Based on the current situation, the banking-finance industry is the field which is invested in IT and strongly digitized in Vietnam due to pressure of competitiveness and the ability to provide convenient services to the customers when the demand for using smart devices is rocketing. However, in 2020, the banking-finance industry has been heavily affected by the Covid-19 pandemic. According to Dr. Can Van Luc, the most obvious manifestation of the crisis is the fact that the stock prices of all industries have plummeted, the stock price of bank shares fell by 22.4% and that of securities industry fell by 28%, insurance stocks witnessed 35.2% reduction. Facing such challenges caused by the reality that purchasing power has decreased, many activities have been stagnant, the Finance sector, especially the Securities Trading and Insurance Services providers have been required to conduct digitization. A robust digital transformation is needed to boost operational efficiency; diversify services and products; enhance the customer experience; transparency of information and transactions; provide new payment channels to overcome the crisis.
Regarding the banking industry, “Open Banking” is banks’ allowance of the 3rd Payment Service Provider (PSP) to access customer's banking data through the Open Application Programming Interface (Open API), which is secured. Around the world, since 2015, the development of open banking has been focused on in most developed countries such as the US, European countries, China, South Asia, Southeast Asia, ... Open banking has been an unavoidable trend in the banking industry. In Vietnam, although banks have not officially implemented open banks, they are aware of the potentials and trends in building an open banking ecosystem. Significantly, during the Covid-19 pandemic crisis when people’s spending habits along with payment methods have been badly affected; the demand for development of Open Banking which is required in order to diversify financial products & services as well as enhance customer experience has become. A number of banks have realized that their competitive advantage would be enhanced only when they have successfully implemented open banking.
Based on the current trends, IDG Vietnam has selected the theme “DEVELOPING INSURANCE SERVICES; SECURITIES BUSINESS BASED ON A DIGITAL PLATFORM & REALIZING THE OPEN BANKING MODEL – SOLUTIONS TO ASSIST FINANCIAL INSTITUTIONS IN OVERCOMING CHALLENGES CAUSED BY THE COVID-19 PANDEMIC” for the Financial Services Forum 2020 and the Future Banking Conference 2020. This is the first event on digital transformation of the year 2020 for the banking-finance aiming at realizing the national digital transformation project by 2025, vision towards 2030.