What do young people expect from digital banks today?

In the eyes of young people, banking is no longer a place to "send money safely" but must be a digital experience - convenient, personalized, suitable, and even entertaining. To reach the digital generation, banks need not only to digitize, but also to truly understand them. When experience becomes a core strategy

In recent years, the banking system in Vietnam has made a strong shift to digital channels. According to data from the State Bank, many credit institutions have recorded a transaction rate via digital channels exceeding 90%. By the end of the first quarter of 2025, the entire industry had conducted more than 5.2 billion transactions with a total value exceeding VND 80 million billion, an increase of 44.43% in quantity and 24.34% in value compared to the same period in 2024. At the same time, the rate of adults owning bank accounts has also reached more than 87%, showing the strong popularity of financial services.

Most commercial banks in Vietnam have developed digital applications with a range of features that go beyond basic transactions. Notably, the young customer group (18–35 years old) – the “cashless” generation – is becoming the main driving force for digital transformation. They not only transfer money and make payments, but also use digital banking to manage finances, invest and consume, forcing banks to adapt faster and personalize more strongly than ever.

The rate of transactions via digital channels has now exceeded 90%.

Quang Anh (born in 1995, Hanoi ) said that he prioritizes banking applications with fast transaction speed, simple with just a few operations, allowing quick login/payment by Face ID, fingerprint or Smart OTP - both secure and convenient. "Protecting personal data is the top priority, but I also hope the app does not require repeated verification with unnecessary operations," Quang Anh said.

Meanwhile, for Ngoc Quynh (born 1999, Ho Chi Minh City), the ideal digital banking application should be like a “financial-consumer super application” with a strong personal touch. She prioritizes apps that allow for customizing the interface according to preferences, suggesting services based on habits, automatically classifying spending, and warning of exceeding limits.

According to experts, digitalization is now just a necessary condition. When most banks already have apps, eKYC and basic transaction features, the differences are increasingly blurred. The challenge lies in the experience - where users demand more than a traditional digital bank. The application must be smooth, intuitive, concise, logical and especially must touch the needs and psychology of the young generation.

“They are willing to change banks if the app is not user-friendly or does not have good incentives because e-wallets are competing fiercely. This is the main driving force behind digital transformation, with high expectations for convenience, speed, versatility and personalization. In the experience economy , whoever does not suit their taste will lose customers,” experts emphasized.

How is the banking app "war" going?

Faced with this situation, many banks have quickly invested heavily in AI technology to personalize the interface and services, helping users feel like they are being advised by a personal "financial assistant" on spending, saving or investing.

For example, DBS Bank – the Singaporean financial giant – has turned the DBS digibank application into a smart ecosystem, helping users automatically pay, save and invest. In Europe, N26 – the first licensed digital bank – scores with a minimalist interface, automatic expense classification and a “target wallet” to support personal financial management. All are operated entirely in a digital environment, without physical branches and have become a vital factor in the development strategy of modern global banking.

In Vietnam, by 2025, it is estimated that there will be more than 30 digital banking applications such as Lio Bank, VPBank NEO, Techcombank Mobile, BIDV SmartBanking, NCB iziMobile... operating, creating a fiercely competitive market and diverse choices for consumers. Although it cannot be compared to comprehensive digital financial ecosystems such as DBS digibank or N26, these advances show that domestic banks are gradually approaching the right experience expectations of modern users - where technology not only operates transactions, but also accompanies customers in every personal financial behavior.

Some mobile apps in Vietnam have initially stepped out of their "safe zone" by integrating online games.

Recently, in the increasingly vibrant digital transformation picture, SHB is not out of the game. With a strong repositioning strategy in recent years, this bank is gradually investing in technology infrastructure, user experience and digital financial ecosystem. It is expected that in June 2025, SHB will officially launch a new generation digital banking application, integrating modern technology, friendly interface and deep personalization capabilities, aiming at the smart and flexible financial management needs of young users.

SHB's digital banking application reveals its ambition to redefine the digital experience for the modern generation of users. The interface is designed to be minimalist, intuitive, and full of youthful technology, integrating advanced features such as biometrics, Smart OTP, and QR payment ecosystem at more than 200,000 locations nationwide. All are packaged in a single platform, meeting the multitasking, flexibility, and increasingly personalization needs of young users.

In particular, SHB continuously improves security standards with modern authentication layers, helping users feel absolutely secure when making financial transactions anytime, anywhere. The bank is making progress in building a comprehensive digital ecosystem for individual customers. Putting customers and the market at the center, SHB is strongly digitizing, contributing to the country's digital transformation, accompanying the digital lifestyle of customers, people, and society.

At the recent digital transformation event of the banking sector, Prime Minister Pham Minh Chinh emphasized that digital transformation of the banking sector needs to closely follow the guidelines, take drastic actions, improve efficiency; seize opportunities, take the lead in technology, promote development; pioneer in technology, and take the lead in innovation. The sector needs to build diverse products, professional services, ensure security and confidentiality, towards the interests of the people, the development of businesses, while ensuring publicity, transparency, preventing corruption, waste and negativity.

The goal of digital transformation is to accelerate, break through and reach the finish line sooner than expected, focusing on 5 pillars: Perfecting institutions; developing digital infrastructure; digital transformation for people and businesses - especially in remote, border, island areas and vulnerable groups; developing human resources for digital transformation and ensuring security and safety in digital transformation.

Duong Chung (According to thoibaotaichinhvietnam.vn)

Source: http://baovinhphuc.com.vn/tin-tuc/Id/129718/Nguoi-tre-ky-vong-gi-o-ngan-hang-so-hien-nay