Digital transformation of the banking industry needs to be focused, avoiding thé situation of “Hundreds of flowers in bloom”

Prime Minister Pham Minh Chinh, Chairman of the National Committee on Digital Transformation emphasized the above content when attending and delivering a guiding speech at the Banking Industry Digital Transformation event organized by the State Bank of Vietnam, on August 4.

The event is connected online to 63 branches of the State Bank in provinces and centrally-run cities.

Speaking at the direction, Prime Minister Pham Minh Chinh emphasized that this is an important event, affirming the great efforts and determination of the State Bank of Vietnam and the banking industry in the process of accelerating the national digital transformation towards government policy. digital government, digital economy and digital society.

Digital transformation in a comprehensive way, but with a focus, a focus

According to the Prime Minister, digital transformation is an inevitable and objective trend in the development process, a mandatory and urgent requirement that affects all people and all activities of the economy. Therefore, we must have a people-centered approach, all digital transformation activities must be directed to the people, people are the subject, all people must participate and benefit. Only then will the conversion be successful.

The Prime Minister affirmed that the Party and State attach great importance to this and consider this as one of the key tasks and top priorities. The document of the 13th Party Congress deeply mentions digital transformation in strategic goals, perspectives and breakthroughs. The Politburo has issued Resolution No. 52-NQ/TW on a number of guidelines and policies to actively participate in the fourth industrial revolution, which emphasizes the urgent need to accelerate the transformation process. number. The Prime Minister has approved the National Digital Transformation Program to 2025, with a vision to 2030.

The spirit is a comprehensive and powerful digital transformation with the participation of people, businesses and the State, but must have a focus, focus, easy to do first, difficult to do later, going from low to high, From small to large, from simple to complex. According to the Prime Minister, the banking industry has all the factors to pioneer in that process. More broadly, industries that have a lot of relationships with people and businesses must play a leading role.

The Prime Minister assessed that the leaders of the State Bank and the entire banking industry were well aware of, directed and implemented drastically in this regard in order to transform many state management activities and services into a digital environment, achieving many results. The initial step is very respectful, offering many practical products and services to serve people and businesses in a timely and effective manner, making an important contribution to the national digital transformation.

The SBV has also actively coordinated with the Ministry of Public Security to implement Project 06 on developing the application of population data, identification and electronic authentication for national digital transformation in the 2022-2025 period, with a vision to year 2030.

Besides the positive results, the Prime Minister stated that the process of national digital transformation and bank digital transformation still faces many difficulties and challenges. Mechanisms and policies still have many shortcomings and problems, especially in terms of identification and electronic authentication…; Inadequate information technology infrastructure, connection and exploitation of population data, insurance, tax… still in a narrow scope; the participation and coordination of financial technology enterprises is still limited; high-tech crimes with increasingly sophisticated forms and tricks; resources, especially highly qualified human resources for digital transformation, are still lacking, including information technology human resources.

In the coming time, the situation in the world and in the region will continue to develop complicatedly and unpredictably, with far-reaching impacts on countries. Noting that difficulties and challenges should be identified more than opportunities and advantages, the Prime Minister emphasized a number of requirements such as promoting a change in thinking, methodology, and working methods of the banking industry in the direction of: modern; promote the development of e-commerce, develop the digital society, digital economy, reduce costs, ensure safety, innovate and develop; promote integration, connection and sharing of national population databases and specialized databases to gradually build a digital citizen ecosystem.

Focus on 6 tasks, specific solutions

The Prime Minister requested the State Bank and the banking industry to have high determination, great efforts, drastic and more effective actions in digital transformation; carefully assess the situation, results, causes, limitations, inadequacies, and lessons learned from domestic and international experiences; analyze and forecast the upcoming situation, determine short-term, medium-term and long-term goals; develop an industry-wide digital transformation program with appropriate and specific roadmaps, solutions and resources.

Regarding specific tasks and solutions, the Prime Minister requested, first of all, to continue to actively grasp the practical needs of people, businesses and credit institutions to review, promulgate, amend, perfecting legal documents suitable to the reality and context of digital transformation, facilitating the application of digital technology in business activities, providing banking products and services to improve operational efficiency and create customer satisfaction and engagement. In particular, focus on reviewing, developing and amending legal documents of the industry: Law on State Bank, Law on Credit Institutions, Law on Anti-Money Laundering, Law on Deposit Insurance…

The SBV continues to closely coordinate with ministries and sectors to expeditiously complete and submit to the Government the Decree on non-cash payment. On the other hand, it is necessary to develop, test and apply a new legal framework for financial technology development.

Second, digital transformation is implemented in a holistic manner to ensure efficiency, without wasting resources; have focus, focus; avoid the situation of “hundreds of flowers in bloom”; clearly distinguish technology applications and financial intermediaries, avoiding the situation of technology enterprises encroaching into financial intermediation activities. The SBV needs to continue to promote investment and develop shared infrastructure of the industry such as payment infrastructure, credit information infrastructure to serve as the core and keep up with the development needs of credit institutions, central banks, and financial institutions. payment time. Promote connections and linkages between banks and credit institutions with other industries and fields in order to bring overall benefits to people and businesses.

Regarding promoting the implementation of Project 06, the Prime Minister requested the Ministry of Public Security, continue to closely coordinate with the State Bank and relevant ministries and agencies to integrate, connect and share the national database on population , specialized databases to gradually build a digital citizen ecosystem that brings new values ​​and new practical benefits to people and businesses. Along with Project 06, the SBV needs to promote online public services for the banking sector on the National Public Service Portal.

Third, focus on ensuring security and safety, including security and safety of information technology infrastructure systems, confidentiality of customer information and personal data; database, data information, standard connection; strengthen inspection and supervision; analyze data to ensure security and safety for the entire system, as well as prevent crime and money laundering due to the current trend of increasing high-tech crime with many new and increasingly sophisticated tricks.

Fourth, strengthen propaganda about the benefits of digital transformation in the banking sector to people and businesses, helping people and businesses understand the benefits and efficiency. Digital transformation is only really successful when every person and business understands, actively participates in and enjoys the benefits that digital transformation brings.

Fifth, pay more attention to training, improving the quality of human resources, especially technological human resources; strengthen discipline, discipline and professional ethics to maximize the capacity and intelligence of employees in the banking industry in order to better serve people and businesses.

Sixth, promote international cooperation in the field of digital transformation to develop and adopt new technologies into banking activities such as short-range communication technology (NFC), contactless payment card technology. …

The Prime Minister believes that the SBV and the banking industry will further promote the achieved results, overcome difficulties and challenges, maintain the pioneering flag in digital transformation, and strive to exceed the progress of the digital transformation process. digital transformation of the banking industry, contributing to accelerating the country’s digital transformation towards digital government, digital economy and digital society.

According to Cong Ly newspaper


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