Banks have mixed up digital transformation with optimisation

At the Finance Vietnam Leadership Dialogue 2021, heads of retail banking, products and businesses, including Le Xuan Vu, MB Bank; Dinh Van Chien, TP Bank; Augustine Wong Kok Seng, VP Bank; Bryan Carroll, TNEX; Gunneet Singh, Ubank; Kanishk Upadhyay, Techcombank; Riddhi Dutta, Backbase, together with Pham Duc An, Vietnam Banks Association – discussed the challenges in building operational resilience during the pandemic and debated how new challenger banks and incumbent players will win in a digital-first era. The following key points were discussed: ● Emergence of new players and evolving customer behaviour have challenged banks to accelerate digital optimisation ● Not every bank is engaged in digital transformation, most are optimising processes without identifying and delivering real value to customers. More than technology, strong leadership and culture are vital to banks’ digital journey ● Vietnam’s young, eager, and digitally-savvy population demands greater transaction security and ease of use ● Banks have to better utilise data to contextualise banking and offer personalised customer experiences. ● Real business drivers needed to help meet the financial needs of MSMEs Ecosystems and platforms to drive personalised customer engagement and experience ● Collaboration using APIs and open banking will expand ecosystems and reduce fragmentation in banking landscape. ● Still a long way to go for fintech collaboration and open banking Full transcript and video: https://bit.ly/3cuczzV

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