The event was attended by Prime Minister Pham Minh Chinh, a Member of the Party Central Committee Nguyen Thi Hong; Secretary of the State Bank's Board of Directors and leaders of a number of ministries and branches; Representatives of commercial banks (NHTM), Vietnam National Payment Joint Stock Company (NAPAS), payment intermediary companies, international organisations, domestic and foreign economic experts...
Vietcombank's representatives included Nguyen Thanh Tung, Deputy Secretary of the Party Committee and General Director; Phung Nguyen Hai Yen, Deputy General Director; Dinh Thi Thai, Deputy General Director; Doan Hong Nhung, Director of Retail Division; and representatives from a number of related TSC units.
The 2024 Banking Industry Digital Transformation was the biggest banking digital transformation event in this industry. Following the success of 2023, this year's event intended to share the banking industry's positive outcomes in digital transformation, thereby accelerating the growth of national digital transformation and contributing positively to the development process. This year's theme was "Expanding connectivity and developing the digital ecosystem," in continuity with the theme "Application of population data in banking activities - the driving force for digital transformation" of 2023 Transformation Day.
This theme affirms the banking industry's determination to effectively implement the tasks outlined in the Banking Industry's Digital Transformation Plan by 2025, with a vision to 2030 (Decision 810/QD-NHNN dated May 11, 2021), Prime Minister's Project 06 (Decision 06/QD-TTg dated January 6, 2022, approving the Project on developing population data application, electronic identification and authentication serving national digital transformation in the period 2022-2025, with a vision to 2030) as well as the Coordination Plan 01/KHPH-BCA-NHNN between the Ministry of Public Security and the SBV; at the same time, contributing to realising the goals of the Program "National Digital Transformation by 2025, with a vision to 2030" (in Decision 749/QD-TTg of the Prime Minister), towards a digital economy and digital society.
Addressing the event, Prime Minister Pham Minh Chinh affirmed that digital transformation in banking has brought about many benefits for the people, supporting businesses in financial management, and ensuring transparency in cash flow, contributing to strengthening state management effectiveness. "Through the reports of the comrades and with the actual experience of the banking products and services presented today, it can be seen that banking solutions and products are all applied and developed based on the application of new technologies and are not inferior to those in other countries in the world…", said the Prime Minister.
While appreciating the progress made, the Prime Minister affirmed that digital transformation is a long journey and there are still many challenges ahead in terms of assuring security, safety, information security, updating and adapting to rapid technological changes. As a result, the Prime Minister requested the banking industry to adhere to the Government's consistent view of putting people, businesses, administrative agencies and non-business units as the centre, and taking customer experience as the measure; at the same time effectively implement the tasks assigned by the Government, ensuring that the industry's digital transformation activities are closely linked to protecting the legitimate rights and interests of customers.
The event in the morning was honoured getting the attendance of the Government leaders, leaders of SBV, and a number of ministries and sectors. The event included a VIP tour of 16 booths showcasing the latest services and technologies from banks, payment intermediaries, and technology businesses. At the booth, Vietcombank introduced its identification and authentication solution through a direct connection (app-to-app) between the Bank's app and the VNeID app. Vietcombank is the first bank to apply this solution on the market, bringing a seamless and comprehensive online experience for people. The bank also demonstrated the application of biometric authentication using facial data (Facepay) by the new regulations of the SBV, which will assist enhance the battle against fraud and scams in electronic transactions.
Attendees had the opportunity to watch presentations from units within the setting of the Digital Transformation review conference. Dinh Thi Thai, Deputy General Director in Charge of the Risk Management Block, also shared information about connecting and integrating VNeID applications into customer authentication and identification to combat fraud and scams.
According to Deputy General Director Dinh Thi Thai, banks have proactively increased the frequency of improving warning forms to recommend that customers protect their information and conduct secure online transactions. Vietcombank worked closely with the Ministry of Industry and Trade, the Ministry of Public Security, the National Data Centre on Population, and the Department for Public Administration and Social Security (C06) to establish a technical connection with the National Population Data and implement a variety of solutions to accurately identify citizens and customers. The connection between the e-banking transaction application and the VNeID electronic identification application provides the bank have a reliable source of customer identification data, provided by the Ministry of Public Security.
Vietcombank soon recognised the critical significance of digital transformation and considered it as one of the bank's key growth drivers in the future. Since 2018, the bank has taken a proactive approach, becoming the first in Vietnam to employ foreign consultants in developing a digital transformation strategy. This strategy is currently being strongly implemented.
The continual deployment of digital products and services over the past few years, as well as the process of strongly upgrading customer experience, are the initial outcomes of Vietcombank's digital transformation strategy.
The strategic aim for 2025 and the vision for 2030 are to continue affirming the number one position in Vietnam, ranking among the 200 largest financial and banking groups in the world, and one of the 700 largest listed firms internationally, making a significant contribution to Vietnam's development. Vietcombank has developed a digital transformation action plan with specific goals and a clear roadmap to gradually improve the customer experience and increase the efficiency and quality of operations.
Vietcombank's serious investment in payment technologies and interactive customer dialogue technologies is a prime example of the Vietnamese banking brand's journey towards digitalization, gradually reaching a regional and global scale.
Reported by Luu Anh
Translated by Thuy Thanh
