The First Report on Authentication Experience in Banking Apps in Viet Nam

In a rapidly digital transformation society, mobile banking apps have become indispensable and rank among the most frequently used applications by Vietnamese users daily. From money transfers and bill payments to savings and investments, nearly all financial activities are now completed with just a few taps. In 2022 alone, banking apps in Viet Nam reached nearly 18 million downloads. By 2023, more than 30% of the Vietnamese population used banking apps, ranking Viet Nam second globally, behind only China. The government’s push for a cashless society is further expanding these apps’ interfaces with users.

However, more interfaces also mean a broader attack surface. A growing number of serious security incidents—most originating from authentication vulnerabilities—have raised concern among both users and service providers. For banking apps, authentication is the very first touchpoint, and the gateway to users’ most valuable digital asset: their money.

So, how do Vietnamese users really feel each time they authenticate on a banking app?

At VinCSS, we’ve spent over half a decade conducting in-depth research on cybersecurity and authentication. This question has long been a subject of reflection for us. To find the answer, we conducted an online survey with 2,039 banking app users across Viet Nam, spanning various age groups, regions, and banks.

This report presents the honest outcomes of that survey and our subsequent analysis. All data was collected anonymously from random end-users without any personal information being requested and compiled objectively by VinCSS.

Key findings:

• Biometric authentication is the most widely used method, but also the one that raises the most concerns.
• Users worry most about the theft of authentication data, especially biometric data.
• Gen Alpha is the hardest customer group to please, demanding an experience that is fast, seamless, and minimal.
• Surprisingly, digital banks, often seen as technology pioneers, record the lowest satisfaction levels when it comes to authentication experience.

Read the full report here.