Optimising data management in banking sector for greater success
Optimising data management in banking sector for greater success
Experts and leaders concur that banks adopting the latest trends and integrating them into their data management practices will boost their competitive edge and achieve sustainable growth amid a progressively complex digital landscape.
Developing and effectively utilising data is one of the nine key solutions to achieving the digital transformation goals for the banking sector, as outlined in a government plan.
At the "Data Driven Success" seminar hosted by the Vietnam Banks Association (VNBA) in collaboration with PwC Vietnam, SVTECH, and technology firms HPE and Ab Initio, on September 19, experts and executives shared practical experiences in implementing data governance frameworks and discussed approaches to integrating and operating Gen AI within the banking sector.
“Banking systems hold a vast and invaluable amount of customer data, especially sensitive financial and transactional information, which can become highly significant if managed and used correctly. This is particularly crucial as banks increasingly adopt new technologies such as big data, AI, and machine learning,” said Nguyen Thanh Son, director of the training centre at VNBA.
In an era when information is power, the efficient use of data can revolutionise banking operations, enhance customer experiences, and ensure financial institutions remain ahead of market trends.
“Through this seminar, we aim to help banks seize opportunities by implementing effective data governance and deploying advanced technologies such as AI and Gen AI in their banking operations. Data is not just a tool, it is a strategic asset. Efficient data governance and the application of advanced data analytics technologies can drive innovation, determine competitiveness, enhance customer experiences, optimise processes, and ensure robust risk management,” said Dinh Hong Hanh, deputy general director and leader of financial consulting services at PwC Vietnam.
From the perspective of a technology expert with years of experience in advising and supporting top financial institutions in Vietnam and around the world, Le Thanh Hai, deputy general director at SVTECH, stated tại seminar that, “Applying cutting-edge technological solutions within the Vietnamese banking system helps our clients optimize data utilization, enabling them to fully leverage data platforms and analytics for better governance decisions and improved business operations."
Most commercial banks in Vietnam, such as TP Bank, VP Bank, VietinBank, and Techcombank, are in the early stages of implementing data governance with the goal of exceeding revenue targets, reaching new customers, and retaining existing ones.
“To achieve the annual credit growth target of 15.75 per cent, TPBank is focusing on maximising its existing customer base and flexibly adjusting lending product policies. We are leveraging our digital banking platform to customise services and products according to the specific needs of our clients,” stated Nguyen Hung, CEO of TPBank, at its annual shareholders' meeting in June.
