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Banks boost digital transformation and cybersecurity

By T.Dao

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HCMC – A recent survey conducted by Vietnam Report has found that all banks in question are committed to implementing digital banking and increasing their budgets for digital transformation and cybersecurity this year.

The survey, conducted during the first half of this year, involved most of the members of the commercial banking system nationwide.

When it comes to increasing budgets for digital transformation and cybersecurity in 2023, nearly 43% of the banks responded that they plan to increase their budget by 6-10%. Over 28% of banks are planning to expand their budget by 15% or above. The remaining banks will allocate under 5% of their budget to the security program.

The survey also indicated that cloud computing is the technology that gained the most popularity among banks, scoring 4.4 out of 5 points. Other types of technologies such as multichannel integration, identity management, customer experience control, smart automation, and fraud management and prevention also ranked high.

According to Vietnam Report, digital transformation enables banks to collect information for analysis, build algorithms for decision-making related to lending, evaluation, risk measurement, and customer experience enhancement. With digital solutions, banks can leverage advanced technologies like artificial intelligence and blockchain to diversify customer experiences and financial products in the future.

In terms of customer satisfaction, 85.8% of respondents, who are clients, admitted to using mobile banking services every day, a 58.1% increase compared to last year.

As of 2022, the banking sector has invested over VND15,000 billion in digitalization. Digital payments in Vietnam have gained consistent growth of 40% in recent years.

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