The Smart Banking Summit 2023 was organized in Hanoi on October 6 and it talked about how keeping data safe is highly important for banks to work smoothly. The State Bank of Vietnam (SBV) Deputy Governor, Pham Tien Dung, said data is a big deal in the digital age and many banks in the country have set up special places to keep data safe.
In Decision No 810/QĐ-NHNN, the SBV Governor talked about nine sets of solutions to drive digital transformation in the banking sector, placing a significant emphasis on the effective use of digital data. Digital data doesn’t just help banks confirm who their customers are but it simultaneously also allows them to study how people behave as well as what trends they follow using technology. This valuable information guides banks in making better decisions about creating new products and services to meet market needs and operate more efficiently.
The SBV deputy governor said it is important to ensure continuous operations and maintain security. He highlighted that amending the Law on Credit Institutions would necessitate banks to develop contingency plans for unusual situations to handle crises effectively.
Nguyen Hung, the General Director of TPBank, talked about the vital need for uninterrupted service in today’s digital banking world. TPBank, which handled just three million transactions monthly five years ago, now manages a whopping 100 million each month. Even a brief system interruption could affect countless customers.
Tran Van Tan, the Vice Chairman of the VNBA council, highlighted the banking sector’s dedication to digital transformation, surpassing investments of 15 trillion VND (625 million USD) by the previous year’s end. This substantial investment reflects Vietnam’s rapid growth and its potential to take a leading role in the banking industry’s transformation.