The digital trend has changed the banking form

28-Nov-2020 Intellasia | Thoi bao Ngan hang | 6:02 AM Print This Post

On November 26, IDG Data Group and the Vietnam Banking Association held a seminar on The role of retail banking in promoting digitalisation of the post-Covid-19 economy.

Mr. Vu Viet Ngoan, Vice Chair of National Financial and Monetary Policy Advisory Council, said that: Digital banking is entering a phase of strong competitive development with multi-dimensional integration, multi-utility, and with consumers.

Technologies such as artificial intelligence (AI), blockchain (blockchain) have been applied by new organisations to develop new loan services, payment products that do not need transaction counters…

“Technology has changed the form of financial intermediary banks of the bank, prompting banks to cooperate with fintech (financial technology) companies to accelerate digital transformation. Especially when consumer behavior also changes rapidly, especially in Covid-19, it pushes banks to have a stronger digital transformation to reach customers “, Mr. Vu Viet Ngoan said..

Digital transformation in the banking sector is implemented very early in Vietnam and in recent years technology is very developed, especially Vietnam’s internet system continuously develops 4G and 5G broadband. Event for development banks to provide digital services to consumers.

Mr. Phung Duy Khuong, VPBank’s Deputy General Director, said that 96 percent of VPBank’s transactions are done online such as electronic banking, ATM, CDM… only 4 percent are transactions at the counter. These figures show that the banks have very strong digital transformation, Vietnamese banks are on the right track and there are different ways of development of each bank in the digital transformation process.

However, speakers were concerned about a digital development in the banking sector, whether new innovative banking products and services could be brought into practice or not, there was still a need for timely policy. time, and there are still banks that are struggling with digital transformation.

It is forecasted that in the next 15 years, the banking system will still be the soft infrastructure of the economy, digital development of the banking system cannot be done by itself but must have collaborative cooperation to design ecosystems, data, confidentiality and privacy of customers.

Mr. Ngo Quang Trung, General Director of Ban Viet Bank (Vietcapital Bank), said: Vietcapital Bank has determined that digital transformation is a long-term strategy, so over the past time, the bank has increased investment in human resources because of this. is a new business model. Digital transformation is a continuous process of the bank and cannot be stopped, so each bank must understand clearly what it is needed to pursue its digital goal.

Mr. Tran Dinh Cuong, Deputy Director of the State Bank of Ho Chi Minh City branch, said that in order to develop digital banking services, there should be three stages: Firstly, the institution and policy, the State Bank of Vietnam has been creating favorable conditions recently. digital conversion credit institutions; Second is technology, banks must develop according to international standards; Third, the procedures for digitising banking products and services to interact with users must ensure the security, safety and confidentiality of financial information.

 

Category: Finance, Vietnam

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