215

Blockchain and Banking

Based on the survey evaluation, users of banking products and services said

they were pleased with the money transfer services of Techcombank and Tpbank

because of their quick and cost-free processing speed for transactions. However, with

the BIDV service, many customers are not happy because mobile banking some­

times has errors and they cannot access it. In contrast, many people complain that

Vietcombank charges very high money transfer fees. It is observed that blockchain

technology allows Vietnam’s commercial banks to offer the most increased conve­

nience and low cost to clients; growing competition, attracting new clients, increas­

ing profits and increasing the size of equity. However, for many reasons, such as high

investment costs, stringent banking regulations and consumer trust, retail banks are

still very cautious in adopting blockchain (Higginson et al., 2019).

In contrast to this issue are the attempts to deploy blockchain by governments,

investment banks and suppliers. For the big boys like Amazon, Oracle and IBM,

blockchain services have become a technology sprint. Hackathons have been

launched by wholesale banks and related to fintech. Vietnam officially abolished

the household registration book on 1 January 2021, and transitioned to demographic

management using technology. Vietnam was ranked eighth in crypto operations

worldwide in 2019, according to Hoang (2020). The amount of capital that startups

have raised in the Vietnamese blockchain space is approximately $150 million. This

is a promising indicator that demonstrates the potential for blockchain growth in

Vietnamese commercial banks. It can be argued that the Vietnamese market is a

fertile piece of cake in the blockchain space for business operations, and the banking

TABLE 12.2

Results of Research

Items

Quantity

Percentage

Gender

Male

11

17.74

Female

51

82.26

Bank

BIDV

50

80.64

MBbank

49

79.03

Techcombank

45

72.58

Vietcombank

35

56.45

Tpbank

31

50

Agribank

20

32.26

ACB

14

22.58

Sacombank

7

11.29

Products

Non-cash payment

62

100

Deposit and withdraw cash

62

100

Internet banking or smart banking

62

100

Online savings deposit

27

43.55

Online lending

3

4.84

Source: Results from the analysis, data collected by the authors.