Explore the amazing Vietnam digital transformation journey!

Digital transformation has the potential to enable Vietnamese banks to collect more data from an increasing number of sources. The Vietnam digital transformation journey includes the program that has been designed for elderly directors from banks, financial institutions, fintech, and grand technology companies to approach together for a day of intense conversations on the conventional trends that are reshaping the financial services industry in Vietnam.

The notable prediction during the Vietnam digital transformation journey was the statement regarding the growth in Vietnam’s GDP for the year 2021, the country posted average GDP growth of just1.42 in the initial nine months of this year according to its General Statistics Office. Due to the severe impacts of the COVID-19 pandemic, the National Assembly of Vietnam is targeting a GDP growth of between 6 and6.5 in 2022.

Using this benefits both decision-making and customers. It also allows banks to cut costs while increasing operational efficiency and revenue. This will be generated through product, service, and distribution channel innovation, thereby improving customer experience. As a result, FIS must identify and fill gaps by implementing a holistic transformation from the inside out in order to gain a competitive advantage and capture a larger market share.

The favorable gainful climate has also promoted the emergence of the digital economy and an expanding onset-up ecosystem. Digital-only banks are utilizing advanced digital channels to deliver largely individualized experiences at scale. Platform firms are bringing additional value to customers by fastening on addressing client demands and unbundling conventional value strings to forge new business models.

As organizations have dealt with the upheavals caused by the pandemic, digitization has become an essential component of their responses as well as their future plans. 

However, in the last two years, Vietnam's digital transformation journey has shown transformation in the Global Financial Services 2022 which is taking on new urgency. Looking ahead, it is clear that digital technologies will continue to play a pivotal role in enterprise strategy and success in the coming year. Certain aspects of digital transformation, on the other hand, are likely to grow in importance while others decline.


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