At the Smart Banking Summit 2023 (Photo: thitruongtaichinhtiente.vn) The Smart Banking Summit 2023 was organised by the Vietnam BanksAssociation (VNBA) in collaboration with IEC Group, under the professionalsponsorship of the State Bank of Vietnam (SBV), in Hanoi on October 6.
Speaking at the event, SBV Deputy Governor Pham Tien Dung saidthat in the development of the Industry 4.0, data has become a new resource, animportant and decisive factor in the digital transformation process.
In particular, large banks in Vietnam have made changes and have their ownwarehouses and data centres.
For the banking industry, developing and effectively exploiting digitaldata is one of nine solution task groups to implement the goal of digitaltransformation in the banking industry in Decision No 810/QĐ-NHNN of the SBVGovernor.
Data not only helps banks authenticate and identify customers, but also throughtechnology applications to analyse and capture consumer behaviour and trends,thereby making decisions in product and service development and supply to meetmarket needs and improve operational efficiency.
The SBV deputy governor asked bank leaders to pay attention to two issues,which are ensuring continuous operations and ensuring security.
The deputy governor informed that the amending Law on Credit Institutions wouldrequire banks to develop scenarios for unusual situations, otherwise they wouldnot be able to handle when a crisis occurred.
General Director of Tien Phong Joint Stock Commercial Bank(TPBank) Nguyen Hung said that the bank only processed three milliontransactions per month five years ago.
But now, the bank has 100 million transactions per month and if the systemstopped for just a few minutes, hundreds of thousands of customers would beaffected.
“There are so many different options to use now. Therefore, the crucial andvital thing for the bank is to ensure there is no interruption and continuousoperation," said Hung.
Opening the plenary session of the event, Tran Van Tan, vicechairman of VNBA council, said that in recent times, the banking industry hashad many directives, circulars, and action plans to realise digitaltransformation goals.
According to statistics from the SBV, the banking industry has invested morethan 15 trillion VND (625 million USD) in digital transformation activities bythe end of last year.
"This shows that Vietnam is expanding rapidly and has great potential fordeveloping digital banking applications, helping the country become one of theleading countries in the banking industry revolution," emphasised Tan.
In addition to pointing out the results of the banking industry in digitaltransformation activities in general as well as the collection, exploitationand processing of digital data, Tan also commented that in this process, banksalso were facing many challenges, including maintaining a balance between dataexploitation and protection.
Digital transformation has many new, complex, and rapidly changing elements,requiring continuous absorption of international achievements and experiencesand creative application appropriate to the specific conditions andcircumstances of the country.
The VNBA representative expected that the summit titled “Harnessing andleveraging data: Shaping the future of the banking industry in the digital age”was truly a forum for regulatory agencies, researchers and the community ofbanks and credit institutions to discuss issues for successful and sustainabledigital transformation of the banking industry./.
Speaking at the event, SBV Deputy Governor Pham Tien Dung saidthat in the development of the Industry 4.0, data has become a new resource, animportant and decisive factor in the digital transformation process.
In particular, large banks in Vietnam have made changes and have their ownwarehouses and data centres.
For the banking industry, developing and effectively exploiting digitaldata is one of nine solution task groups to implement the goal of digitaltransformation in the banking industry in Decision No 810/QĐ-NHNN of the SBVGovernor.
Data not only helps banks authenticate and identify customers, but also throughtechnology applications to analyse and capture consumer behaviour and trends,thereby making decisions in product and service development and supply to meetmarket needs and improve operational efficiency.
The SBV deputy governor asked bank leaders to pay attention to two issues,which are ensuring continuous operations and ensuring security.
The deputy governor informed that the amending Law on Credit Institutions wouldrequire banks to develop scenarios for unusual situations, otherwise they wouldnot be able to handle when a crisis occurred.
General Director of Tien Phong Joint Stock Commercial Bank(TPBank) Nguyen Hung said that the bank only processed three milliontransactions per month five years ago.
But now, the bank has 100 million transactions per month and if the systemstopped for just a few minutes, hundreds of thousands of customers would beaffected.
“There are so many different options to use now. Therefore, the crucial andvital thing for the bank is to ensure there is no interruption and continuousoperation," said Hung.
Opening the plenary session of the event, Tran Van Tan, vicechairman of VNBA council, said that in recent times, the banking industry hashad many directives, circulars, and action plans to realise digitaltransformation goals.
According to statistics from the SBV, the banking industry has invested morethan 15 trillion VND (625 million USD) in digital transformation activities bythe end of last year.
"This shows that Vietnam is expanding rapidly and has great potential fordeveloping digital banking applications, helping the country become one of theleading countries in the banking industry revolution," emphasised Tan.
In addition to pointing out the results of the banking industry in digitaltransformation activities in general as well as the collection, exploitationand processing of digital data, Tan also commented that in this process, banksalso were facing many challenges, including maintaining a balance between dataexploitation and protection.
Digital transformation has many new, complex, and rapidly changing elements,requiring continuous absorption of international achievements and experiencesand creative application appropriate to the specific conditions andcircumstances of the country.
The VNBA representative expected that the summit titled “Harnessing andleveraging data: Shaping the future of the banking industry in the digital age”was truly a forum for regulatory agencies, researchers and the community ofbanks and credit institutions to discuss issues for successful and sustainabledigital transformation of the banking industry./.
VNA
