1 million personal records and 1.4 million organisational records had been biometrically verified using chip-based ID cards and the VNeID app. Now, 57 credit institutions and 39 payment intermediaries offer ID-card verification on their mobile apps, 63 credit institutions have installed ID-card readers at counters, and 21 units have integrated VNeID into their operations. Data standardisation not only underpins the development of digital identity but also helps banks manage accounts more efficiently, enhance transaction security, and reduce fraud.
With more than 1.7 million warnings issued and over 567,000 user-initiated transaction cancellations, early results from the SIMO information system for customer risk management, monitoring, and prevention have demonstrated the positive impact of these efforts.
