We are creating some awesome events for you. Kindly bear with us.

Vietnam Military Bank to highlight digital offerings

Image credit: Ministry of Information and Communications

The president of Military Bank, Le Huu Duc, said the bank has decided to highlight digital banking as the focus of its development strategy. Commercial banks could become technology firms by cooperating with telcos, to create a new growth space.

To turn this into a reality, Military Bank has cooperated with technology firms such as IBM, Oracle, and Viettel to optimise the digital transformation solution.

The bank has put a digital loyalty point system into operation, which allows users to buy services and exchange points. It has also piloted robotic payments and applied digital signature and electronic authentication (eKYC) tools on an app platform.

The CEO of Military Bank, Luu Trung Thai, explained that the bank wants to become a leading digital firm in the next three years. It aims to obtain 10 million clients and double the revenue, 90% of which would be from digital transactions. The bank is undergoing a digital transformation by setting up a specific business unit – digital banking, which is under the direct management of the CEO.

According to a press release, the Minister of Information and Communications (MIC), Nguyen Manh Hung, suggested that Military Bank should become a digital technology firm and create service delivery platforms around customers. Implementing digital transformation means changing all the operations

Military Bank stated that one of the most difficult problems is the lack of human resources in data science. Hung said it is difficult to recruit workers because businesses are still following “traditional ways” of banking.

To find a new growth space, some banks are trying to push beyond banking services. According to the Military Bank, however, because of the limitations set by the policies, it has found it difficult to compete with fintech. Hung said digital transformation needs to be carried out in core banking services before moving beyond them.

Firstly, banks need to conduct digital transformation with their current services, and the people who benefit must be loyal clients instead of new clients. During the digital transformation process, some problems may arise because many things still have not been covered by the legal system.

To develop beyond-banking services, Military Bank needs to cooperate with other businesses, for instance, mobile money. Banks should consider mobile money as a tool that familiarises people with financial services, thus creating new clients.

Nguyen Huy Dung, the director of the Authority of Information Technology Application (AITA), said the new banking services do not start from an ATM or a branch, but services provided through smartphones.

At present, banks analyse clients’ history of transactions as information to decide whether to lend money. As for technology firms, they make decisions based on assessing the clients’ debt payment capability, which is the main difference in policy between fintech and traditional banks. The first thing banks should do is collect data and connect all departments and divisions on a single platform.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend