Saturday, August 8 2020

VietNamNews

Digital banking indispensable in globalisation era

Update: July, 24/2020 - 16:56
The seminar held on Friday. — Photo baotintuc.vn

HÀ NỘI — To catch up with the trend of globalisation, banks are racing to develop mobile applications and digital banking.

The Southeast Asian Finance, lnvestment and Cooper Trade Research Institute held a seminar on digital banking and technology revolution on Friday.

The process of implementing digital banking is posing some challenges to the banking industry.

Experts said that in executive management, when the banking sector transformed models of business, governance, administration, and service provision, it also required changes from thinking to action.

Phùng Thanh Quang from the National Economics University said that Việt Nam chose 2020 as the year of digital transformation.

For years, banks had been at the forefront of using technology to support customers' diverse financial needs, said Quang.

The fields used by the bank include accounting, cybersecurity, security systems, risk management, customer service, lending, credit rating, asset management, sales and marketing.

Ngô Thanh Xuân from the National Economics University said that the development trend of digital banking needed transparency and information must be secured.

Đào Thị Hương from the Academy of Finance said that there had been some digital banks in Việt Nam such as VPBank’s Timo, but it has not developed well due to user habits.

Many people still preferred cash, especially in rural areas. Moreover, human resources is also a current concern of banks, said Hương. — VNS

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