DIGITAL TRANSFORMATION TRENDS IN THE BANKING INDUSTRY IN SOME INTERNATIONAL COUNTRIES AND DIGITAL TRANSFORMATION IMPLEMENTATION STRATEGIES IN VIETNAM

Abstract

In the digital age, the digital transformation of the banking industry has become an inevitable trend in the world. The financial sector is undergoing a strong transformation with digital technology to reshape financial products and services such as payments, loans, insurance, and asset management. In the world in general and in Vietnam in particular, given the sharp development of information technology and the high proportion of participation in the finance and technology companies sector, digital transformation is a must for banks. Especially, it is the rapid changes in customer needs and pressure from decreasing operating costs and increasing business efficiency that give banks no choice but to transform digitally. This article concentrates on the digital transformation activities of Vietnamese commercial banks, and some digital transformation methods of banks in the US, Singapore, China, and Japan are analyzed. Then, it proposes some strategies for Vietnamese commercial banks in the process of implementing efficient digital transformation strategies.