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| Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, spoke at the event. (Photo: MP) |
April 29 at Ha Noi, under the chairmanship of the State Bank of Vietnam (SBV), the Vietnam Banking Association organized the Smart Banking 2024 Conference and Exhibition. With the theme “Shaping the digital future for the banking industry: Safe and sustainable operating strategy”, this year’s event mentioned the importance of safety protection measures and sustainable development strategies for the banking industry in the digital space.
Speaking at the opening ceremony, Mr. Pham Tien Dung, Deputy Governor of the State Bank of Vietnam, said that the banking industry has been making great strides in digital transformation, with an open legal corridor allowing banks to apply new technologies. He affirmed that the State Bank has pioneered the opening of eKYC accounts since 2021, and most recently implemented authentication via chip-embedded citizen identification cards, creating conditions for services such as guarantees and online lending to become more convenient and secure.
“The legal corridor of the banking industry has paved the way for the application of technology, meeting the online transaction needs of people and businesses in the digital age,” Mr. Dung emphasized.
Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks Association (VNBA), commented that the Vietnamese banking industry and world is undergoing an important turning point in digital transformation. Technologies such as big data, artificial intelligence, augmented reality and open banking platforms have contributed to improving service quality, meeting customers’ 24/7 transaction needs. Mr. Hung believes that the banking industry needs to build a cooperative environment where banks can share experiences, learn from each other and develop together. This is the foundation for the sustainable development of digital banking.
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| Delegates in a discussion session at the event. (Photo: MP) |
According to Mr. Hung, the banking industry has achieved impressive results in digital transformation. To date, more than 80% of adults in Vietnam have owned payment accounts, with the number of individual and organizational customer profiles across the system reaching more than 200 million profiles. Of which, 46,7 million profiles have been authenticated with biometric information via chip-embedded citizen identification cards, ensuring maximum safety for both customers and banks.
In addition to the achievements, Mr. Hung also pointed out the growing challenges in information security, especially when targeted cyber attacks on the banking system and customer fraud are increasing. He said: “The banking industry needs to constantly improve cyber security measures, while increasing customers’ awareness of security in online transactions. Ensuring information security is a core factor for the banking industry to develop sustainably in the digital age.”
At the event, three thematic sessions were held to discuss strategies and solutions to the challenges of digital banking. The first session focused on “Innovation of technology infrastructure”, in which representatives from Techcombank, MSB, and Visa shared modern solutions to innovate core banking systems, ensuring continuous and flexible operations in a digital environment. The second session focused on developing an “Open Banking Ecosystem” with a customer-centric strategy, improving digital payment experiences, and personalizing services. The third session focused on “Security in Digital Transformation,” with the participation of experts from Techcombank, Mastercard, and Samsung Vina, introducing solutions to protect online transaction systems and combat threats from malware.
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| Images of booths participating in the exhibition at the event. (Photo: MP) |
In addition, the DF Cyber Defense exercise is one of the highlights of the event, helping commercial banks enhance their ability to respond to cyber attacks and ensure the safety of important information systems. The exercise helps banks identify and assess risks, thereby improving their response capacity and effectively protecting customer data.
Speaking on the sidelines of the workshop, Mr. Nguyen Hung, General Director of TPBank, said that currently, more than 98% of TPBank’s transactions take place on digital platforms. This requires the bank to build a strong technology infrastructure, ensuring safety and stable operation. Mr. Hung emphasized: “As the number of digital transactions increases, we face great pressure on information security. TPBank not only focuses on building a strong infrastructure but also focuses on protecting customers when they make transactions themselves through mobile applications and the bank’s digital platform.”
According to Mr. Hung, in the context of the digital environment, cybercrime is becoming more and more sophisticated, not only targeting the banking system but also attacking individual customers. “In addition to protecting the system, we constantly warn and instruct customers on how to protect personal information, not to share passwords or OTP codes with anyone. This is a challenge not only for TPBank but for the entire banking industry,” Mr. Hung shared.
Mr. Hung also said that TPBank is promoting the deployment of biometric technology and chip-based citizen identification authentication to enhance the safety of customers’ online transactions. He commented: “Biometrics will create a unique authentication method, enhance security and help customers feel more secure when transacting via digital channels.”
Sharing with the press, Mr. Tran Cong Quynh Lan, Deputy General Director VietinBank said that Vietinbank has applied AI to improve work efficiency and optimize operating costs. According to him, AI not only helps reduce training time but also supports automated processes within the bank. “We have deployed an AI chatbot system, helping employees access internal processes and documents quickly. This is especially useful for new employees, when they have to access a huge amount of documents of the bank,” said Mr. Lan.
In addition, AI is also a powerful tool that helps VietinBank analyze customer behavior and personalize services. Mr. Lan said: “AI allows us to understand the needs and habits of each customer, thereby predicting and providing suitable products. This is an important step in improving the customer experience.”
Regarding security, VietinBank has applied biometrics to authenticate identities and protect customer accounts from fraudulent activities. Mr. Lan emphasized that: “AI and biometrics help VietinBank be flexible in responding to technological variables and ensure maximum safety for customers in the online transaction environment.”
Mr. Lan added that AI not only enhances security but also helps VietinBank customize the system easily when there are changes in technology or new requests from customers. “Previously, adjusting the system took a lot of time, but thanks to AI, we can react quickly, thereby improving services and better meeting customer needs,” he added.
Smart Banking 2024 has created a forum for financial institutions, technology companies and stakeholders to share experiences, update the latest trends and build sustainable digital banking development strategies. Thereby, many valuable perspectives from leaders and experts, not only on technology trends but also on challenges and opportunities to improve the quality of digital banking services, ensure information security, and increasingly better meet customer needs.
Discussion sessions and opinions from leaders of leading banks all show the determination of the banking industry in digital transformation in a comprehensive and safe manner./.