Customers test out Timo, a VPBank-back digital banking app.Vietnamese banks are looking to tap into big data (Photo: timo.vn) Hanoi (VNA) - To successfully deploybig data in the banking sector, there must be a comprehensive strategy usingprofessional teams who have deep understanding of both finance and technology,said Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam.
At a recent conference in Hanoi, Anh saidthat digital data was becoming a new resource and big data was playing animportant role in the banking and finance sectors.
The conference, titled “Big data for banking andfinancial industry,” was organised by the Banking Academy of Vietnam.
At the workshop, participants focused on bigdata technology from a variety of perspectives. They discussed the latesttechnology and ways for banks and financial institutions to optimise theapplication of big data into information systems.
Through the discussion, experts shared hopesthat they could identify the opportunities and challenges of big data toimprove the productivity, quality and efficiency of financial and bankingoperations.
The fourth industrial revolution is taking placeacross the globe and having a strong impact on all aspects of socio-economiclife, according to the experts. It promises to create more opportunities and animpetus for the country development of each nation or organisation.
The fourth industrial revolution with Internetof Things, automation and artificial intelligence has brought digital data tothe centre of the business world.
Digital data had become a very importantresource from which businesses can generate revenue and provide new applicationecosystems, services and digital products, said Anh.
“Therefore, digital data will grow and become animportant industry in the fourth industrial revolution,” he added.
At the workshop, the deputy governor also saidthat the specificity of banking is creating a huge amount of data fromstructured data such as transaction histories and customer records tounstructured data such as customer activities on Internet and mobile bankingapplication.
“Applying big data to exploit the data willbring significant competitive advantages and efficiency for the banking andfinance sectors,” he added.
In addition, Pham Anh Tuan, director ofVietcombank’s tech modernisation department, said that data in the bankingsystem and those collected from the outside include many types. These includestructured data, semi-structured data, and unstructured data.
"The current banking data is unstructured,which meets all big data standards in volume, movement and diversity," Tuanemphasised.
The representative of Vietcombank also said thatwhen banks as well as financial institutions identify data with great value,they must consider data assets of the bank. “In other words, data must betreated like any bank assets, which have to be taken care of and ensured onasset security.”-VNA
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