Hyper-personalization trend - the highlight of digital banking transformation

According to Mr. Le Anh Dung, Vietnam is entering a new stage of development, with the aspiration to become a developed country by 2045, as directed in Resolution 57-NQ/TW of the Politburo on breakthroughs in science, technology, innovation and national digital transformation. In this era, digital transformation is not only an inevitable trend but also a core driving force to promote sustainable economic growth, enhance national competitiveness and improve people's quality of life. As the lifeblood of the economy, the banking industry plays a pioneering role in the digital transformation journey, not only meeting the increasing needs of customers but also contributing to the goal of national digital transformation.

Mr. Le Anh Dung - Deputy Director of Payment Department, State Bank of Vietnam said that by early 2025, the number of personal payment accounts will reach more than 200 million.

In recent years, the Vietnamese banking industry has made rapid and strong progress in digital transformation, in line with the Banking Industry Digital Transformation Plan to 2025, with a vision to 2030 (Decision 810/QD-NHNN). Credit institutions have invested heavily in applying advanced technologies such as artificial intelligence (AI), machine learning, big data, cloud computing, robotic process automation (RPA)... to improve operational efficiency, enhance customer experience and manage risks more effectively. In particular, the hyper-personalization trend is becoming a highlight, allowing the offering and provision of tailor-made products and services for each customer associated with the transaction context based on real-time data analysis.

These efforts have yielded impressive results. By early 2025, at many credit institutions, more than 90% of financial transactions were conducted via digital channels, reflecting the great efforts and success of the entire industry in the motto of focusing on customers, providing superior experiences and providing practical benefits to service users. Most banks have connected and effectively exploited the National Population Database, implementing customer identification via chip-embedded citizen identification cards. The number of personal payment accounts reached more than 200 million, with transaction growth via the Internet, mobile devices and QR codes reaching 35%, 33% and 66% respectively compared to the same period in 2024. Many banks have reduced their cost-to-income ratio (CIR) below the threshold of 30%, demonstrating efficiency thanks to comprehensive digital transformation, approaching the leading financial institutions in the region.

"These figures not only demonstrate the speed of digital transformation but also demonstrate financial inclusion, helping tens of millions of people, especially in rural and remote areas, access convenient and modern financial services," Mr. Le Anh Dung emphasized.

Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of Vietnam Banks Association spoke at the Conference.

Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banking Association, also said that through digital transformation, banks provide many practical products and services, enhance the experience for people and businesses, and contribute to the successful implementation of the government's Project 06. Modern technologies such as biometric authentication and one-touch payment via QR code have been applied. In addition, banks are currently actively applying AI in two main areas, which are data management and analysis for business forecasting and operations and detecting fraud and money laundering risks for risk management and compliance.

In addition, the banking sector has also promoted the exploitation and development of online public services, effectively integrating them into the National Public Service Portal. More than 90% of work records are processed and stored online, with nearly 14.6 million accounts and 46.2 million records submitted via the National Public Service Portal, carrying out nearly 26.8 million online payment transactions, totaling more than 12.9 trillion VND.

Continue to improve the legal framework to encourage new models

According to the leader of the Payment Department, along with the achievements in the digital transformation process, the Vietnamese banking industry is also facing many challenges. First and foremost, network security and data security are the top challenges when high-tech attacks such as deepfake or identity fraud are becoming more sophisticated and widespread.

Next, investing in modern technology infrastructure and developing human resources with digital skills is still a big problem that needs to be solved, requiring synchronous coordination between management agencies, credit institutions and technology partners.

Finally, the policy mechanism needs to continue to be improved to keep up with the pace of technological development and new business models while still ensuring system stability and safety, protecting consumers and maintaining a fair and healthy competitive environment, especially in the context of the rise of new models such as Neobanking, Super apps, embedded finance, etc.

The event "Vietnam World Financial Innovation Chain 2024" takes place on April 15 and 16, 2025

To continue promoting digital transformation of banks in the direction of innovation and strong application of technology, the State Bank of Vietnam has been implementing many important policies and guidelines. The digital transformation plan of the banking sector according to Decision 810 sets the target that by 2025, at least 50% of banking operations will be completely digitized, and 70% of customer transactions will be conducted on digital channels. Resolution 57 of the Politburo emphasizes institutional breakthroughs, promoting the development of science, technology, innovation and national digital transformation in industries and fields.

According to Mr. Nguyen Quoc Hung, to achieve the above goals, in the coming time, the digital transformation process in the finance - banking industry will continue to be accelerated and focus on key tasks such as: Continuing to build and perfect the legal framework to promote digital transformation in the banking industry, encouraging the application of digital technologies such as AI and blockchain, developing open banking, electronic transactions, security and safety on the Internet, as well as testing Fintech through sandbox. In addition, it is necessary to implement data and technical standardization to connect and share data inside and outside the banking industry, along with the Central Bank's digital currency research.

Conference Overview

In addition, develop digital infrastructure by modernizing the payment system and enhancing connectivity, including upgrading the inter-bank electronic payment system (IBPS) and expanding the infrastructure for retail payments with new payment methods such as QR, e-wallets and mobile payments. At the same time, expand the data processing infrastructure and upgrade the credit information portal to support risk management.

In addition, it will deploy the formation and development of digital banking models at credit institutions; develop and exploit digital data of the State Bank and credit institutions effectively according to the big data model, while promoting data collection and cleaning. Ensure data safety and network security according to domestic and international standards. At the same time, it is necessary to develop and train high-quality human resources with knowledge and skills in using information technology and digital transformation skills.

Source: https://thoibaonganhang.vn/co-hon-200-trieu-tai-khoan-thanh-toan-ca-nhan-tinh-den-dau-nam-2025-162777.html