At the seminar (Source: SBV) Hanoi (VNA) – Amidst thefourth industrial revolution, domestic banks have actively invested intechnologies to improve their products, services and governance, Vice Governorof the State Bank of Vietnam (SBV) Nguyen Kim Anh told a seminar in Hanoi onJune 15.
Anh cited outstanding digitaltechnologies applied by local banks such as cloud computing, big data analysis,artificial intelligence, biometric verification and open API that have also helpedcustomers have better experiences.
According to the official, bankshave also used distribution channels to access users on digital platforms suchas smartphones and social networks, thereby helping them learn about customers’habits and hobbies to offer suitable products and services.
Deputy Minister of Science andTechnology Pham Dai Duong lauded the banking system as one of the forerunnersin the application of modern technologies in business and management activities.
He also noted challenges when itcomes to developing new technologies such as blockchain, big data, artificialintelligence, which he said, require banks to make changes in management andproducts to cope with cyber security risks.
SBV Vice Governor Anh shared Duong’sview, saying that banks must cope with challenges in refining legal frameworksamidst the fourth industrial revolution, switching to new governance and businessmodels, and protecting personal information of customers.
Economists suggested banks improvelegal frameworks that make it easier for fintech enterprises to developfinancial products and services on digital platforms.
They underscored the need toupgrade hi-tech infrastructure to automate almost banking processes, whichrequire efforts of banks, credit organisations and the government as well.-VNA
Anh cited outstanding digitaltechnologies applied by local banks such as cloud computing, big data analysis,artificial intelligence, biometric verification and open API that have also helpedcustomers have better experiences.
According to the official, bankshave also used distribution channels to access users on digital platforms suchas smartphones and social networks, thereby helping them learn about customers’habits and hobbies to offer suitable products and services.
Deputy Minister of Science andTechnology Pham Dai Duong lauded the banking system as one of the forerunnersin the application of modern technologies in business and management activities.
He also noted challenges when itcomes to developing new technologies such as blockchain, big data, artificialintelligence, which he said, require banks to make changes in management andproducts to cope with cyber security risks.
SBV Vice Governor Anh shared Duong’sview, saying that banks must cope with challenges in refining legal frameworksamidst the fourth industrial revolution, switching to new governance and businessmodels, and protecting personal information of customers.
Economists suggested banks improvelegal frameworks that make it easier for fintech enterprises to developfinancial products and services on digital platforms.
They underscored the need toupgrade hi-tech infrastructure to automate almost banking processes, whichrequire efforts of banks, credit organisations and the government as well.-VNA
VNA
