- A data-driven digital transformation strategy requires banks to focus on addressing hurdles on data collection, governance, and application
- Unlocking the power of AI can accelerate the digital transformation of banking sector in the new era
HANOI, 6 OCTOBER 2023. SMART BANKING 2023, themed “Harnessing and Leveraging Data: Shaping the Future of the Banking Industry in the Digital Age”, was co-hosted by the IEC Group and the Vietnam Banks Association on 6 October 2023 in Hanoi. EY Consulting Vietnam Joint Stock Company (EY Consulting VN), serving as Knowledge Partner for the event, offered attendees a series of topics in both the plenary and conference sections.
Conference section: “Data-Driven Strategies for Sustainable Banking Digital Transformation”, led by EY professionals and industry experts from other organizations, aims to explore the fascinating facets of this rapidly changing landscape, highlighting the opportunities and challenges and leading practices on data governance for AI’s input that banks in Vietnam can make use of.
Data-driven digital transformation strategies and barriers for banks
In today’s ever increasing connected world, data centricity is driving and predicting the most important decisions, processes, and interactions within banks and with clients. The Vietnamese market stands at a pivotal juncture, with many banks transforming their data landscape and internal procedure to prepare for their digital transformation and a data-driven future.
Most banks in Vietnam have embarked on digitalizing their operations, although to varying degrees. Notably, the digital landscape of the banks in Vietnam on the customer channel front is very evolved as nearly all of them have invested in emerging technologies to enhance digital customer experience.
Several key drivers underpin this transformation. Firstly, Vietnam boasts a young and digitally savvy customer base, requiring banks to enhance their digital agility to meet their demand. Secondly, financial technologies (Fintech) ecosystem continues to evolve, offering efficient services that are integral to the banking value chain. Lastly, the banking sector is becoming increasingly interconnected with other industries, demanding robust data handling capabilities to capitalize this interconnected landscape.
The data-driven digital transformation mirrors global trends and is poised to become the new norm in the future of the banking sector.
However, investments on the data-related capabilities side vary, and many banks are exploring how data can be utilized as an asset. As data platforms and analytics capabilities are implemented, we can expect more sophisticated data-driven strategies from a significant number of banks in Vietnam.