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Forum calls for digitising VN banking

by ,http://vietnamnews.vn/economy/347243/forum-calls-for-digitising-vn-banking.html01 December 2016 Last updated at 03:59 AM

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Forum calls for digitising VN banking
The banking sector has been developing rapidly but it needs to do more, especially to ensure sustainable development of digital banking, a conference heard in HCM City Thursday.nbsp;

 

Digital banking is inescapable, but information safety is a huge challenge, which will require great efforts from the banking sector. — Photo pcworld.com.vn
Viet Nam News

HCM CITY — The banking sector has been developing rapidly but it needs to do more, especially to ensure sustainable development of digital banking, a conference heard in HCM City yesterday.

Nguyễn Toàn Thắng, general secretary of the Việt Nam Banks Association, told the 2016 Việt Nam Retail Banking Forum "Digital technology is now affecting all aspects of life, and the Vietnamese banking sector must enhance digital banking and ensure security.”

Hà Huy Tuấn, deputy chairman of the Việt Nam National Financial Supervisory Commission, said “Nowadays, due to the IT boom, digital banking is becoming the new trend in retail banking, and [while] it offers commercial banks many opportunities, it also poses challenges to their managers.

“Digital banking is inescapable but information safety is a huge challenge to ensure which requires the great effort from the banking sector,” said Tuấn.

The forum, titled “Building your bank and driving profitable customer engagement in the digital world”, discussed key issues the banking industry needs to focus on and analysed them to offer innovative solutions for IT applications to develop digital banking, improve service quality and acquire customers’ trust.

Dr Cấn Văn Lực from the Bank for Investment and Development of Việt Nam (BIDV) said in Việt Nam 44 per cent of bank customers used the internet and mobile banking.

“Significant internet access and a remarkable growth in the number of mobile devices are two important factors promoting digital banking around the world.

“In Việt Nam, more than 47 million people access the Internet, there are 143 million mobile phone subscribers and 29 million members accessing social media on mobile devices.”

He said people born after 1990 are especially cyber-savvy and are prospective customers for digital banking.

There are three main factors that affect Vietnamese banking customers’ satisfaction – quality of the network, convenience and security, he said.

“Vietnamese banks have to build a digital business strategy.

“Digitising all connections with customers, digitising their products and services and taking advantage of digital technologies to create new products and services are imperative to create a digital bank.”

Maya Barkay from Amdocs Mobile Financial Service said six key forces are reshaping the banking and payments industries: a growing middle class, millennial disruption, need for financial inclusion, evolving technologies and market shifts, the ubiquity of mobile and regulatory shifts.

“Banks must quickly shift from product-centric to customer-centric banking.”

Matthew Martin, chief information officer at Asia Commercial Bank, spoke about omnichannel, a cross-channel business model that companies use to improve the customer experience.

“Omnichannel provides a consistent and connected experience over each and every touch point whether self-directed or assisted.

“It is about the way customers want to conduct their financial transactions.”

The Việt Nam Retail Banking Forum (previously known as the ASEAN Banker Forum) is one of the most prestigious regional forums for bank executives, technology experts, finance specialists and those providing IT solutions for the banking industry.

It seeks to discuss key issues in which banks are interested and come up with solutions to improve their operational performance.

It is organised by the Việt Nam Banks Association and International Data Group (IDG Việt Nam). — VNS