Digital transformation becomes a “survival” factor for the banking industry

Speaking at the conference, Deputy Governor of the State Bank of Vietnam Pham Tien Dung said that science and technology, innovation and digital transformation are not only the driving force, but have become the foundation for development in the 21st century.

According to a World Bank report, by 2024, the digital economy will account for 15% of the global GDP, equivalent to 16,000 billion USD. Many countries have identified the digital economy as a core component of their national strategies.

In the context of the world facing unpredictable fluctuations such as trade wars, the rise of protectionism, and epidemics, developing science and technology, innovation, and digital transformation are no longer options, but vital requirements to adapt, survive, and thrive.

Deputy Governor of the State Bank of Vietnam Pham Tien Dung speaks at the conference on the morning of May 27.

These two emulation movements demonstrate the fierce and synchronous spirit of the banking industry in implementing major goals on science, technology, innovation and digital transformation in accordance with the orientation of Resolution 57 of the Politburo and the directions of the Government and the Prime Minister.

The movements "The whole country competes in innovation and digital transformation" and "Digital literacy for the masses" promote the synchronous participation and promote the overall strength of the entire banking industry in implementing innovation and digital transformation; popularize basic knowledge about digital transformation with the most drastic, responsible and effective spirit; at the same time, enhance the role and responsibility of heads of units in implementing key and strategic tasks of the industry and the country.

Currently, banking is considered a pioneer in digital transformation, promoting the application of innovative products and services, developing a smart, interconnected and secure digital ecosystem.

Quick statistics from a number of commercial banks show that banks have moved very quickly in innovation and digital transformation. From 2024 to now, many banks have developed and implemented a large number of initiatives to improve operational processes and digital transformation, with some banks having 100 or more digital initiatives each year, typically: BIDV (299 digital initiatives); TPBank (135 digital initiatives/year); Agribank (120 digital initiatives); VIB (101 digital initiatives); Vietinbank (100 digital initiatives) ...

In addition, the number of bank staff trained in digital transformation, technology, and artificial intelligence from 2022 to present has also increased sharply, typically Vietinbank (more than 90,800 courses); MB Bank (more than 55,400 courses); Techcombank (nearly 51,000 courses); Agribank (more than 47,000 courses); BIDV (nearly 39,000 courses); VIB (nearly 36,000 courses).

FLOWING WATER

Source: https://www.sggp.org.vn/chuyen-doi-so-tro-thanh-yeu-to-song-con-doi-voi-nganh-ngan-hang-post796967.html