Banking digital transformation must eliminate waste

Deputy Prime Minister Le Minh Khai stressed on the Banking Digital Transformation Day 2023 that this inevitable complicated process should be done with care, adapting from international experience and achievements to suit Vietnam’s context.
Deputy Prime Minister Le Minh Khai

Deputy Prime Minister Le Minh Khai

Deputy Prime Minister Le Minh Khai insisted that the digital transformation process in banking should happen even in the thinking, perception, before it can take place in action. The process must be carried out nationwide, but with clear focuses to avoid any possible overlaps and unnecessary widespread investment which might cause waste. This process must be citizen- and business-oriented.

The Deputy Prime Minister asked that in the upcoming time, the banking industry develop and complete needy legal documents suitable for the reality and the digital transformation context. This important process must be done resource-effectively, while the task of maintaining security and safety in banking activities must gain proper attention.

Statistics from the State Bank of Vietnam reveal that until now, many banks have over 90 percent of their transactions done on digital channels. Around 74 percent of Vietnamese adults own at least one bank account. Approximately 3.71 million Mobile-Money accounts have been activated successfully, 70 percent of which are in remote areas.

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