Post-pandemic impact: key driver for digital banking in Viet Nam
Post-pandemic impact: key driver for digital banking in Viet Nam
The impact of the pandemic will continue to be felt for many years to come and has been a key driver of the accelerated adoption of digital banking across Viet Nam and the wider Asia Pacific region.
This information was released by SaaS cloud banking platform Mambu in its annual Partner Predictions report, which highlights the top financial trends expected to influence the industry in 2023, as businesses attempt to survive and thrive in a volatile macroeconomic environment.
The report includes insightful commentary from industry leaders from across the fintech and financial services sectors, including executives from AWS, Backbase, Deloitte, Google Cloud and many more, with participants sharing their insights on the key issues that are likely to shape the financial services sector in the year ahead.
The adoption of public cloud technology in financial services has also been accelerated by the pandemic, with the rapid growth of digital banking services across the region a direct result.
Stuart Houston, Director, Financial Services at Google Cloud Platform said in the report: “…financial institutions have the most to gain by merging and leveraging the unique data and assets they already possess, along with augmentation from third party data where beneficial. […] It is expected that more than 90 per cent of all data generated with banks will be actionable in real time using machine learning by the end of 2025. This will be driven by removal of barriers between transactional and analytical workloads, facilitated by currently available cloud native solutions in the areas of core banking, data management, secure and scalable microservices and an embedded machine learning pipeline.”
Pham Quang Minh, General Manager, Indochina & Thailand at Mambu, said: “In 2023, new avenues of opportunity will open up for banks, businesses and other financial players that are innovating in response to the acceleration of digital payments. Embedded finance will continue its meteoric rise, BaaS is evolving and SaaS trends are driving change in digital payments. Within the Viet Nam digital banking industry, we’re seeing banks and fintechs promoting lifestyle banking by developing their own ecosystem with embedded offerings in payments, deposits and lending. Meanwhile, non-bank businesses such as e-com, travel, and education platforms want to offer payments and credits as part of the customer journey for improving customer experiences and increasing conversion. This has outstanding benefits for consumers, who can subsequently manage all their financial, personal, social and ‘general life admin’ tasks in one place.”
