HCM CITY – 2025 will mark a turning point for Vietnamese banks, with profound innovations driving success in digitisation, inclusive finance, and enhanced customer experiences, experts predicted at the Vietnam Banking Innovation Summit 2024 which was recently organised in HCM City.

The summit, co-organised by the Vietnam Banks Association (VNBA) and 5S Media Consulting & Communications Company, Ltd, drew nearly 200 experts, banking leaders, and representatives from financial and technology organisations across ASEAN, alongside hundreds of staff from major industry enterprises.

In the opening address, Nguyễn Thanh Sơn, director of the Training Centre at the Vietnam Banks Association (VNBA) emphasised the development of Vietnamese digital transformation progress, especially in the digital banking field. 

“The banking sector is at the forefront of innovation, as reflected in the Banking Digital Transformation Plan to 2025, with a vision to 2030. Banks have made significant technological breakthroughs, investing heavily in core banking technologies to drive digital transformation. Việt Nam’s digital transformation progress has been both swift and effective, earning international recognition,” he said.

During a presentation on “Predictions for The Next Wave of Innovation in Việt Nam’s Banks”, Michael Arenata, AWS Financial Services – ASEAN Banking, Amazon Web Services, analysed key trends in the digital transformation of the banking industry. 

He emphasised that the sector's long-term goal was to personalise customer experiences, optimise business processes, and implement progressive digital transformation, focusing on truly important factors. 

Dr. Ngô Xuân Bách, associate professor and deputy director of the AI Product Division at FPT, shared insights on the role of Generative AI in shaping the future of the banking sector. 

He highlighted applications of this technology, such as smart chatbots, automated financial advice, personalised financial products, and its pivotal role in fraud detection, risk management, and regulatory compliance. 

Real-world examples of banks successfully employing Generative AI showcased how the technology enhances customer experiences, optimises operations, and boosts business efficiency.

Participants also highlighted the significant challenges legacy core banking systems pose to innovation. 

They introduced advanced core banking solutions built on cloud-based, microservices architectures with embedded AI, positioning them as essential tools for Vietnamese banks to enhance competitiveness, scalability, and security in the era of rapid digital transformation.

Insights into the banking industry's digital transformation journey by leveraging cloud technology and topics on how emerging trends in cross-border payments are unlocking opportunities for financial institutions in Việt Nam were also shared at the forum. – VNS