On the morning of May 8, Prime Minister Pham Minh Chinh attended the Digital Transformation of the Banking Industry 2024 event organized by the State Bank of Vietnam with the theme "Expanding connectivity and developing the digital ecosystem".
Also attending were Governor of the State Bank of Vietnam Nguyen Thi Hong; leaders of central ministries, departments and branches; leaders of relevant financial, credit and technology organizations.
Prime Minister Pham Minh Chinh , Chairman of the National Committee on Digital Transformation, speaks. Photo: Duong Giang/VNA
Take customer experience as the measure
Implementing the National Digital Transformation Program, the State Bank of Vietnam has issued a "Banking Sector Digital Transformation Plan to 2025, with a vision to 2030". After 3 years of implementation, the banking sector's digital transformation activities have achieved encouraging results, contributing to the building of a digital government, a digital economy , and a digital society.
To date, more than 87% of adults have had a payment account at a bank and many banks have processed over 95% of transactions on digital channels. The average growth in the number of mobile payment transactions and QR codes over the years from 2017 to 2023 reached over 100%/year.
Banking technology infrastructure is regularly invested in, upgraded and developed to ensure continuous, smooth and safe operations. New digital technologies are also being applied strongly to serve the needs of developing new products and services and meeting the increasing demands of people and businesses. Vietnam has completed cross-border payment connections via QR codes with Thailand and Cambodia and is implementing them with Laos, and is expected to continue expanding to countries within and outside the ASEAN region.
The Banking sector has closely coordinated with the Ministry of Public Security in crime prevention and control; applied population data to serve data cleaning, identification and accurate authentication of customer information, supported consumer lending activities on electronic channels, electronic guarantees as well as contributed to ensuring the safety of banking operations.
To date, 58 credit institutions have deployed customer authentication applications using chip-based ID cards via devices at the counter, and 14 credit institutions are testing the application of electronic identification and authentication accounts (VNeID) in the following operations: opening payment accounts; authenticating payment transactions; and verifying and authenticating customer information.
Non-cash payment activities and digital banking activities continued to achieve positive changes. In the first 4 months of 2024, non-cash payment transactions increased by 56.57% in quantity and 31.35% in value; via the Internet channel increased by 48.81% and 25.73% respectively; via mobile phone channels increased by 58.70% and 33.12% respectively.
The State Bank has chosen the theme "Expanding connectivity and developing the digital ecosystem" for the Banking Industry Digital Transformation event in 2024 to continue implementing the Prime Minister's vision on national digital transformation; promoting the achievements and tasks achieved in the "National Digital Data Year 2023", with a consistent perspective of taking people and businesses as the center and orienting the banking industry digital transformation and taking customer experience as the measure.
At the event, many ministries, branches and credit institutions discussed many contents related to digital transformation of the banking sector such as: applying population data to support service development and ensuring security and safety in digital transformation of banking; connecting and integrating population data applications - VneID in customer authentication and identification; developing innovative digital platforms "Make in Vietnam", promoting the formation of a digital ecosystem connecting banks with other industries and fields; building an open ecosystem and integrating banking products and services; integrating technology to develop financial services on Mobile banking applications; solutions to handle accounts suspected of fraud, counterfeiting, illegality, etc.
Visit 16 exhibition booths, listen to the introduction of the latest products, services, and technologies of banks, payment intermediaries, and technology enterprises, and feel the digital transformation process that has been going to every alley, knocking on every door, checking every person; speaking at the event, Prime Minister Pham Minh Chinh said that the Government has chosen the theme of national digital transformation in 2024 as "Developing the digital economy with 4 pillars of information technology industry, digitalization of economic sectors, digital governance, digital data - Important driving force for fast and sustainable socio-economic development".
The focus is on promoting the development of the digital economy, in which the banking sector, as the lifeblood of the economy, has a daily impact on most sectors of the economy and all aspects of people and businesses' activities. The Government and the Prime Minister always identify and highly expect that the banking sector will be the leading and pioneering sector in promoting national digital transformation, developing the digital economy, digital society and digital citizens.
Implementing "5 pushes" in digital transformation of the banking industry
Prime Minister Pham Minh Chinh visits an exhibition on digital transformation applications in the banking sector. Photo: Duong Giang/VNA
Highly agreeing with the theme chosen by the State Bank of Vietnam for the Banking Sector Digital Transformation Day 2024 as "Expanding connectivity and developing the digital ecosystem", the Prime Minister expressed his delight at the fact that the State Bank of Vietnam has highly recognized and resolutely directed the digital transformation work to convert most state management activities on banking and credit services to the digital environment, promote socio-economic development and increasingly better serve people and businesses, achieving important results.
In particular, the development of non-cash services has been widely deployed nationwide with an increasing number of users and payment values; actively coordinating with the Ministry of Public Security to implement Project 06 and offering many practical products and services to serve people and businesses; actively deploying the provision of public services in the entire online banking sector and integrating them into the National Public Service Portal and Project 06.
Praising the efforts, attempts and achievements of the banking sector and credit institutions; the close coordination with ministries, branches and localities; the consensus, support and active participation of people and businesses, and their common contributions to the national digital transformation; the Prime Minister also pointed out a number of limitations in the digital transformation of the banking sector such as: institutional problems; digital infrastructure and digital platforms have not kept up with actual needs; ensuring security, safety and information confidentiality still face many challenges; technology enterprises participating in the development of new technologies (Fintech) are still limited; lack of highly qualified human resources, especially information technology human resources...
From practice, Prime Minister Pham Minh Chinh drew many lessons such as: the participation with high determination of the entire banking sector, close coordination with ministries, branches and localities; taking people, businesses and administrative units as the subjects and center of digital transformation; building and perfecting the legal corridor on digital transformation of the banking sector, meeting practical requirements; strengthening inspection and supervision; resolutely preventing corruption, negativity and group interests; promoting policy communication, contributing to creating social consensus, strengthening people's trust; making breakthroughs in developing digital infrastructure, building a digital society and digital citizens, with the viewpoint of "open policies; smooth infrastructure; smart governance".
The Prime Minister clearly stated 3 goals of the digital transformation of the banking sector in the coming time: Creating the most favorable conditions for people, businesses, and administrative and public service units to access banking services most conveniently and best; contributing to reducing costs in terms of time, materials, and compliance costs for people, businesses, administrative and public service units, and the banking system itself; contributing effectively and efficiently to risk control, preventing and repelling corruption, negativity, inconvenience, and harassment.
Pointing out the guiding and operating viewpoints, in the coming time, Prime Minister Pham Minh Chinh requested the banking industry to continue to implement digital transformation in the spirit of "5 pushes". In particular, the State Bank and the banking industry must step up the improvement of institutions, policy mechanisms, create a complete legal corridor to promote the development, expansion, and diversification of modern banking products and services, comply with international standards, promote the development of the digital banking ecosystem, and meet the growing needs of the economy.
Along with that, promoting the development of electronic payment infrastructure, diversifying banking products and services to create an important foundation for the development of the digital banking ecosystem and the digital economy; promoting digital transformation in supporting banking inspection and supervision, to increase publicity, transparency, and prevent corruption and money laundering; promoting the development of digital human resources in the banking industry, especially high-quality human resources to meet the development needs of the banking industry and international cooperation; promoting security and safety in payments, protecting personal data, applying new security standards, ensuring fast, safe, convenient and reasonable-cost payments.
Directing the banking sector to carry out key tasks and solutions in the coming time, the Prime Minister emphasized that the sector must closely follow and effectively implement the tasks and solutions in the National Digital Transformation Strategy, the Banking Sector Development Strategy; the Banking Sector Digital Transformation Plan and Directive 18 on promoting connectivity and data sharing to serve e-commerce development, combat tax losses, and ensure monetary security.
Prime Minister Pham Minh Chinh hopes and believes that with the efforts, determination, initiative and creativity of the State Bank and credit institutions in the digital transformation process in recent times and through the outstanding activities at the Digital Transformation event of the Banking sector in 2024, with the initiative, determination and efforts of the State Bank and the banking sector, the national digital transformation will have many positive and comprehensive changes; the sector will be a pioneer in digital transformation and innovation; making an important contribution to the implementation of the country's development goals to become more and more prosperous, and the people will become happier and more prosperous.
Xuan Hoa (According to VNA)
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