Technology paves the way for financial inclusion

The National Financial Inclusion Strategy aims to ensure that all people, especially vulnerable groups and millions of small businesses, have equitable access to basic financial products and services. In the era of the 4.0 Industrial Revolution, digital transformation not only helps reduce costs and increase transparency but also expands the ability to borrow capital, manage, and participate deeply in modern value chains.

Deputy Governor of the State Bank of Vietnam Pham Thanh Ha said that after more than 5 years of implementing the Strategy, Vietnam has achieved many positive results in terms of increasingly complete institutional and policy framework; strong development of payment infrastructure and service supply network; more diverse digital financial products and services. Along with that, the financial accessibility of people, small and medium enterprises as well as disadvantaged groups has significantly improved. Indicators on the proportion of adults with accounts and non-cash payments have increased rapidly, contributing to promoting digital transformation in the economy .

Sharing the same view, Mr. Chu Khanh Lan, Deputy Director of the Department of Forecasting, Statistics - Monetary and Financial Stability of the State Bank of Vietnam, also pointed out that technology and data are the driving force to help expand the scope and depth of comprehensive finance, towards building an open, safe, inclusive and sustainable financial ecosystem.

Technology helps narrow the financial gap for disadvantaged groups

Practices at credit institutions show that technology is directly paving the way for comprehensive finance to enter life. Agribank strongly applies technology, especially artificial intelligence (AI), paving the way for comprehensive finance. Mr. Nguyen Khac Trung, Head of Agribank Digital Banking Department, said that AI helps shorten the technology gap with customers in rural, remote and isolated areas through 24/7 consultation, customized content according to local language and culture. Technology also supports banks to improve communication quality, helping people to access information and financial services more easily, especially older customers or those with little knowledge of technology. Agribank representative affirmed that the application of technology, especially AI, not only improves service efficiency but also contributes to bringing financial services closer to all people, promoting comprehensive finance on a wide scale.

Also applying technology to narrow the financial gap, over the years the Vietnam Bank for Social Policies (VBSP) has contributed to the implementation of Vietnam's National Strategy for Inclusive Finance.

Since 2019, the VBSP has coordinated with partners to implement the Project “Mobile Banking Services - Financial Inclusion and Economic Empowerment for Low-Income People and Women in Vietnam”. The project has contributed to enhancing and improving access to comprehensive financial services for poor households, low-income households and other policy beneficiaries, and especially micro-enterprises run by women, who currently lack access to formal financial services.

By 2023, the Project will be expanded with a Mobile Digital Education Program for customers of the Social Policy Bank through the Policy Credit Management application, providing online lessons to help customers grasp basic and advanced digital skills. Thanks to that, many borrowers have been able to apply technology to production and business, improve productivity, expand markets and increase income; at the same time, becoming the nucleus of spreading digital skills in the community.

According to the VBSP, these results show that technology, data and digital education are becoming important pillars to support people in improving their financial capacity and developing their livelihoods. This is also clear evidence that digital transformation is gradually realizing the goal of financial inclusion in localities across the country.

Not only banks, Dr. Pham Nguyen Anh Huy - Senior Lecturer in Finance at RMIT University said that achievements in the field of fintech (financial technology) have contributed significantly to improving financial accessibility in Vietnam. The doctor assessed that with more than 30 million active accounts, e-wallets such as MoMo and ZaloPay have brought different convenient transaction methods for everyone. Meanwhile, mobile money services have reached 9.6 million users by the end of 2024, of which 72% live in rural areas. "Such innovations contribute significantly to helping more people in remote and rural areas participate in the digital economy," Mr. Huy commented.

Also sharing the view from the perspective of the management agency, Deputy Director of the Department of Forecasting, Statistics - Monetary Stabilization Chu Khanh Lan acknowledged that fintech enterprises have developed, providing the market with financial products that are simple, convenient, suitable for needs, and reduce costs. Along with that, enterprises closely coordinate with credit systems to form a network, especially targeting vulnerable groups who do not have full access to banking, and still face many barriers and challenges when accessing payment procedures, money transfers, insurance, credit, etc.

In the long term, for the National Financial Strategy, Deputy Governor Pham Thanh Ha said the focus in the next phase (2026-2030) will be to promote “digital financial inclusion”. The State Bank will focus on developing national financial infrastructure and digital data, promoting innovation in banking, fintech, AI and Big Data applications in providing financial services. Along with that, financial inclusion will also be closely combined with green finance and the country's sustainable development goals. With the goal of building a modern, comprehensive and inclusive financial ecosystem, meeting the requirements of socio-economic development in the new period.

“As digital technology, big data, artificial intelligence and innovative models are changing the way financial services are delivered, we have an unprecedented opportunity to expand financial inclusion faster, deeper and more sustainably,” the Deputy Governor also pointed out.

Source: https://thoibaonganhang.vn/cong-nghe-mo-loi-cho-tai-chinh-toan-dien-174448.html