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Industry 4.0 has positive impacts on Vietnam's banking sector
Trung Kien 08:18, 2018/08/22
The Industrial Revolution 4.0 has fundamentally changed the business model and managed banks following the digital banking trend.
Advances of the Industrial Revolution 4.0 play an important role in the practical application of banking practices from an international perspective and Vietnam’s reality.

The State Bank of Vietnam (SBV), the country's central bank, is aware of the importance, potentials and strong impact of science and technology on banking activities, said Deputy Governor of SBV Nguyen Kim Anh at a seminar in Hanoi on August 21.
The bank has actively implemented many activities in the sector, aiming to carry out the tasks under the Prime Minister's directive on strengthening the access capacity to the Industrial Revolution 4.0, he added.

The seminar on “Development and application of scientific and technological achievements in the banking sector” was held by the SBV in collaboration with the Ministries of Planning and Investment, and Science and Technology.
 
Scene at the seminar. Photo: Trung Kien
Vietnamese Prime Minister Nguyen Xuan Phuc has officially approved the development strategy of Vietnam’s banking sector to 2025, with orientation to 2030. In this strategy, the development and application of science and technology in the banking sector is identified as the key solution in the banking strategy in the time ahead, Anh stressed.

The application of the technologies in this revolution will help banks improve their profitability and ensure high availability for the system in order to meet the customers' demand for e-banking services. This will help domestic banks develop and compete with advanced banks in the region and in the world, Anh added.

The seminar focused on technology trends, breakthrough solutions that are being paid attention by banks and intermediary organizations for application, to improve operation efficiency and quality of customer service, Anh said.

To formulate and implement the Vietnamese government’s tasks and orientations in the application of scientific and technological achievements in banking activities, including the contributions of experts and people working in science and technology, the seminar is an opportunity for local and foreign experts and scientists to share their valuable experiences. Moreover, they can also make valuable suggestions on innovation and application of scientific and technological achievements, Anh affirmed.
 
Deputy Director of the SBV’s Payment Department Nghiem Thanh Son made speech at the seminar. Photo: Trung Kien
Deputy Director of the SBV’s Payment Department Nghiem Thanh Son made speech at the seminar. Photo: Trung Kien
Speaking at the seminar, Deputy Director of the SBV’s Payment Department Nghiem Thanh Son said that the Industrial Revolutionary 4.0 has fundamentally changed the business model and managed banks following the digital banking trend.

However, the impacts of the Industrial Revolutionary 4.0 on the banking sector have made the risk of cybersecurity greater and more permanent, due to the open, continuous, multidimensional and complex connectivity, Son added.

At the seminar, participations also discussed such topics as technology trends in the banking sector, access to new technologies, achievements of the Industrial Revolution 4.0 to deploy practical applications in banking operations, international experience in application deployment in the banking sector, security issues in payment and information technology systems, etc.
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