According to the Director of the State Bank's Payment Department, 80% of work at banks has been digitized, of which about 66% of transactions are conducted via digital channels.

At the Smart Banking 2024 Conference on the morning of October 29, Director of the Payment Department of the State Bank of Vietnam (SBV) Pham Anh Tuan said that Decision 810 issued in 2021 marked an important turning point in the digital transformation of the banking industry. This plan focuses on 9 pillars, including developing digital banking, building legal infrastructure and network security, with the target of 50% of small loans applied for, disbursed, and managed through digital channels by 2025.

According to Mr. Tuan, currently 80% of work at banks has been digitized, of which about 66% of transactions are conducted via digital channels. Several banks have achieved a digitization rate of up to 95%. Notably, 79% of adults in Vietnam have accessed banking services.

In addition to the achievements, Mr. Tuan emphasized that the biggest challenge is promoting the lending process on digital channels, when less than 20 credit institutions have implemented. The State Bank will continue to direct to achieve the goals of Decision 810, complete the legal framework, and coordinate with the Ministry of Public Security to deploy applications related to Project 06, to ensure security for the digital banking system.

According to Mr. Pham Anh Tuan, artificial intelligence (AI) is becoming a popular application trend in the financial industry. Currently, up to 85% of banks are developing AI strategies for product development, with more than 59% of the workforce supported by this technology. He also emphasized the need to improve communication and user knowledge so that they can be protected from the risks of fraud and scams when using digital products.

Speaking at the event, Vice President cum General Secretary of the Vietnam Banking Association Nguyen Quoc Hung shared that security and safety in payment and banking information systems are top priorities. To date, 37 million customers have registered their biometric data, helping to minimize risks and protect users. Mr. Hung emphasized that accurate data is the basis for personalized banking products and services, enhancing customer experience.

The banking industry has now completed cleaning up the data of 51 million customers with the Vietnam National Credit Information Center. AI, machine learning and big data analytics technologies are also contributing to improving banks’ analytical and decision-making capabilities.

Kylie Nguyen