Useful financial tools for young people

Vietcombank Vinh Phuc branch actively implements a program to provide account services to customers. Photo: Chu Kieu

Instead of having to go to a traditional bank with complicated procedures, today's youth only need a smartphone with internet connection to open a digital bank account, transfer money, pay bills or even save money online.

In particular, with the development of artificial intelligence and financial technology (Fintech), digital banks are increasingly improving, bringing optimal experiences to users. One of the biggest benefits of digital banking for young people is the convenience of paying tuition fees and daily expenses.

Many banks partner with schools to provide online tuition payment services, helping students save time and avoid the hassle of having to pay in person. In addition, digital banks also integrate features for paying electricity, water, internet and online shopping, helping students easily manage their expenses without having to carry cash.

In addition, it also supports students in controlling their personal finances through tools to classify expenses, track real-time balances and plan savings. Some digital banking applications provide automatic savings features, helping students form a financial management mindset early on, giving them a solid foundation for the future.

Beyond just supporting basic transactions, many digital banks also offer financial products suitable for students such as flexible savings or small investments. This gives them the opportunity to become familiar with financial concepts, practice financial management skills, and even create a source of passive income while still studying.

With technological improvements, students can invest small amounts of money in open-end funds or low-risk financial products, enabling them to learn and gain practical investment experience.

One of the typical commercial banks providing account services for students is the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) Vinh Phuc branch. The unit has deployed account services specifically for customers under 18 years old, allowing access to financial transactions under the supervision of legal guardians.

Young Vietcombank customers can be issued domestic debit cards, allowing them to withdraw money at ATMs, transfer money between bank accounts and make payments at POS points. In addition to the debit card, Vietcombank also integrates the VCB Digibank mobile application, making it easy for parents to control transactions.

Through this application, parents can monitor their children's accounts, check transaction history and support effective financial management. For students, this application brings convenience in making transactions, from quick money transfers to online payments, shopping and saving.

Not only helping students access banking services, Vietcombank also contributes to financial education through programs that guide account usage, introduce savings and investment. By using digital banking early, students can form healthy financial habits, know how to manage personal budgets, set savings goals and better understand the value of money.

Agribank has also launched account services for customers under 18 years old, especially middle and high school students. Agribank focuses on providing financial knowledge through seminars and user-friendly technology applications such as Agribank E-Mobile Banking. These types of services help parents easily check and monitor their children's transactions.

In addition to the outstanding benefits, digital banking also poses certain challenges. Personal information security needs special attention when there are many forms of online fraud targeting young users. Therefore, students need to raise their awareness, use two-factor authentication and choose reputable digital banks to ensure financial security.

In addition, some students may have difficulty accessing digital banking services due to lack of financial and technological knowledge. Therefore, banks need to promote financial education programs, organize seminars and online courses to guide students on how to use digital banking effectively and safely.

Digital banking has become an essential financial tool for students, helping them access financial services easily, manage personal finances effectively and improve financial knowledge from an early age. With the continuous development of technology, the use of digital banking will become more and more popular, helping young people to be more proactive and flexible in managing their personal finances.

Thanh An

Source: http://baovinhphuc.com.vn/Multimedia/Images/Id/126507/Useful-financial-tools-for-youth