To encourage the deployment of technology application solutions, to carry out the duties outlined in the Banking Sector Digital Transformation Plan, and to contribute to the National Digital Transformation Program… This year’s banking industry will be held on August 3, 2022 at the State Bank of Vietnam Headquarters, 25 Ly Thuong Kiet, Hanoi.
On July 28, the State Bank of Vietnam (SBV) held a press conference to announce the event “Digital transformation day” of the banking industry. The press conference was attended by: Ms. Nguyen Thi Hoa, Director of Banking Strategy Institute (SBV); Leaders of Payment Department, Department of Information Technology, Department of Communication; representatives of Departments, Departments, Offices of the State Bank of Vietnam, a number of commercial banks…
Digital transformation is an important goal in the bank’s business strategy
Speaking at the press conference, Ms. Nguyen Thi Hoa said that the industrial revolution 4.0 has crept into the socio-economic life of all countries. Digital transformation and digital economy are vital for any country.
According to Ms. Nguyen Thi Hoa, Resolution No. 52-NQ/TW of the Politburo and Resolution of the 13th Party Congress define the development goals and direction of the nation of Vietnam as follows for the years 2021–2030: build the digital economy on the foundation of science and technology, innovate, and support the national digital transformation. According to the Ministry of Politics, the digital economy will account for 20% of GDP by 2020 and 30% of GDP by 2030.
To accomplish this, the Prime Minister issued Decision 749/QD-TTg promulgating the Program “National Digital Transformation to 2025, Orientation to 2030,” in which Finance-Banking Customer Service is selected as one of the eight sectors that need to be prioritized for digital transformation because it can change perceptions the fastest, save costs and bring high social efficiency.
Aware of the importance and far-reaching influence of Industry 4.0 on the banking industry, the State Bank has urgently researched, developed and promulgated major directional policies and plans, taking advantage of the opportunities of life. Industry 4.0, promoting the application of digital technology in banking activities, such as: Project on promoting non-cash payments (Cash payment) spanning many stages since 2006, Plan for digital transformation of the banking sector until the year 2025, orientation to 2030.
In order to effectively implement the Digital Transformation Plan, the SBV has established a Steering Committee and Working Group on Digital Transformation of the Banking Sector, headed by the Governor of the State Bank, 02 Deputy Governors as Deputy Heads and a member as the head of the Department. Head of Departments, functional departments of the State Bank of Vietnam (SBV) and a number of large commercial banks.
In addition, the SBV also actively cooperates with other ministries and sectors and actively reviews the legal framework regularly to facilitate and promote digital transformation and development of digital banking activities. At the same time, the SBV is often interested in upgrading and building infrastructure for digital transformation activities.
Sharing at the press conference, Mr. Le Anh Dung, Deputy Director General in charge of Payment Department, SBV said that, with the approach of “Digital transformation for acceleration and sustainable development”, many banks consider digital transformation, development of digital banking models and activities as a goal in their business strategy to meet the increasing demands of customers.Investment activities for digital transformation are focused.
Statistics from the Payment Department show that banking services on digital platforms have developed strongly, especially e-payment services with digitization and rapid growth. “In the first 6 months of 2022: E-commerce transactions increased by 77.2% in quantity and 29.8% in value; via the Internet increased by 63.2% and 32.3% respectively; via mobile phones increased by 98.3 and 84.3% respectively; via QR code increased by 86% and 127% (compared to the same period in 2021); 68% of Vietnamese adults have a bank account; 5.5 million accounts and about 8.9 million bank cards are opened electronically (eKYC) (as of June 2022)”, shared Mr. Le Anh Dung.
According to the Payment Department, many leading digital transformation Vietnamese banks have now achieved 90% of customer transactions performed on digital channels, exceeding the target set in Decision 810 of 70% by 2025; Many credit institutions have good performance thanks to active digital transformation, reducing the cost-to-income ratio (CIR) to the threshold of 30%, which is convenient to the ratio that many regional and international banks are converting.
According to global strategic consulting firm McKinsey, in 2021, Vietnam’s banking industry is assessed to have the fastest digital banking application rate in the region, higher than the average growth rate of the whole region and even higher than the emerging market average.
Spread the spirit, transform the perception of digital transformation
In order to accelerate the implementation of technology application solutions, implement the tasks of the Banking Industry Digital Transformation Plan, contribute to the implementation of the national digital transformation program, contribute to spreading the spirit, transforming the awareness of organizations and individuals inside and outside the banking industry about the role, meaning and benefits of digital transformation in banking operations, said Ms. Nguyen Thi Hoa, with the consent of the SBV’s Board of Directors, This year’s event “Digital Transformation Day” is expected to be held on August 3, 2022 at the Headquarters of the State Bank of Vietnam, 25 Ly Thuong Kiet, Hanoi.
Accordingly, there are main events: Scientific conference with the theme: “Strengthening connectivity, promoting Digital Transformation of Banks” to summarize achievements in argument transfer, offer solutions to apply technology in developing banking products and services; The exhibition showcases typical products and services on application of science, technology and digital transformation of the banking industry: this activity has 13 booths (of 4 units in the SOCB sector including: VietinBank, Vietcombank, BIDV , Agribank; 8 units of joint stock commercial banks including: TPBank, Techcombank, VIB, MB, ACB, KienLongBank, NamABank, HDBank); One unit of the payment intermediary company, VNPay, aims to introduce typical technologies and services, such as: online banking; STM automatic banking machine, 4.0 bank branch, modern payment services such as QR code payment, Tap to pay, Livebank,
At this event, the State Bank will be honored to welcome Government leaders to attend. In addition, there are central agencies, ministries, departments, branches, SBV branches in provinces and cities, credit institutions (CIs), payment intermediaries, etc.
Previously, the State Bank of Vietnam has chosen May 11 as the “Day of Digital Transformation of Banking Sectors” for the following reasons: This is the date the Governor of the State Bank, Head of the Steering Committee for Digital Transformation of Banking Sectors signed and promulgated the Digital Transformation Plan. banking sector to 2025, orientation to 2030 (in Decision 810/QD-NHNN). The issuance of the Banking Sector Digital Transformation Plan can be considered as the clearest milestone in the banking sector’s digital transformation plan, having an important meaning in helping to clearly define the orientation and implementation plan of the banking sector. Banks in the trend of digital transformation. In addition, May is also a month with many events such as the establishment of the banking industry (May 6) and digital transformation activities, so the selection of May 11 as “Digital Transformation Day” will facilitate the organization of activities and create a spillover effect.
Sticking to the orientation and direction of the Party and Government on a number of guidelines and policies to actively participate in the Fourth Industrial Revolution, promote the achieved results and continue the spirit of promoting innovation and creativity; In the coming time, the banking industry will continue to apply technology to provide customer-centric products and services and improve customer experience as the main goal following:
Firstly , continue to perfect mechanisms, policies, and legal frameworks in banking activities to adapt to Industry 4.0, facilitate and promote business models, governance in the banking sector according to towards breakthrough, innovation and creativity but still focusing on ensuring network security and protecting consumers’ interests in order to limit risks and challenges from the context of Industry 4.0…
Second , continue to build and perfect the technology infrastructure for the supply of digital products; strengthen integration and connection with other ministries, sectors and fields to provide banking products and services on digital platforms; improve service quality and increase convenience and experience for customers.
Third , prioritize investment and strongly apply digital technologies to banking activities; prioritizing the development of a bank following the digital banking model, taking digital payment as a gateway to seamlessly connect with other banking services such as mobilization, lending, investment, insurance… and conveniently communicate with external digital ecosystems to provide safe, convenient, personalized products and services at a reasonable cost and transparency.
Fourth , focus and consider quality human resources as a decisive factor for success in bank digital transformation. Strengthening training and retraining, improving the quality of human resources, helping employees of the banking industry to be equipped with skills and develop capacity to adapt to the context of Industry 4.0.
Fifth , continue to strengthen communication, financial education, raise people’s awareness and understanding about digital applications and notes to prevent and avoid risks when performing transactions on the Internet. electronic field.
Sources: thitruongtaichinhtiente.vn
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