Measures sought to promote development of smart banks

Hanoi (VNA) - A workshop on developing smart banks in the process of industrialisation and modernisation by 2030 with a vision to 2045 took place on November 18 in the framework of the third Industry 4.0 Summit and Expo.

In his opening remarks, deputy head of the Party Central Committee’s Economic Commission Nguyen Duc Hien said the Politburo’s Resolution No 52-NQ/TW determines the financial-banking sector as one of the priority, focal and pioneering sectors in digital transformation.

The Governor of the State Bank of Vietnam (SBV) issued Decision No. 810/QD-NHNN approving a plan for digital transformation of the banking sector by 2025, with a vision to 2030, focusing on developing a digital and smart banking system. 

According to Deputy Governor of the SBV Pham Tien Dung, digital transformation of the banking industry over the past time has achieved positive results. The central bank has reviewed and issued legal regulations to meet the digital banking model, digital banking services, innovation activities, application of new technological achievements, data protection, rights and legitimate interests of customers. 

The achievements of the 4th Industrial Revolution have been widely applied to core banking services. Mobile payment has grown rapidly with 90 percent in quantity and 150 percent in value.

According to McKinsey's research, many Vietnamese banks have over 90 percent of transactions on digital channels, and the country is among the regional countries seeing the highest digital adoption rate in the banking industry, creating opportunities for banks.

In addition, a digital payment and digital ecosystem has been established by connecting digital banking services with most other digital services in the economy, providing seamless experiences in all fields and utilities for users in digital space services.

Dung said the plan for digital transformation of the banking industry by 2025, with a vision to 2030 aims to develop digital banking models, and increase utilities and customer experience.

To realise the targets, the State Bank will prepare resources for digital transformation activities, and continue to improve the legal framework to facilitate the process.

The central bank will also focus on developing digital infrastructure, connecting and sharing the banking sector’s data with other sectors, developing digital banking models, applying technologies to provide products and services in a safe and convenient manner with low cost, and ensuring safety and cyber security as well as rights and legitimate interests of customers.

Delegates also debated smart bank development in the world and in the region, and the need to switch to a smart banking model, strategies and comprehensive solutions to promote development of smart banking, and measures to ensure security and safety of information systems./.