In 2020, according to Pham Tien Dung, Director General, Payment Department, the State Bank of Vietnam (SBV), up to 95% of credit institutions had been developing or planning to develop digital transformation strategies, in which 39% have approved the method of digital transformation or integration into an information technology business development strategy. In fact, among the banks that already have been developing or planning to develop digital transformation strategies, 88% gradually digitize their internal operations and customer marketing channels. Only 6% of organizations digitize their customer communication channels. Many banking services have been 100% digitized, such as e-wallet, bank card, electronic payment, deposit receipt. Many banks have performed more than 90% of transactions on the network environment. However, converting and offering banking products and services are still challenging when they meet many requirements at the same time, such as increasing management efficiency, increasing customer experiences, and connecting other financial services to enhance digital payment and contribute to financial inclusion.
In the financial industry, banking is at the forefront of the digital transformation, followed by other sectors such as securities and insurance. For the insurance industry, the life insurance market has achieved a high growth rate in the past five years, from 25% to 30%. Precisely, in 2019, the total revenue of life insurance is estimated at 129,120 billion VND, of which insurance premium revenue is estimated at 107,793 billion VND, which increase 25% compared to 2018. Besides that, insurance products are diversified with more than 450 products, which meet the insurance needs of more than 9.8 million people. However, according to some comments, the investment in technology in the insurance industry is still partly inadequate, mobile applications are still merely simple, unable to deal with extensive data requirements of the insurance industry as the present, for example, from a massive amount of data, it will predict the needs of each customer group to build appreciated products. In the securities market, 2020 has witnessed a relatively digital solid transformation, but the main direction seems to be aimed at increasing customer experience, for example, opening online accounts; customers who already have an account will deposit money and transact immediately, using the active and fast online trading method through channels such as Lightning price list, Protrade, Mobile App, etc.
In that context, the Future Banking & Financial Services Forum will focus on DIGITAL TRANSFORMATION OF THE FINANCIAL AND BANKING INDUSTRY TOWARDS PROVIDING DIGITAL PRODUCTS AND SERVICES. The event consisted of a Keynote, which focuses on the topic of introducing trends, experiences, and technology solutions to build new digital banking products and services with presentations from leaders of departments under the State Bank of Vietnam, leaders of domestic and international banks, international consulting agencies and information technology groups of the banking sector. The next is 2 Discussion Sessions running concurrently, focusing on two other financial areas: Securities Trading and Insurance Services. Participating in two seminars are leaders of the Department of the Insurance Supervisory Authority, State Securities Commission of Vietnam, and domestic and international securities trading, insurance service units, consulting firms, and significant international information technology groups.