Digital transformation in banking focuses on convenience, user experience

Vietnam Banks Association and IEC Group yesterday held a forum in Hanoi for digital transformation in banking, themed ‘Banking Industry – Active and Pioneering in Industry 4.0’ (Smart Banking 2022). The forum was chaired by the Central Economic Commission and the State Bank of Vietnam.

 

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The opening session of Smart Banking 2022 forum. (Photo: SGGP)

In his speech, Head of the Central Economic Commission Tran Tuan Anh stated that banking is an extremely important industry as it is considered the ‘lifeline’ of the national economy. So far, the State Bank of Vietnam and the whole banking industry have actively taken part in Industry 4.0 via digital transformation activities.

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Head of the Central Economic Commission Tran Tuan Anh is delivering his speech in the forum. (Photo: SGGP)

He mentioned certain weaknesses that need addressing, especially updating legal documents, policies, and mechanisms to suit the digital trading environment, leading the way for innovative. Some legal aspects that should be prioritized concern innovative startup, intellectual property, trading and investment, data management, e-transactions, digital technology industry development.

“The banking industry should pilot an institutional framework that can control technologies, products, services, and business models formed as a result of Industry 4.0. It should impose policies to timely stop negative impacts on the economy and society in order to ensure national defense and security, social order and safety on the cyber space”, insisted Mr. Tuan Anh.

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Head of the Central Economic Commission Tran Tuan Anh is experiencing new banking services (Photo: SGGP)

Deputy Governor of the State Bank of Vietnam Nguyen Kim Anh shared that his organization has always closely observe all guidelines of the Central Party, the Government, the Prime Minister to direct the whole banking industry to be more proactive in taking advantages of opportunities offered by Industry 4.0. various measures and strategies have been adopted by banks and credit organizations to carry out the digital transformation process.

Bearing the citizen-centered approach in mind, and using customer experience as a measure for success, the banking industry has achieved impressive results. Nevertheless, it is still facing several challenges from effective investments, continuous changes in customer demands and tastes, to hi-tech cyber criminals from all over the world. This calls for a more methodical digital transformation process with clear focuses and detailed pathways.

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Experts of 60 teams are participating in DF Cyber Defense 2022 (Photo: SGGP)

In the framework of this forum, the National Cyber Security Center (NCSC) – member of the Information Security Authority (Ministry of Information and Communications) collaborated with the IT Authority, the State Bank of Vietnam, and IEC Group to host a cyber defense drill named ‘DF Cyber Defense 2022’.

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Experts of 60 teams are participating in DF Cyber Defense 2022 (Photo: SGGP)

This is an annual large-scaled event about cyber security in the banking and finance industry in Vietnam. 200 cyber safeguard experts in 60 teams from 50 banks and financial organizations are going to work together to devise practical solutions to the bank’s security. These teams will compete for the top position right at the ‘cyber battlefield’ of DF Cyber Defense 2022.