FPT IS: “Digital transformation in banking is an important driving force to promote the digital economy”

At the Viet Nam – Asia DX Summit 2023, FPT Information System Corporation (FPT IS) has discussed practical directions for building digital banks for businesses in the Finance – Banking sector.

Digital transformation in banking will boost the development of the digital economy

The Viet Nam – Asia DX Summit 2023 themed “Driving economic growth enabled by digital data mining and smart connectivity” has recently taken place in Hanoi. The event is organized by Vietnam Software & IT Services Association (VINASA) under the direction and auspices of the Vietnam Ministry of Information and Communications, in coordination with relevant ministries and departments, as well as domestic and foreign organizations and associations.

Speaking at the event, Deputy Prime Minister Tran Hong Ha affirms: “Digital transformation cannot be done by a single organization, single country, or single government. In fact, digital transformation needs every part of society to get involved, so that we can generate digital resources. It is a new type of resources, i.e green resources, and can help us restore natural resources and generate breakthroughs in economic development”.

According to a report from Google, Vietnam is considered the country with the fastest growing digital economy in Southeast Asia. Also, according to statistics from the Vietnam Ministry of Information and Communications, the digital economy accounts for approximately 14.26% of the GDP of Vietnam.

To take advantage of such potential and realize the goal of developing the digital economy, each financial and banking institution needs to quickly promote digital transformation. To do so, Mr. Nguyen Thanh Tung – Technology Director of Digital Technology Service Sector, FPT IS – suggests two effective approaches for businesses.

“The first one is to digitalize banking operations. Conventional banks should focus on transforming core systems and expanding new services to enhance customer experience. The second one is to implement digital banking in Fintech businesses. Businesses need to develop diverse services, such as payment, consumer finance, or personal finance services that adopt advanced technologies such as blockchain or AI”, said Mr. Tung.

Mr. Nguyen Thanh Tung – Technology Director of Digital Technology Service Sector, FPT IS – suggests two effective approaches for digital transformation for the Finance – Banking sector.

“Make in Vietnam” technology solutions to accompany financial and banking organizations in digital transformation

At the seminar themed “Building a digital financial platform – digital banking, data infrastructure and economic linkages”, Mr. Tung also mentions the major challenges that make it difficult for financial and banking organizations to conduct digital transformation. The first one is due to the relatively complex legacy systems of the banks. Besides, the large number of users is also an obstacle that hinders stable operations when conducting system migration.

“Being the leading IT firm with extensive practical experience over more than 20 years accompanying the Finance – Banking sector in digital transformation, FPT IS has addressed particular problems of organizations in diverse fields, which has helped us develop many methodologies to deploy digital transformation strategies in a quick and effective manner, eliminating many major ‘pain points’ for businesses”, said Mr. Tung.

FPT IS has been consulting and implementing several digital transformation projects for large organizations in the Finance – Banking sector, such as TPBank, JACCS, VietCredit, Vietcombank… The solutions offered by the company include FPT.IDCheck, FPT Digital Onboarding, akaBot, Utop LoyaltyOS…, which have helped eliminate multiple bottlenecks in business operations.

To enhance user experience right from the onboarding touchpoint, FPT IS has developed the FPT Digital Onboarding platform. This is a platform that allows banks to flexibly design the onboarding process, as well as integrate with existing solutions for facial authentication and identity verification such as FPT.eKYC, FPT.IDCheck.

Specifically, the Anti-fraud solution for digital identity verification – FPT.IDCheck helps businesses ensure absolute confidentiality and information security in the customer identification process. The solution is built on the chip-based ID card verification platform of the Vietnam Ministry of Public Security, allowing to read and verify chip-based ID card data and perform facial recognition with 100% accuracy.

Besides FPT.IDCheck, FPT IS has also researched and developed a chip-based ID card reader – FPT.IDReader, forming a comprehensive suite of solutions to help eliminate the risk of verification fraud in transactions with absolute accuracy, reduce labor costs and time for processing transactions, and enhance the quality of experience in digital transactions.

FPT IS solutions have drawn great attention at Viet Nam – Asia DX Summit 2023.

In particular, the robotic process automation solution – akaBot with “virtual robot assistants” is capable of simulating human operations to perform a large amount of repetitive tasks. Deployed at TPBank, akaBot has helped automate more than 500 processes across 16 departments, saving more than 310,000 working hours per year, reducing up to 98% of human errors.

Besides, Utop LoyaltyOS is a loyalty marketing solution based on Big Data and revolves around personalized marketing for businesses. Utop LoyaltyOS helps elevate customer care activities with personalized experiences powered by data and AI. Adopting advanced technologies, Utop LoyaltyOS takes the conventional customer loyalty model to a whole new level.

With leading tech solutions and extensive practical experience, FPT IS is always ready to accompany the Finance – Banking sector to accelerate digitalization, contributing to implementing the direction of Deputy Prime Minister Tran Hong Ha on the business community joining hands to develop the digital economy in Vietnam.