Banks and technology companies discuss digital transformation.

Domestic financial services businesses are accelerating the application of new technologies such as artificial intelligence and cloud computing to automate and optimize business operations.

According to a global KPMG survey, 74% of bank executives believe that aggressively pursuing digital transformation plays a vital role in their competitive strategy. However, 46% of them have had to pause or scale back their digital transformation strategies due to concerns about a potential recession in the near future.

In Vietnam, the economic situation is improving and showing signs of recovery. Domestic financial services businesses are accelerating the application of new technologies such as artificial intelligence and cloud computing to automate and optimize business operations.

According to a survey published in May 2023 by DBS, Vietnam ranked second among 10 countries surveyed in terms of applying digital transformation to enhance customer experience and engagement, higher than even powerhouses like the US, UK, Australia, China, and India.

Deloitte's 2023 banking and capital market forecast suggests that banks should re-evaluate traditional products and services to find ways to create new value streams. Areas considered to have high potential include embedded finance, fintech, e-identification, and green finance…

Many avenues can be explored, but the challenge for the banking industry is how to transform quickly and efficiently while conserving resources so as not to fall behind in the long-term race.

Beyond revenue and profit, digital transformation must also consider factors such as transparency, risk management, and social responsibility, with close scrutiny from the public, investors, and international organizations. In a global KPMG survey, 54% of banks mentioned "climate" in their financial reports, demonstrating its significant importance in their business development vision.

There is no single formula that can guarantee the success of a digital transformation strategy. However, the exchange of experience and collaboration among financial institutions is considered a necessary approach to building a strong financial foundation. In fact, 26% of bank executives surveyed said that strategic collaboration with third parties is their top priority in driving growth.

On July 22nd, a workshop themed "Innovation in the Finance Industry: Innovation for Sustainable Growth" will be held in Hanoi, with the participation of representatives from many major domestic and international banks such as Techcombank, VPBank, SeABank , UOB, Standard Chartered… along with prominent technology companies in the region such as CDNetworks, Teibto, EDGEWORKS, Alibaba Cloud, FPT Smart Cloud, and AdFlex.

Additionally, the list of guest speakers for the event includes representatives from the Vietnam Banking Association, VinGroup , and KPMG.

The Finovate Innovation Day conference will address current business-related topics such as the application of big data to digital banking operations, enhancing financial security with artificial intelligence, and especially the role of ESG (environmental, social, and governance) metrics in the digital transformation era.

This is the third event in the Fivote Day series of seminars, which was initiated in Ho Chi Minh City in October 2022. According to representatives from the organizing unit, JobHopin, nearly 2,000 people attended the two previous seminars, mostly senior leaders and managers, demonstrating the need for finance and banking professionals to stay updated on trends and seek new technological solutions.

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