MB spearheads digital transformation dialogue at international conference in Vietnam

The event was an integral part of MB's long-term, annual initiative to infuse international expertise into the bank and its network. It saw the attendance of around 500 valuable partners and key personnel, all aiming to mobilise national resources to foster a sustainable digital economy.

Opening the event, MB’s chairman of the Board Luu Trung Thai shared his vision for digital transformation success.

"Drawing from MB's successful digital transformation experience, we hope to see other organisations and businesses succeed on this path. This is why MB has organised this special international seminar to connect and spread digital transformation visions from world-renowned experts to Vietnamese businesses and individuals," he stated.

Vu Thanh Trung, a member of MB's Board of Management, also spoke about the bank's dedication to digital transformation and environmental sustainability.

"MB is unwavering in its commitment to digital transformation. We understand that the future of banking lies in harnessing technology to enhance the customer experience and operational efficiency," Trung told VIR.

“Our partnerships with leading fintech firms, coupled with our own digitalisation efforts, position us at the forefront of these critical areas.”

He further underscored MB's focus on the environment, "Our commitment extends beyond digitalisation to include a strong focus on green initiatives. We're already integrating sustainable practices into our operations and product offerings."

Meanwhile, renowned speakers including David L. Rogers, a member of the faculty at Columbia Business School, Sheena S. Iyengar, a professor of Business in the Management Division at Columbia Business School, and Paul J. Bailo, a senior advisor for top US companies with years of research and strategic consulting experience, shared practical methods and lessons to propel the national digital economy and implement related strategies at individual businesses.

Professor Rogers believes the digital transformation is a multi-year process of evolution, allowing businesses to thrive in an ever-changing environment.

"The core of digital transformation is not just technological change, it also requires a shift in mindset, applying new thinking within the organisation. Additionally, companies must focus on data, as it is a core asset for future growth," Rogers emphasised.

However, Rogers highlighted that digital transformation is not straightforward, with 70-80 per cent of campaigns in businesses failing to achieve the desired outcomes.

He identified the barriers to digital transformation as a lack of shared vision, insufficient discipline when setting priorities, the absence of experimentation, and inflexibility in management.

"For success, digital transformation must be a synthesis of two elements, strategy and self-transformation within the organisation. These two factors are critical for organisational success," Rogers advised.

Professor Rogers suggested a five-step roadmap for Vietnamese businesses' digital transformation, establishing a shared vision, selecting key issues, validating new experiments, managing large-scale growth, and continually building capabilities. He shared global enterprise transformation stories, such as Netflix, Amazon, and ChatGPT, as practical examples of his five-step approach to successful digital change.

Focusing on the theme of How to Think Bigger, Professor Iyengar recounted her family's journey from India to America to pursue the American dream, underscoring the pivotal role of choice in personal and organisational growth.

"Choice is our greatest control. It's instrumental in shaping both individual paths and organisational futures," she remarked.

Specialising in the study of the power of choice, Professor Iyengar spent over a decade developing the Think Bigger methodology, aiding transformation at individual, corporate, and community levels.

She highlighted examples like Pablo Picasso and healthcare initiatives during the pandemic to illustrate the transformative impact of choice and thinking big.

Iyengar advised a break from conventional thinking, outlining a six-step Think Bigger practice. This includes pinpointing critical issues, breaking them down, assessing desires, exploring within and beyond existing frameworks, mapping choices, and employing empathetic perspective-taking.

Regarding Vietnam's innovation potential, Iyengar commented, "Vietnam holds immense promise for creative innovation. The next step is building a future framework. The choice lies with you."

At the heart of the seminar, themed Digital Transformation: Dream Big, Think Big, Act Big, Bailo steered discussions, linking pertinent questions and answers for the Vietnamese audience.

Professor Iyengar highlighted relentless exploration and experimentation as keys to success and transformation. Recalling Steve Jobs' advice, Professor Rogers emphasised the importance of expansive thinking and creativity.

Discussing organisational change, Rogers stressed the need for an environment that is conducive to employee development and leaders simplifying ideas for effective implementation. Iyengar stressed the need to prioritise crucial decisions for action.

For practical innovation, Iyengar urged Vietnamese companies to prepare mentally, focus on understanding and prioritising changes, and align their goals and actions.

"Innovation should be user-centric, with customers validating the effectiveness of the entire effort," she stated.

Addressing the creation of an innovation DNA, Iyengar highlighted the importance of cultivating and spreading an innovative culture deep within every employee, with leadership playing a crucial role in this.

Rogers added, "Leaders must articulate clear objectives and resolve critical business issues. Defined goals give a unified direction for collective problem-solving," he advised.

The speakers encouraged Vietnamese companies to boldly and persistently embrace digital transformation and innovation for future success.

Growth within reach for forward-thinking enterprises From legacy banks to small enterprises, digital transformation is reshaping business at every level. David L. Rogers, a member of the faculty at Columbia Business School, and Paul J. Bailo, senior advisor for top US companies like Apple and Bank of America, told VIR’s Luu Huong how businesses are finding new ways to innovate and collaborate.

MB summit to chart digital trajectory with global thought leaders On November 8, 2023, Military Commercial Joint Stock Bank (MB) will host an international forum, "Digitalise to Revolutionise – Shaping tomorrow’s business landscape," featuring a host of global experts poised to deliver actionable insights on digital transformation.