Fintech Innovations: The Impact of Mobile Banking Apps on Bank Performance in Vietnam
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International Journal of Research and Review
DOI: https://doi.org/10.52403/ijrr.20210446
Vol.8; Issue: 4; April 2021
Website: www.ijrrjournal.com
Research Paper E-ISSN: 2349-9788; P-ISSN: 2454-2237
Fintech Innovations: The Impact of Mobile Banking
Apps on Bank Performance in Vietnam
Tam T. Le1, Ha N. Mai2, Duong T. Phan3, Mai N.T. Nguyen4, Hoang D. Le5
1
School of Banking and Finance, National Economics University, Vietnam
2,3,4
School of Advanced Educational Programs, National Economics University, Vietnam
5
Faculty of Economic Mathematics, National Economics University, Vietnam
Corresponding Author: Tam T. Le
ABSTRACT investment in mobile banking apps and the
entire mobile banking technology; (2) Increase
This paper is aimed at analyzing the impact of investment in financial technology, focus more
FinTech innovations on bank performance on mobile banking users and the entire mobile
across mobile banking applications in Vietnam. banking services; (3) Take advantage of the
Using the longitudinal panel data from 2010- technical support and consultancy of
2019 (with 220 observations) of 22 local international organizations and bilateral
commercial banks in Vietnam. Multivariate cooperation with other countries' authorities in
panel regression is chosen to experimentally test management of Fintech businesses; (4) Learn
the research hypotheses. This research paper is from commercial banks in other countries to
one of the first quantitatively investigating the draw experiences, thereby develop in own
effects of fintech innovation (mobile banking context. (5) Training human resources for the
apps) on bank performance in Vietnam. In finance and banking industry to not only have
addition, studies on financial indicators are professional knowledge and ability to analyze
shown quite comprehensively in the period data, but also have to be proficient in operating
2010-2019. Our empirical study has shown the digital technology.
following results: (i) FinTech innovations’
positive impact on bank performance in Keywords: Fintech Innovations, mobile banking
Vietnam; (ii) Banks’ adoption of mobile apps, bank performance, Vietnam, theories of
banking technologies positively impacted Technological Innovation
banks’ fee-based income, consumer loans and
money market deposits; (iii) The effect of INTRODUCTION
mobile technologies on financial performance FinTech can be understood as the
was much stronger for small banks than large application of technological innovations to
banks; (iv) As for the balance sheet liabilities provide financial services (Gomber, Koch,
aspect, the money market fund of small banks is
& Siering, 2017). These services may be
positively affected by the mobile banking
application; (v) In terms of balance sheet assets, formed based on new innovative ideas, or
consumer loans by small banks are positively maybe outdated but provided in a new way
affected by the mobile banking application with the purpose to simplify transaction
while large banks are not; (vi) GDP per capita procedures and help to improve access to
has a positive effect on the ROE of both small financial services of customers (Gomber et
and large banks; (vii) Mobile phone penetration al., 2017; Milian, Spinola, & Carvalho,
rates positively affected bank ROA and ROE 2019; Phan, Nguyen, & Bui, 2019).
and its effect was larger on small banks. From Therefore, FinTech plays a significant role
the findings, key recommendations to in the development of the banking industry.
Vietnamese commercial banks to improve bank The trend of technology application in the
performance in the context of an increasingly
financial sector (FinTech) taking place very
technological development are to: (1) Increase
International Journal of Research and Review (ijrrjournal.com) 391
Vol.8; Issue: 4; April 2021Tam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
strongly has brought many opportunities as H2: Adoption will have a bigger impact on
well as challenges for business operations in small banks than on large banks in terms of
general, payment service development operating cost
activities based on digital banking H3: Adoption will have a bigger impact on
technology in particular of commercial small banks’s customer loans than on large
banks. New forms of financial transactions banks
such as FinTech have emerged to compete H4: Adoption will have a bigger impact on
with traditional banks (Lee, 2015). small banks’s ROA than on large banks
Fintech innovation, in particular, H5: Adoption will have a bigger impact on
Mobile banking apps recently developed small banks’s ROE than on large banks
strongly in the digital era of the industrial
revolution 4.0, especially in the field of III. RESEARCH METHODOLOGY
Finance- Banking. Around the world, there 1. Data collection and sample
are quite a number of theoretical and This research will use a variety of
applied studies on the impact of mobile data samples to analyze the effects of
banking apps on bank performance. fintech reform in banking performance of 22
However, empirical studies on how M- local commercial banks from 2010-2019 in
banking apps affect the overall performance Vietnam as after:
of the banking sector are still few, - Balance sheet and income statement
particularly in Vietnam, where there is no from 2010 to 2019 are retrieved by
empirical study. Furthermore, in the 4th Vietstock Finance
industrial revolution, it is critical to - Annual reports from 2010 to 2019 are
investigate the effect of mobile banking retrieved from each bank's website
applications on banking indicators. - Age of mobile banking apps from
Multivariate panel regression is release year to 2019 is retrieved by
chosen to experimentally test the research AppAnnie
hypotheses on whether there is any - Notifications and news from each bank
correlation between different research website to identify FinTech operations,
variables about the FinTech innovations and strategy and performance
bank performance. The STATA 14 and - News and regulations from the central
Excel tool is used to run multivariate panel bank website to identify legal
regression models. To estimate parameters regulations governing FinTech's
in regression equations and independently operations as well as commercial banks
evaluated coefficients, the usual least and the current state of payments.
squares (OLS) method is used.
2. Research Variables
II. RESEARCH MODEL AND The research results of the
HYPOTHESIS independent variables based on FinTech
Our research model and hypotheses innovation include age of mobile banking
are conducted based on the ordinary least applications, GDP per capita, and mobile
squares (OLS) model and Theories of penetration rates. The result of the
Technological Innovation (Schumpeter, dependent variable is the performance of the
1934) bank. This study looks at 17 separate
H0: Adoption of mobile technologies has no financial metrics, such as income stream,
impact on all financial indicators across all expenditure structure, balance sheet
banks composition and profitability, such as ROA,
H1: Adoption will have a bigger impact on ROE shown in Table 1.
small banks than on large banks in terms of
fee income
International Journal of Research and Review (ijrrjournal.com) 392
Vol.8; Issue: 4; April 2021Tam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
Table 1: Summary of Research Variables
Name of Description Hypothesis References
Variable
Independent Variables for FinTech Innovations
MBA_AGE Mobile banking application age is provided
by banks from the first release year to 2019
GDP_PC GDP per capita of Vietnam for the period + Hai T. Phan , Tien N. Hoang , Linh V. Dinh , Dat N.
2010-2019 Hoang (2020); Shen, Liao & Weyman-Jones (2009),
Haron (2012)
MPP_RATE Vietnam's mobile phone penetration rate + Abbasi & Weigand(2017),
2010-2019 Scott, Reenen & Zachariadis (2017)
Dependent Variables for Bank Performance
a. Income Statement
INIC_ASS Total Interest Income / Total Assets + DeYoung (2007), Khanh N.Nguyen(2019)
INEX_ASS Total Interest Expenses / Total Assets + Khanh N.Nguyen(2019),
DeYoung (2007)
FEIN_ASS Total Noninterest Income (FeeIncome) + DeYoung & Rice (2003)
/Total Assets
SALA_ASS Total Salaries / Total Assets + Kiyono H.(2019)
SGA_ASS Total Selling General & Admin Exp / Total + Kiyono H.(2019)
Assets
b. B/S (Assets)
CASH_ASS Total Cash / Total Assets + Finastra, (2018)
SEC_ASS Total Securities / Total Assets + Kiyono H.(2019)
LOAN_ASS Total Loans / Total Assets + Kiyono H.(2019)
COMLO_LOAN Total Commercial Loans / Total Loans - DeYoung, (2004)
CONSLO_LOAN Total Consumer Loans / Total Loans + Kiyono H.(2019)
NPL_LOAN Non-performing Loans / Total Loans + Atoi, Ngozi V. (2018)
Adj_ROA The adjusted return on assets indicates the + Tunay and Akhisar (2015), Japparova and Rupeika-
ratio of average net returns to average assets Apoga (2017)
c. B/S (Liabilities and Equity)
DEPO_ASS Total Deposits / Total Assets - Kiyono H.(2019)
DD_DEP Total Demand Deposits / Total Deposits - Kiyono H.(2019)
MM_DEP Money Market and Savings Account + Kiyono H.(2019)
Deposits / Total Deposits
Adj_ROE Return on equity is adjusted for the average - Zetin(2017),Campanella and Dezi (2016)
net return per shareholder
fair
Control Size - Grouping Criteria
GROUP_SZ Size of the full sample of 22 banks. Take the
median asset size; Large Banks > VND 150
trillion < Small Banks
Table 2 : Descriptive Analysis of Research Variables in the equation model
Variables Sample size Mean Std.Dev Max Min
Independent Variables For FinTech Innovations
MBA_AGE 220 2.27 2.217 8 0
GDP_PC 220 2384.6 233.143 2715 2085
MPP_RATE 220 0.36 0.06 0.45 0.26
Dependent Variables For Bank Performance
B/S ( Assets )
INIC_ASS 220 0.067 0.014 0.132 0.042
INEX_ASS 220 0.042 0.010 0.072 0.003
FEIN_ASS 220 0.002 0.002 0.014 -0.0017
CASH_ASS 220 0.008 0.004 0.024 0.007
SEC_ASS 220 0.178 0.073 0.468 0.016
LOAN_ASS 220 0.616 0.102 0.854 0.269
COMLO_LOAN 220 1.854 0.648 0.483 0.254
CONSLO_LOAN 220 0.987 0.003 0.992 0.976
Adj_ROA 220 0.787 0.702 2.95 0.01
B/S ( L and E )
DEPO_ASS 220 0.699 0.108 0.893 0.461
Adj_ROE 220 9.96 7.76 27.73 0.08
Control Variables (Bank size)
SIZE_VND 220 274.892.901,5 475.504.597,6 1.489.957.293 31.574.084
Source: Authors’ compilation result (2021)
3. Analytical Methods period 2010-2019. In which, many financial
This study is performed by indicators are regression based on each
multivariate panel regression analysis from bank's mobile banking technology
tabular data on banking and finance in the application status. The model of equations
International Journal of Research and Review (ijrrjournal.com) 393
Vol.8; Issue: 4; April 2021Tam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
below represents the linear relationship The full sample’s fee income
between mobile banking technology and (FEIN_ASS) was positively affected by the
bank performance: banking app at 0.067** with the adjusted 2
Yit = c + α*MBA_AGEit + εit at 72.5%. The fee income includes securities
trading fees, account service fees, foreign
IV. RESULTS AND DISCUSSION exchange fees, loan and credit usage fees.
1. Regression Analysis As of 2019, all the local commercial
Years of mobile banking are counted banks that we have selected are in Vietnam
from the first year of a mobile application have adopted the mobile banking app. They
released by sample banks to 2019. The are divided into two groups by the median
regression model console is run separately asset size; small banks for less than VND
for a full sample of 22 banks domestic trade 150 trillion and large banks for more than
in Vietnam (220 observations) in the period VND 150 trillion.
2010-2019. For the study independent On the asset side of the balance
variables, a mobile banking application was sheets, consumer loans are most affected by
used (MBA_AGE). In addition, the the mobile banking apps
additional independent research variables of (CONSLO_LOAN, 1.762 **) with the
GDP Per Capita and Mobile Phone adjusted R2 higher at 85%. Mobile banking
penetration rate is included in the panel apps are getting more and more gadgets.
regression to measure the influence of Therefore, it facilitates consumer loans and
macroeconomic and market conditions. investments
Coefficients are indicated in the table with Table 4 : Effect of mobile technology on small banks
the probability value (p-value) is as follows: Estimation method: OLS
* pTam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
Bank salary and SG&A expenses of demonstrate that mobile technologies did
small banks were negatively affected by the not positively affect financial performance
mobile banking app, supporting the second of large banks, supporting the fifth
hypothesis on the operating cost reduction. hypothesis for the larger technological
Among the variables, the most effects on small banks.
significant finding came from the consumer
loans which were positively affected by the Table 5 : Effect of mobile technology on large banks
Estimation method: OLS
mobile banking app, and its effect was much Large Banks (2010-2019: 110 observations)
larger on small banks, supporting the second Independent Variables MBA_AGE Adj R-sq
Dependent Variables
hypothesis. (CONSLO_LOAN, 4.288***; Income statement
71.8% adjusted 2). This is the highest INIC_ASS 0.008 0.625
INEX_ASS -0.024 0.761
coefficient whereby a yearly increase in the FEIN_ASS -0.041* 0.882
mobile banking app adoption will grow SALA_ASS 0.018* 0.714
small banks’ consumer loans by 4.288%, SGA_ASS 0.013 0.729
Balance sheet (Assets side)
supporting the third hypothesis. CASH_ASS 0.937** 0.98
Overall cash assets and securities SEC_ASS 0.755*** 0.862
LOAN_ASS -1.133*** 0.723
assets were positively affected by the COMLO_LOAN -0.487 0.652
mobile banking app. Loan assets were CONSLO_LOAN 0.047 0.79
NPL_LOAN 0.178** 0.691
positively affected by mobile banking apps. Adj_ROA 0.096** 0.753
The adjusted ROA of large banks was Balance sheet ( Liabilities and Equity side )
positively affected by the banking app at DEPO_ASS -2.183** 0.867
DD_DEP -0.319** 0.925
0.096** lower than the small banks’ MM_DEP -0.538** 0.841
coefficients at 0.192***, supporting the TD_DEP 0.387* 0.582
Adj_ROE -0.780** 0.66
fourth hypothesis. Fixed Effects: Bank Name and Year
Deposits assets were negatively *pTam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
Table 7: Effects of GDP per capita, mobile phone penetration rates on ROA and ROE (Small banks)
Estimation method: OLS
Small banks (2010-2019: 110 observations)
Independent Variables Adj R-sq (MPP_RATE) MPP_RATE GDP_PC Adj R-sq (GDP)
Dependent Variables
Adj_ROA 0.649 0.073* -0.0006 0.589
Adj_ROE 0.752 0.106** 0.00018** 0.632
Fixed Effects: Bank Name and Year
*pTam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
banks, because there is a significant effectiveness. The table below summarizes
correlation between the implementation of the results of the null hypothesis and the test
mobile banking technology by banks and its hypothesis:
Table 9 : The Results of the Null Hypothesis and the Hypothesis
Hypothesis Status All Small Large
banks Banks Banks
Independent Variables: Mobile apps
H0: Adoption of mobile technologies has no impact on all financial indicators Rejected X X X
across all banks
H1: Adoption will have a bigger impact on small banks than on large banks in terms Accepted O O X
of fee income
H2: Adoption will have a bigger impact on small banks than on large banks in terms Accepted O X O
of operating income
H3: Adoption will have a bigger impact on small banks’s customer loans than on Accepted O O O
large banks
H3: Adoption will have a bigger impact on small banks’s ROA than on large banks Accepted O O O
H4: Adoption will have a bigger impact on small banks’s ROE than on large banks Accepted X O X
Source: Results of data processing by research team (2021)
Secondly, the impact of mobile technology will have a greater impact on
banking technology on balance sheet smaller banks.
liabilities has a positive impact on money “Thirdly, regression analysis also
market deposits, while in large and small shows that there is a statistically significant
banks, mobile banking applications have a correlation between wireless technology and
negative impact on demand deposits and the reduction of operating costs (such as
time deposits. These results are consistent general sales and management costs
with previous research by DeYoung (2007) (SG&A)). Therefore, the second assumption
in which new technology allows funds to be is that the introduction of mobile banking
easily converted from spot, low deposit or will have a greater impact on small banks
perpetual deposits to high-yield money than on large banks. These results are in line
market funds. The performance of banks with previous research by Kiyono.H (2019).
(measured as the ratio of money market When customers need it, mobile technology
deposits to total deposits) is very important can help banks provide services with
because they get the most financial gains minimal human involvement. Fast
from e-commerce commission income. Jean processing enables employees to provide
(2017) discovered and summarized the services to customers through offline
impact of mobile banking applications on channels and continuously improve products
financial performance. The research is and processes, thereby helping to reduce
consistent with Karjaluoto (2002), who management costs. When banks apply it to
believes that in addition to the platforms the Vietnamese banking market, they are
provided by the banking system (such as competing for digital banking, which is one
checkbooks, ATMs, voicemail/line of the key technologies that financial
interfaces, smart cards, POS, and Internet institutions and banks are paying attention
resources), mobile phone platforms are to. Action points and customers can be
another convenient method. Money covered by apps such as smartphones and
management without cash processing. social networks. The introduction of digital
Therefore, the regression model shows that banking has brought many opportunities for
mobile banking technology is statistically banks. For example, these include, for
significant in terms of fee income, which example, increasing income, improving
provides clear evidence to reject the null labor productivity and reducing costs,
hypothesis and the alternative hypothesis increasing access to information and data,
are accepted. Compared with bank fees connecting, collaborating, increasing
income, the adoption of mobile banking competitiveness, and creating competition
with competitors”.
International Journal of Research and Review (ijrrjournal.com) 397
Vol.8; Issue: 4; April 2021Tam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
Fourthly, the clear evidence is that However, this conclusion is contrary to the
there is a statistically significant relationship results of Bashir (1999). Research shows
between adoption of mobile banking apps that there is a relationship between
and transactional consumer loans among profitability and bank size. The bigger the
small businesses that provide one-off bank, the higher the profit margin. This
lending businesses. This includes shows that ROA and ROE have a greater
mortgages, auto loans and credit cards that impact on large banks. The reasons for the
consumers can apply for through mobile discrepancies between our research and the
devices. Banking applications provided by previous analysis. The researchers are partly
some commercial banks in Vietnam. due to the fact that the national background
Relationship loans are usually related to and the research time period are
commercial loans. In this case, the bank inconsistent”.
monitors the performance of the borrower
under the loan agreement over a period of V. CONCLUSION
time or provides other services (such as To our knowledge, this research is
deposit accounts) to obtain information one of the very few, if not the first, research
about the borrower in the relationship conducted in Vietnam to investigate the
((Allen, Saunders and Udell 1991; Petersen impact of Fintech innovations on bank
and Rajan 1994)). Therefore, the regression performance across mobile banking
model shows that financial technology applications. The study results have broad
innovation is statistically significant to implications for research. To begin with, the
consumer loans, which supports the third current research on the impact of fintech
hypothesis: Adoption will have a bigger innovations on bank performance in
impact on small banks’s customer loans Vietnam are mostly qualitative studies.
than on large banks. Banks that are smaller Compared to us, our quantitative research
than the large e-commerce banks and their investigates the impact of FinTech on banks
respective credit lines are generally smaller financial performance carefully and in a
and based more on transactions than on comprehensive way through variables which
loan/deposit transaction relationships that come from all aspects in a bank's financial
have generated profits over the years. Based statements. Moreover, some previous
on the transaction lending theories, it can be research has shown that the impact of
understood that mobile banking technology FinTech innovations on ROE was slightly.
has had an impact on consumer loans. However, in Vietnam it can be seen from
“Finally, in terms of measuring the our regression results that ROE of banks is
impact of mobile banking technology on the affected considerably by the development of
profitability of banks, the regression comes FinTech. Last but not least, our studies have
from the impact of mobile banking enriched the Strumpeter’s Technological
technology on the return on investment and Innovation Theories especially on the first
return on equity of small banks. This type of innovations: the introduction of a
supports the rejection of the original new product. In terms of future research,
hypothesis and the acceptance of the fourth firstly, the studies may be ten years longer
and fifth alternative hypotheses. The impact than ours, expanding the scope of the study
of small banks is much greater than the to identify its effects over time. Secondly, it
ROE and ROE of large banks. Other is very useful to expand the research field,
innovative theories that ICT plays a key role when the impact of financial technology is
in reducing operating costs while generating no longer limited to the banking sector but
new revenue streams also reflect the impact is widely used across different industries.
of product and process innovation brought Our studies have some practical
about by mobile technology. This finding is implications. Firstly, the results show that
consistent with the study of Kiyono (2019). FinTech innovations have a positive impact
International Journal of Research and Review (ijrrjournal.com) 398
Vol.8; Issue: 4; April 2021Tam T. Le et.al. Fintech innovations: the impact of mobile banking apps on bank performance in Vietnam.
on bank performance in Vietnam. 4. Athanasoglou,P.P.,Brissimis,S.N.&
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ACKNOWLEDGEMENT Comparative study between baby boomers,
This paper is performed within the generation X and generation Y.
Ministerial Scientific Research Project “A International Journal of Bank Marketing,
Study on Conditions for Developing Fintech 35(6),2017, pp. 1018-1038.
Ecosystem to Promote Finncial Inclusion in 9. Chen, M., Wu, Q., and Yang, B.,. ‘How
valuable is FinTech innovation?’, The
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