Digital transformation in the banking sector - right directions to respond to Covid 19 in Vietnam

Abstract

    Digital transformation is an inevitable trend of the economy in the context of the industrial revolution 4.0 taking place around the world. This trend becomes even more true in the context of the economy experiencing complicated developments of the Covid-19 epidemic, which makes society limit contact. Transactions in the economy mainly take place "online" without contact. Economic activities, payments are encouraged to use non-cash payments through online transactions. That creates an impetus for commercial banks in Vietnam to push for a stronger digital transformation. Within the framework of the article, several issues are covered: (1) Impact of the Covid 19 pandemic on the economy, the banking sector; (2) Perspectives on digital transformation in the banking sector; (3) Situation of digital transformation of Vietnamese commercial banks; (4) Advantages and disadvantages of digital transformation at Vietnamese commercial banks (5) Recommendations to promote digital transformation in Vietnamese commercial banks.