Current status of DIGITAL TRANSFORMATION in VIETNAM COMMERCIAL BANKS

Abstract

In the current era of technological development, the traditional business model of commercial banks is gradually shifting to digitalized business model. This process is essential to promote sustainable, comprehensive, and continuous development, increase competitiveness and enhance customer engagement. This study employs qualitative methods to assess the current state of digital transformation in Vietnam commercial banks, making a comparison with banks around the world and analyzing challenges as well as opportunities in this process. The authors also propose several solutions and recommendations to accelerate digital transformation process aiming towards a perfect banking ecosystem creating more value for customers and in consistency with global trend.