Pha -Tien Pham; Nguyen Diep Thi Ngoc
A icle
The e ec s o he in ech company g ow h on bank
pe o mance h ough balanced sco eca d: A Delphi s udy
Asian Jou nal o Economics and Banking (AJEB)
P o ided in Coope a ion wi h:
Ho Chi Minh Uni e si y o Banking (HUB), Ho Chi Minh Ci y
Sugges ed Ci a ion: Pha -Tien Pham; Nguyen Diep Thi Ngoc (2025) : The e ec s o he in ech
company g ow h on bank pe o mance h ough balanced sco eca d: A Delphi s udy, Asian Jou nal
o Economics and Banking (AJEB), ISSN 2633-7991, Eme ald, Leeds, Vol. 9, Iss. 2, pp. 240-260,
h ps://doi.o g/10.1108/AJEB-09-2024-0102
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The e ec s o he in ech company
g ow h on bank pe o mance h ough
balanced sco eca d – a Delphi s udy
Pha -Tien Pham
School o Economics, Can Tho Uni e si y, Can Tho, Vie nam, and
Diep T.N. Nguyen
Facul y o Business Adminis a ion, Ho Chi Minh Ci y Open Uni e si y,
Ho Chi Minh Ci y, Vie nam
Abs ac
Pu pose – This s udy is based on he ou pe spec i es (cus ome , inancial, in e nal p ocess and lea ning and
g ow h) o he balanced sco eca d (BSC) and he Delphi echnique o examine he impac s o in ech company
g ow h on bank pe o mance in he digi al age. I aims o p o ide a comp ehensi e unde s anding o he
in e ac ion be ween in ech and banking in his con ex .
Design/me hodology/app oach – By combining he ou pe spec i es o he BSC wi h a e iew o ele an
li e a u e, an o ien a ion ques ionnai e is cons uc ed. Subsequen ly, he Delphi echnique is employed o
explo e he impac o in ech company g ow h on ou pe spec i es o bank pe o mance.
Findings – The indings e eal ha in ech company g ow h has bo h posi i e and nega i e e ec s on bank
pe o mance ac oss a ious sub-pe spec i es. None heless, he o e all esul s indica e ha in ech company
g ow h gene ally enhances bank pe o mance. In pa icula , he expansion o in ech companies con ibu es o
imp o ed cus ome sa is ac ion, inancial ou comes, in e nal p ocesses, and he lea ning and g ow h o
bank s a .
O iginali y/ alue – This s udy is conside ed o iginal, as i u ilizes he ou pe spec i es o he BSC and he
Delphi echnique o p o ide no el insigh s in o he li e a u e h ough a comp ehensi e e alua ion o he impac
o in ech company g ow h on bank pe o mance. Fu he mo e, i o e s signi ican e idence ha can se e as a
ounda ional amewo k o u u e esea ch.
Keywo ds Fin ech company, Bank pe o mance, Balanced sco eca d, Vie nam
Pape ype Resea ch pape
1. In oduc ion
In he mode n age, subs an ial in es men in dis up i e echnologies plays a c ucial ole in
de eloping a ious sec o s. Fo ins ance, dis up i e echnologies in enewable ene gy ha e
con ibu ed o he economic g ow h o OECD coun ies (Nguyen, 2025), enhanced se ice
sec o pe o mance (Fauzel e al., 2024) and ans o med he banking indus y (Vi es, 2019).
Among hese, he banking indus y is o en conside ed a pionee ing sec o signi ican ly
impac ed by he apid ad ancemen o dis up i e echnologies (Ruhland and Wiese, 2023). As
a esul o he applica ion o dis up i e echnologies in he banking indus y, a new en an has
eme ged in he inancial sec o : he in ech company. Commonly de ined, in ech companies
a e non-bank en i ies ha le e age dis up i e echnologies o p o ide banking p oduc s and
se ices (Pham and Nguyen, 2023; Temelko , 2018).
The swi expansion o in ech companies and he con inuous digi al ans o ma ion wi hin
he banking indus y ha e ede ined he global inancial se ices landscape. Fin ech
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© Pha -Tien Pham and Diep T.N. Nguyen. Published in Asian Jou nal o Economics and Banking.
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Recei ed 3 Sep embe 2024
Re ised 22 Janua y 2025
5 Ma ch 2025
19 Ma ch 2025
3 Ap il 2025
20 Ap il 2025
Accep ed 26 Ap il 2025
Asian Jou nal o Economics and Banking
Vol. 9 No. 2, 2025
pp. 240-260
Eme ald Publishing Limi ed
e-ISSN: 2633-7991
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DOI 10.1108/AJEB-09-2024-0102
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companies ha e in oduced echnologies ha inc ease ope a ional e iciency, expand access o
se ices and imp o e cus ome expe iences. These changes a e d i ing banks o e hink how
hey ope a e, in e ac wi h clien s and manage in e nal unc ions. In pa icula , in ech’s
po en ial o s eamline ope a ions, enhance cus ome engagemen and o e al e na i e
se ices has made i a key d i e o change in he digi al e a. While his ans o ma ion is
global, i is especially ele an in eme ging ma ke s like Vie nam, whe e in ech adop ion is
accele a ing. The Vie namese inancial ecosys em has expe ienced signi ican expansion in
mobile paymen s, pee - o-pee loans and e-walle s (S a is a, 2021a), bu esea ch has no
ad anced co espondingly wi h hese changes.
Ou i s gap is he p edominance o one-dimensional analyses in exis ing s udies on he
impac o in ech on bank pe o mance. The p io s udies ha e examined speci ic ou comes,
mos no ably inancial me ics and cus ome sa is ac ion. Also, hese s udies end o assess
such dimensions in isola ion. Besides, se e al schola s such as Cheng and Qu (2020) and Pham
e al. (2021) ocused on p o i abili y and e u n on in es men , whe eas Bha acha ya and
Sinha (2022) in es iga ed cus ome sa is ac ion in he con ex o in ech adop ion. These
s udies p o ide aluable bu limi ed insigh s, as hey do no cap u e how in ech
simul aneously in luences a ange o in e connec ed pe o mance a eas, such as in e nal
p ocesses o employee de elopmen . This na ow ocus is insu icien o unde s anding he
b oade o ganiza ional e ec s o digi al ans o ma ion, pa icula ly in banking, whe e
changes in one domain o en igge cascading e ec s ac oss o he s.
The second gap lies in he limi ed use o s uc u ed, mul i-dimensional amewo ks o
assess he impac o in ech on banks. Despi e he p o en u ili y o he balanced sco eca d
(BSC) amewo k in e alua ing pe o mance ac oss inancial and non inancial dimensions,
i s applica ion in in ech- ela ed banking esea ch emains minimal. Mos s udies con inue
o ely on adi ional inancial indica o s o cus ome - ocused ou comes, o e ing only a
pa ial iew o pe o mance impac s. Fo ins ance, Li e al. (2020) e alua e in ech
in eg a ion h ough p o i abili y me ics bu ail o conside i s implica ions o a eas such
as isk managemen , ope a ional e iciency and employee lea ning. The absence o a
comp ehensi e e alua i e model es ic s he scope o exis ing indings and limi s hei
ele ance o s a egic decision-making. A mo e in eg a ed amewo k, such as he BSC, is
necessa y o p o ide a comp ehensi e insigh in o how in ech a ec s bank pe o mance
ac oss mul iple dimensions.
Las , he e is a de iciency o empi ical esea ch on in ech’s impac wi hin eme ging ma ke s,
pa icula ly in Vie nam. Much o he cu en li e a u e is concen a ed in de eloped economies,
whose egula o y en i onmen s, ma ke condi ions, and echnological in as uc u e di e
signi ican ly om hose in de eloping con ex s. This limi s he gene alizabili y o hei indings.
Despi e Vie nam’s swi ad ancemen in in ech adop ion – pa icula ly in mobile paymen s,
pee - o-pee lending and e-walle s – he impac o hese inno a ions on banking pe o mance
emains la gely unexamined. Exis ing s udies ha e p ima ily examined adop ion ends o
egula o y challenges a he han pe o mance ou comes. As a esul , he e is li le empi ical
e idence on how in ech company g ow h is shaping he ope a ional, inancial and
o ganiza ional dynamics o Vie namese banks. Add essing his gap equi es con ex -speci ic
esea ch ha applies a mul i-dimensional amewo k o e alua e he impac o in ech in
eme ging ma ke condi ions.
This s udy add esses hose gaps by applying he ou pe spec i es o he BSC amewo k o
examine he e ec s o in ech company g ow h on bank pe o mance. In oduced by Kaplan
and No on (2005), he BSC se es as a holis ic model ha cap u es business pe o mance
ac oss ou pe spec i es: cus ome , inancial, in e nal p ocesses and lea ning and g ow h.
While he BSC is widely used in pe o mance e alua ion, i emains unde u ilized in in ech-
ela ed banking esea ch. Mos p io s udies ely hea ily on inancial me ics like p o i abili y
(Li e al., 2020; Pham e al., 2021) o ocus on cus ome ou comes such as sa is ac ion and
e en ion. This na ow ocus limi s unde s anding o how in ech in luences in e nal ope a ions
o human capi al de elopmen .
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To o e come his limi a ion, he s udy combines he BSC amewo k wi h he Delphi
echnique – a quali a i e esea ch echnique ha ga he s expe consensus o e mul iple
ounds. This app oach is pa icula ly aluable in eme ging a eas whe e empi ical da a a e
spa se, and expe judgmen is necessa y. The Delphi echnique is mainly employed in his
s udy o collec insigh s om schola s and p o essionals in banking and in ech ac oss
Vie nam. Thei iews p o ide eal-wo ld pe spec i es on how in ech a ec s bank ope a ions
and pe o mance. This dual-me hod app oach acili a es a mo e p o ound and nuanced
comp ehension o he in ech-banking in e ac ion, pa icula ly in an en i onmen
cha ac e ized by swi digi al change.
This s udy is expec edly o make nume ous subs an ial addi ions o he li e a u e on in ech
and banking pe o mance. Fi s , i add esses he me hodological limi a ions o p io esea ch by
adop ing he BSC amewo k o assess in ech’s impac ac oss ou in e ela ed dimensions:
cus ome , inancial, in e nal p ocesses and lea ning and g ow h. This app oach enables a
comp ehensi e e alua ion o in ech company g ow h on bank pe o mance, mo ing beyond
he adi ional ocus on isola ed inancial o cus ome ou comes. Secondly, he s udy applies he
Delphi me hod o ga he expe insigh s om banking and in ech p o essionals in Vie nam,
he eby en iching he empi ical ounda ion and cap u ing p ac i ione pe spec i es ha a e o en
absen in quan i a i e s udies. Thi dly, by ocusing on Vie nam – an eme ging ma ke
expe iencing apid in ech expansion – he s udy o e s con ex -speci ic e idence ha
con ibu es o a mo e globally inclusi e unde s anding o he e ec o in ech on banks.
Collec i ely, hese con ibu ions ad ance heo e ical de elopmen in pe o mance measu emen
unde digi al ans o ma ion and o e p ac ical esou ces o e e ence o banks, policymake s
and in ech s akeholde s ope a ing in simila eme ging coun ies o de eloping ma ke s.
2. Resea ch backg ound
2.1 Li e a u e e iew
The in eg a ion o in ech in o he banking sec o has become a ocal poin o academic
discou se, wi h schola s examining i s mul i ace ed implica ions. On one hand, in ech s a ups
a e iewed as s a egic collabo a o s ha enhance digi al banking e iciency h ough
echnological inno a ion (Bha acha ya and Sinha, 2022; S e anelli and Man a, 2023). On he
o he hand, empi ical e idence ega ding in ech’s impac on banks’ inancial pe o mance
emains inconclusi e. Some s udies highligh nega i e e ec s on inancial indica o s (Phan
e al., 2020), while o he s demons a e in ech’s ole in ein o cing inancial s abili y (Sa iullah
and Pa ama i, 2022) o inc easing ma ke isk, such as h ough le - ail s ock e u n
dis ibu ions (Li e al., 2020).
F om he cus ome pe spec i e, in ech adop ion is la gely associa ed wi h enhanced
sa is ac ion, loyal y and engagemen , all o which con ibu e o e enue g ow h (Addai e al.,
2015; Alkhazaleh and Haddad, 2021; Pooya e al., 2020). Addi ionally, in ech inno a ions
ha e ans o med in e nal bank ope a ions, pa icula ly in a eas such as isk assessmen ,
p oduc deli e y and cus ome p o iling (Al e al., 2018; Puschmann, 2017; Vu�
cini�
c, 2020).
These ad ances ha e also suppo ed imp o emen s in isk managemen and consume
p o ec ion (Jag iani and Lemieux, 2018).
Despi e ope a ional bene i s, in ech in eg a ion p esen s challenges, pa icula ly in e ms
o wo k o ce adap a ion. While digi al ans o ma ion can lead o highe p oduc i i y, i also
places p essu e on employees, necessi a ing ongoing upskilling and a en ion o job
sa is ac ion (Chen e al., 2021a, b; San oso e al., 2021).
Fin ech’s ole in p omo ing inancial inclusion is ano he key a ea o esea ch, pa icula ly
in expanding access o unde se ed popula ions (Neelam and Bha acha ya, 2022).
Ins i u ional heo y, as p oposed by Meye and Rowan (1977), p o ides a aluable
amewo k o unde s anding his phenomenon, sugges ing ha o ganiza ions adop
echnological inno a ions like in ech no only o imp o e e iciency bu also o align wi h
b oade ins i u ional no ms and expec a ions (Teigland e al., 2018).
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Despi e he g owing body o li e a u e, he di ec in luence o in ech on bank pe o mance
emains unce ain, poin ing o a signi ican esea ch gap. Add essing his gap, he p esen
s udy applies ins i u ional heo y o examine whe he in ech inno a ions con ibu e o
imp o ed e iciency and p oduc i i y in he banking sec o . A comp ehensi e,
mul idimensional app oach – ex ending beyond con en ional inancial indica o s – is
essen ial o ully cap u e in ech’s impac on banking ins i u ions.
2.2 The g ow h o in ech companies in Vie nam
Vie nam is one o he eme ging in ech ma ke s cha ac e ized by a p og essi ely
in e connec ed popula ion, a c ucial elemen in he ad ancemen o he in ech sec o .
Figu e 1 demons a es ha Vie nam has a g ea e numbe o in e ne use s and sma phones
compa ed o o he na ions in he ASEAN a ea. As an icipa ed, he s a is ics o Vie nam a e
expec ed o s eadily and subs an ially ise in he ollowing yea s, p edic ed o a ain mo e han
98 million mobile in e ne use s in 2029 (S a is a, 2022). Besides, Figu e 2 shows ha he
pene a ion a e o sma phones in Vie nam is 66.70%, anked 12 h wo ldwide. Consequen ly,
Vie nam has ga ne ed signi ican in e es om in es o s in bo h he domes ic and global
ma ke s, esul ing in a su ge o in ech companies being ounded in he coun y. Addi ionally,
S a is a (2021b) indica es ha he numbe o ac i e in ech en e p ises in Vie nam ose om 78
in 2016 o 141 in 2020.
The majo i y o in ech companies in Vie nam a e newly es ablished businesses, wi h he
paymen sec o being he mos p ominen segmen wi hin he Vie namese in ech indus y (Le
and Le, 2018; Lien e al., 2020; MBBank, 2021; Solidiance, 2018). Figu e 3 p esen s a lis o
in ech companies cu en ly ac i e in Vie nam. These companies and hei goods, which o e
a ange o ea u es and applica ions, ha e become qui e success ul in he Vie namese ma ke .
Se e al p ominen in ech companies, including Momo, VnPay, Zalo Pay and VinID, a e
engaged in mobile paymen s, while Tima, Doc o Dong, V ien and o he s a e well-es ablished
in he P2P (pee - o-pee ) lending sec o .
The in ech business in Vie nam is wi nessing emendous g ow h and has ga ne ed
signi ican in e es om in es o s, pa icula ly in e-paymen . In a epo by S a is a (2021a),
he o e all alue o e-paymen s in 2020 amoun ed o 8.60 billion dolla s, wi h a mon hly
0.91.45 1.97 2.65 3.69 5.48
9.4
13.83
24.61
29.19
42.55
57
74.81
80.22
85.73
91.32
96.9797.6598.15 98.64
0
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Numbe o mobile in e ne use s in Vie nam om 2010 o 2029 (in millions)
Figu e 1. Numbe o mobile in e ne use s in Vie nam om 2010 and o ecas o 2029. Sou ce: S a is a (2021a)
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a e age o 26.2% o in e ne use s engaging in e-paymen s. The digi al paymen ca ego y had a
signi ican inc ease in o al unding alue, om a me e 28.8 million dolla s in 2016 o an
imp essi e 403 million dolla s in 2019. Momo has achie ed signi ican success in e ms o
und aising, accumula ing a o al o 433.8 million dolla s om 2013 o 2021.
Fu he mo e, he in ech sec o is an icipa ed o ha e a a o able u u e, especially owing o
he p og ession o e-comme ce (Ngo and Gim, 2014; Nguyen e al., 2015). Deloi e (2020) also
asse s ha he co ona i us disease 2019 (COVID-19) pandemic has c ea ed ad an ageous
condi ions o in ech en e p ises. In Vie nam, his occu ence can be a ibu ed o wo ac o s.
Ini ially, in he i s and second wa es o he pandemic, he p ima y measu es employed in he
“Ze o-Co id” policy we e social sepa a ion and isola ion. As a esul , he e was a g owing need
o digi al paymen me hods in e-comme ce. The en o cemen o social dis ancing policies
signi ican ly diminished he p o i abili y o en e p ises and households, leading o an inc eased
demand o inancial assis ance. Consequen ly, i may be deduced ha COVID-19 pe haps
exe ed a posi i e in luence on he g ow h o he in ech business.
Despi e he S a e Bank o Vie nam’s emphasis on he in ech indus y, conside able
impedimen s o i s expansion pe sis , such as clien s’ insu icien inancial li e acy and he
legal s uc u e ha o e sees i . The go e nmen has implemen ed a ious o icial egula ions
o os e in ech ad ancemen , including Dec ee No. 87/2019/ND-CP, which modi ies and
enhances pa icula in ech p oduc s; Dec ee 116/2013/ND-CP, which delinea es s a egies o
he p e en ion and con ol o money launde ing in compliance wi h legal s anda ds; and
Ci cula No. 16/2020/TT-NHNN, which o e s guidance on he es ablishmen and u iliza ion
o checking accoun s a paymen se ice p o ide s. Ne e heless, cu en egula ions appea
inadequa e, and he in ech sec o an icipa es a g ea e scope o g ow h, encompassing a eas
like c yp ocu encies, non ungible okens and so on. Fu he mo e, gi en he swi ise o he
in ech sec o , i is impe a i e o egula e he in ech sandbox in o de o os e a o able
condi ions o i s ma ke g ow h.
30.40%
31%
38.10%
46.50%
60.30%
61.50%
64.20%
66.60%
66.70%
68.10%
68.40%
73.40%
73.60%
74.40%
75%
78.60%
81.60%
81.90%
82.20%
82.60%
0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00%
Bangladesh
Pakis an
Nige ia
India
Philippines
Mexico
Egyp
B azil
Vie nam
Indonesia
China
Thailand
Russia
I an
Tu key
Japan
Uni ed S a es
Ge many
Uni ed Kingdom
F ance
Pene a�on a e o sma phones in selec ed coun ies 2022
Figu e 2. Pene a ion a e o sma phones in 2022 (% popula ion). Sou ce: S a is a (2021b)
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In 2021, UOB G oup p esen ed da a on in ech companies in six ASEAN coun ies
(Table 1), highligh ing Vie nam as a no able case o in ech de elopmen . Vie nam’s g ow h in
his sec o su passes ha o o he coun ies in he ASEAN-6 egion. Be ween 2017 and 2021,
he o al ope a ing in ech companies in Vie nam expe ienced a g ow h a e o 67.86%. This
g ow h a e exceeds ha o Malaysia (58.67%), he Philippines (51.41%) and Thailand
(48.07%), al hough i is in e io o Indonesia (78.41%) and Singapo e (75.33%), he wo
p eeminen na ions in he ASEAN-6 in ech sec o . Mo eo e , S a is a (2021a) indica es ha
Table 1. Fin ech companies in ASEAN-6
Coun y
2017 2018 2019 2020 2021
New
To .
Ope . New
To .
Ope . New
To .
Ope . New
To .
Ope . New
To .
Ope .
Indonesia 100 440.00 142 583 108 691 67 758 27 785
Malaysia 68 346.00 72 418 57 475 48 523 26 549
Philippines 34 177.00 31 208 35 243 18 261 7 268
Singapo e 208 770.00 266 1,036 159 1,195 120 1,315 35 1,350
Thailand 39 181.00 42 223 27 250 13 263 5 268
Vie nam 20 112.00 32 144 25 169 12 181 7 188
No e(s): To .Ope .: To al numbe exis ing ope a o s
Sou ce(s): The UOB G oup (2021)
Figu e 3. Fin ech s a -up companies in Vie nam. Sou ce: Fin ech Singapo e (2019)
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he numbe o newly ounded in ech en e p ises in Vie nam su ged by 170% om 2017 o
2020. In his ime ame, he agg ega e numbe o digi al paymen s a ained 8.6 billion US
dolla s, wi h 26.2% o in e ne use s execu ing mon hly mobile ansac ions. Fu he mo e,
Momo, a p ominen e-walle and mobile paymen se ice p o ide in Vie nam, secu ed a
und aising amoun o 433.8 million US dolla s in he same yea , es ablishing i sel as he
in ech company wi h he g ea es unding alue in Vie nam. Hence, we ind i in iguing o
examine he expansion o in ech en e p ises in Vie nam, conside ing he men ioned a ionale.
2.3 Fin ech companies and banks in Vie nam
Repo s om SBV (2019, 2020) and S a is a (2021a, b) indica e ha he in ech sec o in
Vie nam has unde gone subs an ial expansion in ecen yea s. The in ech sec o has wi nessed
subs an ial expansion in he quan i y o s a -ups, use s, ansac ions and in e ne
in as uc u e. This may be asc ibed o he abili y o in ech solu ions o sa is y consume s’
needs, especially younge ones who o en pa icipa e in online ac i i ies. Consequen ly, a
no able end o collabo a ion has eme ged be ween banks and in ech companies, leading o
he majo i y o comme cial banks o ming pa ne ships wi h a leas one in ech en i y. The
collabo a i e pa ne ship model be ween banks and in ech in Vie nam has been
acknowledged in he s udies by B€
ome (2020) and Hoang e al. (2021), as seen in Figu e 4.
VIB has collabo a ed wi h Fin ech Weezi o c ea e he MyVIB keyboa d, a mobile applica ion
ha acili a es money ans e s ia social ne wo ks. Techcombank has es ablished a
coope a ion wi h Fin ech Fas acash, whils Vie inBank has allied wi h Oppo uni y
Ne wo k, among o he collabo a ions. These alliances con e ad an ages o banks by
enhancing hei compe i i eness and augmen ing hei e enue.
In e ms o income (Table 2), he collec i e p e- ax ea nings o 27 comme cial banks o
ou yea s (2020–2023) in Vie nam amoun ed o VND150,475.80 billion in 2020, and
consecu i ely inc ease in he ollowing yea s (VND197,283.70 billion in 2021,
VND258,678.48 in 2022), hen each o VND267,913.05 billion in 2023. This means ha
in jus 4 yea s, ea ning be o e axa ion (EBT) o Vie namese banks has inc eased o VND
117,437.25 billion, equi alen o 78%. This esul was signi ican ly con ibu ed o by
Vie combank, Techcombank, Vie inbank and Mili a y Bank, which p oac i ely ake cons an
e o s o become dominan in echnological inno a ion by in eg a ing Fin ech. These
obse a ions also imply ha he collabo a ion be ween banks and in ech businesses is a
c ucial and ad an ageous elemen in imp o ing he business pe o mance o banke s.
Th ough analysis o in ech news pos ed, i can be ecognized ha he p og ess o in ech
may aise app ehension among banks and in es o s, pe haps esul ing in ad e se impac s on
bank inancial me ics, speci ically wi h ega d o ma ke indica o s. None heless, he
Coope a ion be ween banks and in ech
Banks enable new
in ech p oduc s by
p o iding: ne wo k,
know-how,
p oduc s
Banks enable
in ech’s ma ke
en y by p o iding:
egula ion
in as uc u e,
p oduc s, know-
how, unds
Banks inc eas
in ech’s p o i by
p o iding: clien s,
ne wo k, unds,
epu a ion
Whi e-label
in ech
o co-b anding
Whi e-label bank
Figu e 4. The collabo a ion be ween banks and in ech companies. Sou ce: B€
ome (2020)
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incep ion o in ech may be a ibu ed o i s objec i e o add essing he sho comings o
inancial ins i u ions and imp o ing hei ope a ional e iciency. Consequen ly, in he long
e m, in ech is expec ed o ha e a posi i e in luence on banks, leading o an enhancemen o
hei inancial pe o mance. Du ing he su ey, i is expec ed ha expe s would acknowledge
he bene icial in luence o in ech businesses on banke s, encompassing bo h in e nal and
ma ke measu es.
Fin ech p oduc s a e p ima ily dissemina ed h ough mobile de ices, pa icula ly
sma phones, o add ess clien equi emen s and possess he po en ial o eplace
con en ional banking p oduc s. Ne e heless, olde and u al clien s may ha e g ea e
obs acles when u ilizing hese sophis ica ed i ems in compa ison o younge cus ome s. To
emain in o med abou de elopmen s in inancial echnology, comme cial banks ha e
modi ied hei p oduc deli e y me hods by launching mobile banking apps such as F@s
Mobile, VCB Digi al Bank and Vie inBank iPay. These ini ia i es o e complimen a y
se ices o almos all ansac ions and ha e been well- ecei ed by clien s. Consequen ly, we
posi ha due o he in luence o in ech ad ancemen , clien s o banks a e expe iencing
inc eased sa is ac ion wi h exis ing banking p oduc s, pa icula ly hose accessed ia mobile
banking applica ions.
In addi ion, he ad ancemen o in ech also poses new obs acles o banks o op imize hei
in e nal ope a ions and p o ocols in o de o p omo e consume con en men and add ess
eme ging equi emen s. Fin ech companies p o ide a compe i i e h ea o banks by o e ing
inancial p oduc s ha u ilize dis up i e echnologies. Con e sely, banks ha e been d awn o
Table 2. Ea ning be o e axa ion o banks in Vie nam
No. Bank
EBT (billion VND)
2023 2022 2021 2020
1 Vie combank 41243.69 37368.09 27238.70 23049.60
2 Techcombank 22888.23 25567.77 23238.40 15800.30
3 Vie inBank 24989.53 21131.87 17589.00 17119.80
4 MB 26306.09 22729.32 16257.30 10688.30
5 VPBank 10803.90 21220.13 14580.40 13019.40
6 Ag ibank 25859.18 22538.63 14000.00 13202.00
7 BIDV 27588.90 22922.65 13601.60 9026.20
8 ACB 16044.73 13688.19 11998.10 9595.90
9 HDBank 13016.73 10268.06 8069.60 5818.20
10 VIB 10703.95 10581.12 8011.10 5803.00
11 SHB 9239.02 9689.37 6224.20 3268.00
12 TPBank 5588.96 7828.29 6038.30 4388.50
13 OCB 4139.48 4389.31 5518.60 4417.40
14 MSB 5829.91 5787.20 5088.50 2523.30
15 Sacombank 9595.00 6339.07 4400.00 3339.30
16 LienVie Pos Bank 7039.39 5689.68 3639.00 2426.50
17 SeABank 4616.56 5068.99 3268.50 1407.90
18 ABBank 584.04 1702.41 1958.80 1403.20
19 Nam A Bank 3303.95 2267.99 1799.10 1005.50
20 Eximbank 2719.67 3709.07 1205.10 1339.50
21 KienlongBank 718.65 681.86 1010.00 153.40
22 Bac A Bank 1060.83 1038.96 908.40 734.80
23 Vie ABank 916.91 1107.84 844.10 407.50
24 PG Bank 420.84 351.23 329.30 212.20
25 BanVie Bank 71.61 456.06 311.20 201.30
26 SaigonBank 332.25 237.00 154.10 121.10
27 NCB �669.56 8.00 2.30 3.70
To al o all banks 267913.05 258678.48 197283.70 150475.80
Sou ce(s): Collec ed om Financial epo s o comme cial banks in Vie nam
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business expansion on bank pe o mance is limi ed, i is a c ucial de e minan ha would al e
he amewo k o he banking sec o . Undoub edly, in ech s a ups a e seeing exponen ial
g ow h, causing app ehension among banks. Fin ech companies a e gaining a la ge po ion o
he banking ma ke , which is posing a h ea o he es ablished playe s. As socie y con inues o
change, he impo ance o in ech will inc ease, and es ablished companies mus build a
s a egy o include i . Es ablishing pa ne ships be ween in ech s a ups and comme cial
banks is seen as a sagacious s a egy ha o e s mu ual bene i s, as e idenced by he esea ch
o Jag iani and Lemieux (2018).
Almos all esponden s asse ed ha he p oli e a ion o in ech en e p ises p esen ly exe s
a posi i e in luence on he pe o mance o comme cial banks. Mo e p ecisely, in ech
companies a e exe ing p essu e on banks o digi ize and imp o e hei pe o mance. Ag eeing
wi h schola s (e.g. Al e al., 2018; Puschmann, 2017), he expansion o in ech companies
p esen s p omising p ospec s ha could se e as u u e ma ke places o banks. Fo example,
he non-banked popula ion’s inancial li e acy will enhance, pe haps leading hem o open a
bank accoun , hus c ea ing an oppo uni y o banks. In addi ion, pa ne ing wi h in ech
s a ups enables banks o educe hei expendi u es on IT in es men s and ope a ional
expenses. Upon e alua ing se e al pe spec i es on he bene icial in luence o in ech
businesses on banking pe o mance, we can conclude ha he expansion o in ech companies
in Vie nam posi i ely a ec s bank pe o mance.
4.2.1 Fin ech company g ow h a ec s bank pe o mance in cus ome pe spec i e. The
eme gence o in ech i ms p obably has a signi ican in luence on he ou c ucial aspec s o
he clien iewpoin om he bank’s poin o iew. P ima ily, se e al cus ome s op o in ech
p oduc s, accessed h ough in ech apps, a he han adi ional bank p oduc s ob ained
h ough ace- o- ace ansac ions a di e en banks. The mobile paymen applica ion is he
p edominan selec ion, wi h online inancing applica ions ollowing closely behind. As pe he
panelis s, cus ome s o in ech companies a e o en you h ul and ha e a keen in e es in
explo ing no el echnology. Bank consume s de i e sa is ac ion om he ease and e iciency
p o ided by he amalgama ion o in ech wi h con en ional banking se ices, as emphasized
by Siddiqui and Siddiqui (2020) and Siek and Su an o (2019). This, in u n, os e s us and
loyal y owa ds hei banks. Ne e heless, expe s asse ha he inco po a ion o in ech in o
banks ails o en ice new consume s.
None heless, se e al con o e sies in ol ing in ech companies, pa icula ly conce ning
excessi e in e es a es and ansac ion secu i y, ha e esul ed in a nega i e pe cep ion among
consume s abou he ecen p oli e a ion o in ech i ms. The esponden s concu ha banks,
as a esul , acqui e g ea e clien con idence and dependabili y because o he inadequacy o
in ech company se ices. The p oli e a ion o in ech posi i ely in luences he dependabili y
and us o banking clien s, no wi hs anding any ad e se impac s i may ha e on consume
pe cep ion.
Simply pu , he expansion o in ech companies enhances us , c edi wo hiness, cus ome
loyal y, sa is ac ion and e en ion o banks, as no ed by Bha acha ya and Sinha (2022). This
in luence is pa icula ly signi ican among young clien s, who play a c ucial ole in he digi al
age. Ne e heless, pa icipan s con end ha as in ech companies de elop solu ions o add ess
issues ela ed o exo bi an in e es a es and ansac ion secu i y, hey will a ac mo e new
cus ome s and gain hei us .
4.2.2 Fin ech company g ow h a ec s bank pe o mance in in e nal p ocess pe spec i e.
The esea ch indings indica e ha he in e nal p ocess iewpoin is in luenced in a good
manne by he eme gence o in ech, as no ed by S e anelli and Man a (2023). This pe spec i e
consis s o h ee impo an componen s: ope a ional e iciency, p oduc c ea ion and isk
managemen . All esponden s unanimously ag ee ha he expansion o in ech i ms is c ucial
o p omo ing he digi al ans o ma ion o comme cial banks. Fo banks aiming o keep up
wi h in ech companies and o he comme cial banks in he ace owa ds digi iza ion, i is
impe a i e o alloca e mo e esou ces owa ds in o ma ion echnology in es men o imp o e
e iciency, as highligh ed by Bha acha ya and Sinha (2022). Consequen ly, mos pa icipan s
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ag ee ha he eme gence and e olu ion o in ech companies ha e necessi a ed banks o
imp o e hei ope a ions, especially hei business p ocedu es, o sa is y clien needs.
In es ing in echnological inno a ion is widely acknowledged as he p ima y d i e o
e iciency imp o emen in p oduc c ea ion and deli e y, pa icula ly in scena io whe e
in ech companies g ow d ama ically (Kwon e al., 2024). The pa icipan s epo ha a
mul i ude o no el banking goods ha e been in oduced in ecen yea s, and he e iciency o
p oduc deli e y has imp o ed in compa ison o he p io si ua ion. In o de o imp o e hei
in e nal p ocessing capabili ies, banks adop and modi y hei me hods o c ea ing and
dis ibu ing p oduc s by in eg a ing in ech in o hei co e sys ems. This app oach is deemed
e ec i e and o e s nume ous ad an ages o banks’ clien s. Consequen ly, he p oli e a ion o
in ech businesses ac s as a ca alys o he de elopmen and dissemina ion o inancial
p oduc s.
Fu he mo e, isk managemen becomes a c i ical conce n in he su ey (Chen e al.,
2021a). The esponden s asse ha he isk managemen sys em is consis en ly modi ied o
align wi h al e a ions in mone a y policy and he economic landscape. Risk managemen
sys ems a e o en upg aded o align wi h he cu en echnology; none heless, hei
e ec i eness appea s limi ed. The quali y o he s a is epo ed o be inadequa e o he
demands o digi al ans o ma ion and upda ed isk managemen sys ems. Addi ionally,
he expenses associa ed wi h ansi ioning, such as he cos o acqui ing he new e sion and
he expenses ela ed o aining, p o ide a subs an ial challenge when upda ing o he la es
e sions, as men ioned by Kayed e al. (2025). Expe s con end ha he isk con ol
mechanism in ansac ions, despi e i s in icacy and incon enience, ecei es app o al om
i ually all banking use s (Alkhazaleh and Haddad, 2021; Pooya e al., 2020).
In gene al, he p oli e a ion o in ech s a ups posi i ely in luences he ope a ional
e iciency and p oduc de elopmen o banks. This esea ch sugges s ha he p oli e a ion o
in ech s a ups posi i ely in luences in e nal bank ope a ions.
4.2.3 Fin ech company g ow h a ec s bank pe o mance in lea ning and g ow h
pe spec i e. All esponden s ag ee ha employee- ela ed issues, pa icula ly lea ning and
de elopmen , a e c i ical elemen s signi ican ly a ec ed by he digi iza ion p ocess. Gi en he
apid expansion o in ech companies, aining and de elopmen p og ams a e ca e ully
c a ed o ins uc and enable s a o ul ill he goals o he adap a ion s a egy. These p og ams
s eng hen s a ’s abili ies o iden i y and engage wi h clien demands, enhance e iciency in
o ice echnology and p omo e c oss-selling in he digi al wo ld. Inc eased aining hou s
posi i ely impac he de elopmen o communica ion skills. The ole o echnological
knowledge in he aining cu iculum has been g owing. Su p isingly, all pa icipan s asse
ha he expansion o in ech en e p ises enhances he a ailabili y o aining cou ses and
de elopmen p og ams aimed a imp o ing employee knowledge and skills, pa icula ly in
echnological li e acy, as demons a ed by he esea ch o Neelam and Bha acha ya (2022).
Addi ionally, he expe s and schola s emphasize ha aining cou ses and de elopmen
p og ams imp o e employees’ p o iciency, namely in e ms o communica ion skills and
echnology li e acy. Following he comple ion o he aining p og am, he banke s’ inancial
accomplishmen is enhanced. Wi h such expansion o in ech businesses, an inc easing a ay
o aining p og ams, encompassing sel -di ec ed and e-lea ning op ions, is being p o ided o
augmen he skills and compe encies o pe sonnel, as no ed by AlSuwaidi and
Me zanis (2024).
None heless, he esponden s illumina ed he un a o able e ec s o in ech company
expansion on banking employees. This includes he depa u e o elde ly s a membe s due o
hei inabili y o adap o apidly changing echnology in he banking sec o , leading o hei
esigna ion. Mo eo e , he consensus among mos expe s is ha younge bank employees
possess a ema kable abili y o swi ly acclima e o eme ging echnologies, ye hey o en ha e
di icul ies when aced wi h high le els o s ess. As a esul , indi iduals migh appea
unsa is ied wi h hei p esen employmen .
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To sum up, he inc ease in aining and de elopmen designed o augmen s a capabili ies
helps alle ia e employee unhappiness. Consequen ly, he expansion o in ech companies
posi i ely in luences he bank’s lea ning and g ow h iewpoin .
4.2.4 Fin ech company g ow h a ec s bank pe o mance in inancial pe spec i e. Las ly,
he inancial pe spec i e, which is impac ed by he expansion o in ech companies, includes
banks’ se ice income, e u n on in es men and alua ion. Ad oca es con end ha a he
p elimina y s age, he in lux o in ech apps and companies may diminish bank se ice
e enue owing o a educ ion in mino ansac ions handled by banks, as demons a ed by he
esea ch o Cheng and Qu (2020). O e ime, he compe i ion o p o ide banking se ices
h ough mobile de ices will boos bank e enue by p omo ing he sale o o he goods.
The p oli e a ion o in ech en e p ises signi ican ly in luences he e u n-on-in es men
a io, especially wi h in o ma ion echnology in es men s. The in e iewees no ed ha despi e
a p eceding ise in in o ma ion echnology spending by mos comme cial banks o imp o e
pe o mance, he esul s appea o be unsa is ac o y. The in eg a ion o in ech sys ems wi h
he co e se ices o banks can add ess he de iciencies in he banks’ in o ma ion echnology
in as uc u e and human esou ces. Addi ionally, i can help bank s a acqui e p o essional
skills and p ac ical expe ience.
Bank alua ion is he hi d essen ial componen . The pa icipan s concu ed ha he
expansion o in ech businesses signi ican ly enhances bank alue; howe e , he speci ics o his
bene i a y. Fin ech i ms con ibu e o he g ow h o in angible bank asse s, hence enhancing
he alue o banks and ele a ing hei signi icance in he inancial indus y, as highligh ed by Li
e al. (2020). Mo eo e , hese companies h i e when dis up i e echnologies a e e ec i ely
u ilized. Con e sely, as a esul o a o able media a en ion owa ds in ech, he e is a
widesp ead belie ha in ech companies su pass banks in e ms o quali y, and hey ha e he
po en ial o supplan comme cial banks, hus diminishing hei wo h.
In summa y, he s udy has illus a ed ha he expansion o in ech i ms posi i ely a ec s
banks’ inancial ou look. Ini ially, he expansion o a in ech company has nega i e
implica ions o a bank’s inancial ou look. Howe e , o e ime, he bank’s inancial
pe o mance will be enhanced hanks o his in luence.
5. Conclusion
The esea ch u ilizes a h ee- ound Delphi me hod wi h nine esea che s and specialis s in
banking and inance. In e es ingly, he esea ch inds ha he pe o mance o banks, assessed
om ou pe spec i es o BSC (cus ome , inancial, in e nal p ocess and lea ning and g ow h),
is posi i ely impac ed by he eme gence and expansion o in ech businesses.
Signi ican ly, he su ey indings demons a e ha he expansion o in ech companies is
exe ing p essu e on banks o unde go ans o ma ion and enhance hei pe o mance.
Fu he mo e, i p esen s banks wi h new oppo uni ies o en e expanding ma ke s and di e si y
hei se ice o e ings o sa is y clien expec a ions. The ad ancemen o in ech i ems may a ac a
g ea e numbe o younge clien s who a o employing ad anced o e ings and seek no el
expe iences. Howe e , his does no su pass he alue o adi ional banking p oduc s. On he o he
hand, banks ha in eg a e hei ad anced sys ems wi h in ech g ea ly imp o e clien loyal y,
happiness and dependabili y. Besides, as in ech businesses p oli e a e, banks emphasize he
in eg a ion o ad anced echnology, which is essen ial o enhancing in e nal p ocesses and
bols e ing he e icacy o inancial goods. Consequen ly, he bank’s in e nal p ocedu e has become
mo e e icien han i was p e iously. Al hough he eme gence o in ech companies may esul in
dissa is ac ion among bank wo ke s, he implemen a ion o addi ional aining cou ses and
de elopmen p og ams migh assis hem in esol ing his p oblem. O e all, he expansion o
in ech companies yields nume ous ad an ages o bo h bank s a and banks. The inancial
success o banks is ul ima ely de e mined by he ou p e iously ou lined iews. The esea ch
indica es ha banke s in eg a ing con en ional co e se ices wi h ad anced in ech solu ions can
imp o e hei pe o mance ega ding p o i abili y, g ow h, and sha eholde alue.
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Howe e , he s udy con ains se e al limi a ions. No wi hs anding he applica ion o a
3- ound Delphi app oach, pa icipan s did no ha e he oppo uni y o collabo a i ely discuss
and delibe a e on he o ien a ion ques ionnai e. Fu he mo e, he disc epancy in pa icipan s’
eplies sugges s ha psychological a iables migh in luence he inal esul s. Al hough he
in e iew esul s we e compiled and p esen ed acco ding o he p edominan opinions o he
esponden s, he e was a no able absence o consensus among expe s and schola s conce ning
he expansion o in ech businesses and he essen ial aspec s o he ou dimensions o bank
pe o mance. The s udy is accessible o u he esea ch o s a is ically examine he di ec and
indi ec e ec s o in ech expansion on bank achie emen s, encompassing bo h good and
nega i e ou comes.
Fu u e esea ch could expand on his s udy by inco po a ing a la ge and mo e di e se
g oup o pa icipan s, enabling mo e comp ehensi e discussions and enhancing he eliabili y
o esul s. Fu he mo e, while his s udy ocused on quali a i e insigh s, he e is a signi ican
oppo uni y o u u e s udies o quan i a i ely assess he di ec and indi ec e ec s o in ech
g ow h on bank pe o mance. A quan i a i e analysis could p o ide a clea e unde s anding o
he speci ic mechanisms h ough which in ech in luences a ious aspec s o bank
pe o mance, bo h posi i e and nega i e. Las ly, addi ional esea ch could explo e he ole
o psychological and o ganiza ional ac o s in shaping expe opinions and bank pe o mance
ou comes in he con ex o in ech expansion, o e ing a mo e comp ehensi e insigh in o he
dynamic be ween in ech and adi ional banking.
Re e ences
Addai, B., Ameyaw, B., Ashalley, E. and Quaye, I. (2015), “Elec onic banking and cus ome
sa is ac ion: empi ical e idence om Ghana”, B i ish Jou nal o Economics, Managemen and
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