In 2020, according to Pham Tien Dung, Director General, Payment Department, the State Bank of Vietnam (SBV), up to 95% of credit institutions had been developing or planning to develop digital transformation strategies, in which 39% have approved the method of digital transformation or integration into an information technology strategies. In fact, 88% gradually digitize their internal operations and customer marketing channels among the banks that have already been developing or planning to develop digital transformation strategies. Only 6% of organizations digitize their customer communication channels. Many banking services have been 100% digitized, such as e-wallet, bank cards, electronic payments, deposit receipts. Many banks have performed more than 90% of transactions in the network environment. However, especially in the Covid-19 pandemic, converting and offering banking products and services are still challenging when they meet many requirements simultaneously, such as increasing management efficiency, increasing customer experiences, and connecting other financial services to enhance digital payment and contribute to financial inclusion.

Banking is at the forefront of the digital transformation in the financial industry, followed by other sectors such as securities and insurance. For the insurance industry, the life insurance market has achieved a high growth rate in the past five years, from 25% to 30%. Precisely, in 2019, the total revenue of life insurance is estimated at 129,120 billion VND, of which insurance premium revenue is estimated at 107,793 billion VND, which has increased 25% compared to 2018. Besides that, insurance products are diversified with more than 450 products, which meet the insurance needs of more than 9.8 million people. However, according to some comments, the investment in technology in the insurance industry is still partly inadequate, mobile applications are still merely simple, unable to deal with extensive data requirements of the insurance industry as the present, for example, from a massive amount of data, it will predict the needs of each customer group to build appreciated products. In the securities market, 2020 has witnessed a relatively digital solid transformation, but the main direction seems to be aimed at increasing customer experience, for example, opening online accounts; customers who already have an account will deposit money and transact immediately, using the active and fast online trading method through channels such as Lightning price list, Protrade, Mobile App, etc.

In that situation, the Future Banking & Financial Services Forum will focus on DIGITAL TRANSFORMATION OF THE FINANCIAL AND BANKING INDUSTRY TOWARDS PROVIDING DIVERSELY DIGITAL PRODUCTS AND SERVICES. The event aims to introduce models and experiences in developing new banking, securities, and insurance products and services expected to become popular in the Vietnamese and international financial services market in the next few years. In the morning, the event consists of a Keynote, which introduces trends, experiences, and technology solutions to build new digital banking products and services and other financial services such as securities and insurance. The significant highlight of the Keynote was the Report on the results of the customer satisfaction survey using financial services in 2021 conducted by IDG Vietnam and the Announcement and Award Ceremony of Outstanding Financial Services Awards 2021. Next, in the afternoon, there will be two Discussion Sessions running concurrently with the content of sharing experiences, solutions, development orientation of Banking, Securities and Insurance products and services on digital platforms. Participating in the Discussion Sessions are leaders of Banking, Securities and Insurance associations, and leaders of outstanding domestic and foreign banking, securities and insurance units, consulting units, typical domestic and international information technology corporations.

In 2021, in the strong digital transformation trend globally and Vietnam, the Financial Services Forum will be held on an online platform, creating convenience for individuals and organizations in all provinces and localities. They can connect and participate easily and conveniently while still ensuring to receive and share all necessary information. The event is co-organized by IDG Vietnam in collaboration with the Vietnam Banks’ Association, the Vietnam Association of Securities Business, and the Vietnam Digital Communications Association.