Digital banking indispensable in globalisation era

Friday, Jul 24, 2020 16:56

The seminar held on Friday. — Photo

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.

Phung Thanh Quang from the National Economics University said that Viet 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.

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

Dao Thi Huong from the Academy of Finance said that there had been some digital banks in Viet 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 Huong. — VNS

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