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Home / SCIENCE & TECH
Vietnamese customers to make transaction through Facebook Messenger
Nguyen Tung 13:35, 2017/11/16
Currently, Facebook Messenger is being used by millions of Vietnamese for texting, calling or information sharing. But now, they can even make transactions such as opening a bank account, money transfer or depositing through Facebook Messenger.
Recently, the Military Bank (MB) has established a new transaction channel on Facebook Messenger called EmBee Fanpage. As such, Facebook Messenger is changing the way banks operate. With this being said, this platform has opened new doors for digital interaction. When customers send a new request in texting, the bank will receive and process this request, and after that to respond to the customer with instruction. This is a new and exciting experience compared to applications on smart phones, which requires customers to click on multiple links and waiting for verification. 
 
Chatbots in banking are a digital solution that is relatively inexpensive to develop and maintain.
Chatbots in banking are a digital solution that is relatively inexpensive to develop and maintain.
Since September 2016, ATB Financial, a financial institution in Canada, has officially launched its Facebook Messenger chatbot. The bank’s approximately 700,000 customers can now use the brand’s Facebook Messenger chatbot to pay bills, view account balances, send Interac e-Transfers or transfer money between accounts and perform cross-currency money movement. The chatbot can also provide spending insights, offer access to a customer care representative and deliver Mastercard statement alerts. 
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In the beginning of 2017, India’s HDFC Bank has utilized Facebook Messenger to help customers pay for taxi bill or booking taxi. At the same time, the Singaporean POSB Bank also allowed customers to use Facebook Messenger for money transfer. Similar moves have been implemented by TransferWise, Mastercard or Paypal, as Facebook Messenger is becoming a favorite choice in providing banking services.

According to Business Insider, chatbots, computer programs that typically use text-based live chat as an interface to carry out tasks for customers on behalf of the business, are emerging as an inexpensive way to introduce artificial intelligence (AI) in banking. In other word, Chatbots in banking are a digital solution that is relatively inexpensive to develop and maintain. For starters, chatbots require less coding than standalone banking apps. And the current growth in popularity of messaging platforms saves banks the cost of developing their own channels, as well as saving on data storage thanks to chatbots' cloud-based systems.
 
EMBee Fanpage o
MB has established a new transaction channel on Facebook Messenger called EmBee Fanpage
 
Therefore, banks can save cost by reducing the number of call centers. Moreover, while an average cost for a transaction through phone is 2.5 USD, a transaction through internet costs only 0.17 USD.

While for customers, benefits from Facebook Messenger banking are obvious. As they do not have to go directly to banks, or taking time to go through websites or application in smartphones. All they have to do is a few messages on Facebook and all transactions are completed. On economic aspect, total benefits and cost saving gained from the combination between technologies and financial services are huge. 

In recent years, Vietnamese banks have carried out the digitalized process with different approaches. Recently, MB Bank has made a breakthrough with the first transaction channel on Facebook. With this being said, the MB Facebook Fanpage of EmBee is easy to use. Customers only need to chat in the messenger to request transaction such as checking on account balance, money transfer or deposit, purchasing insurance or lending anywhere with a smartphone or a computer with internet connection. 
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