Development of digital banking in Vietnam - Situation and solutions

Abstract

With the trend of global integration, especially in the industrial revolution 4.0,
digital transformation is an inevitable trend that commercial banks are trying to
implement in order to become the leading digital bank in Vietnam. The rapid
development of modern products and services has brought many conveniences to
consumers and is the foundation for the development of the digital economy and
digital society. This article focuses on clarifying the need to change the operating model
from a traditional bank to a digital one, and analyzes the advantages and disadvantages
of current regulations and difficulties in terms of financial resources. for the
development of digital banking in Vietnam. The study uses secondary data from the
State Bank of Vietnam, domestic and foreign studies on digital banking development.
The research results show that the investment by commercial banks to promote the
development of digital banking is the main trend in the coming time and brings benefits
to the bank itself, customers as well as to the economy. . Besides advantages, there
are also disadvantages, so the article proposes some recommendations to remove
difficulties and thereby promote the development of digital banking activities in
Vietnam.