According to a global KPMG survey, 74% of bank executives believe that accelerating digital transformation plays an essential role in their competitive strategy. However, 46% of them have had to pause or cut back on their digital transformation strategies due to concerns about a possible recession in the near future.
In Vietnam, the economic situation is more positive and starting to show signs of recovery. Domestic financial services businesses are promoting the application of new technologies such as artificial intelligence and cloud computing to automate and optimize business and operations.
According to a survey published in May 2023 by DBS, Vietnam ranked 2nd out of 10 countries surveyed in terms of the level of digital transformation application in improving customer experience and engagement, higher than the powerhouses of the US, UK, Australia, China, and India.
Deloitte’s 2023 Banking and Capital Market Forecast suggests that banks should rethink traditional products and services to find ways to create new sources of value. Areas that are considered to have great potential include embedded finance, financial technology, e-identification, and green finance…
There are many directions that can be exploited, but the problem for the banking industry is how to transform quickly and effectively while still saving resources so as not to "run out of breath" in the long-term race.
In addition to revenue and profit, digital transformation must also consider factors such as transparency, risk management, and social responsibility, with close monitoring from the public, investors, and international organizations. In a global KPMG survey, 54% of banks mentioned the “climate” factor in their financial reports, proving that this is a keyword that carries weight in the business development vision.
There is no single formula that can guarantee the success of a digital transformation strategy. However, sharing experiences and collaborating between financial institutions is considered a necessary approach to building a strong financial foundation. In fact, 26% of bank executives surveyed said that strategic collaboration with third parties is their top priority in driving growth.
On July 22, a workshop with the theme “Innovation in the Financial Industry: Innovation for Sustainable Growth” will take place in Hanoi with the participation of representatives from many large domestic and foreign banks such as Techcombank, VPBank, SeABank, UOB, Standard Chartered… and prominent technology companies in the region such as CDNetworks, Teibto, EDGEWORKS, Alibaba Cloud, FPT Smart Cloud, and AdFlex.
Additionally, the event's guest speakers include representatives from the Vietnam Banking Association, VinGroup, and KPMG.
The Finovate Innovation Day conference will bring discussion topics that many businesses are interested in today such as applying big data to digital banking operations, improving financial industry security with artificial intelligence, and especially the role of ESG (environmental - social - governance) indicators in the digital transformation era.
This is the third event in the Finovate Day series of seminars initiated in Ho Chi Minh City in October 2022. A representative of the organizing unit JobHopin shared that nearly 2,000 attendees from the two previous seminars, most of whom were leaders and senior managers, showed the need for finance and banking personnel to update trends and seek new technology solutions.
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