Policymakers, businesses and experts gathered at Smart Banking Conference 2023 on October 6 in Hanoi to discuss trends, data-driven strategies, and policies for digital technology application in the banking sector.
Held under the auspices of the State Bank of Vietnam (SBV), the event attracted over 1,000 participants, providing a comprehensive overview of digital banking strategies, solutions, technologies shaping the banking industry, and data-driven banking development.
|Smart Banking Conference 2023
Addressing the event, Pham Tien Dung, Deputy Governor of the SBV said that big banks had transformed and had warehouses and data centres. The SBV has issued a digital transformation plan with many measurable targets. And one of the nine groups of solutions is maximising the efficiency of digital data.
“The SBV will always support banks in creating a legal foundation for them to develop their products and services,” he added. “Besides service development, banks must also ensure seamless operations, and ensure security and safety. Banks should actively deploy Project 06 to increasingly provide better services for customers.”
Themed "Harnessing and Leveraging Data: Shaping the Future of the Banking Industry in the Digital Age”, Smart Banking 2023 had an exhibition, a plenary session, and three conferences sessions discussing data-driven strategies for banking digital transformation; achieving digital customer experience strategy of the future; and cybersecurity in the digital banking landscape.
|The exhibition attracted businesses and participants
According to the SBV official, at present, many banks have more than 90 per cent of transactions on digital channels, some banks even have up to 97-98 per cent. When it comes to providing services on digital channels, bank management must also be changed to synchronise.
"Banks should focus on cleaning and digitising the data we already have because without clean data, there will be no next story," he said..
The event lured many businesses in the sector, including Backbase, OPSWAT Vietnam, MoMo, FPT Smart Cloud, Mastercard Data & Services, Noventiq Vietnam, Timo, and DXC Technology.
|Enhanced customer experience with AI-powered tech
With hyper-personalised digital banking apps, cashless transactions are becoming the new norm. We are seeing the emergence of digital financial advisors that are entirely capable of providing financial planning advice through automated algorithms. The rapid pace of digital transformation in the finance industry cannot be stopped.
|Data protection heads digital banking efforts
Vietnamese authorities have been busy at work dismantling an illicit information network involving bank employees, as local lenders prioritise data protection and digital infrastructure for customer privacy and growth.
|Vietnam banks support 'adopt and build' approach to digital transformation
More than 55 per cent of chief information officers in Vietnam are more inclined to embrace an “adopt and build” approach in their digital banking transformation, above the Asia-Pacific average of 48 per cent.