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Vietnam banks look to tap into big data

Customers test out Timo, a VPBank-back digital banking app.Vietnamese banks are looking to tap into big data (Photo: timo.vn)

Hanoi (VNA) – To successfully deploy
big data in the banking sector, there must be a comprehensive strategy using
professional teams who have deep understanding of both finance and technology,
said Nguyen Kim Anh, Deputy Governor of the State Bank of Vietnam.

At a recent conference in Hanoi, Anh said
that digital data was becoming a new resource and big data was playing an
important role in the banking and finance sectors.

The conference, titled “Big data for banking and
financial industry,” was organised by the Banking Academy of Vietnam.

At the workshop, participants focused on big
data technology from a variety of perspectives. They discussed the latest
technology and ways for banks and financial institutions to optimise the
application of big data into information systems.

Through the discussion, experts shared hopes
that they could identify the opportunities and challenges of big data to
improve the productivity, quality and efficiency of financial and banking
operations.

The fourth industrial revolution is taking place
across the globe and having a strong impact on all aspects of socio-economic
life, according to the experts. It promises to create more opportunities and an
impetus for the country development of each nation or organisation.

The fourth industrial revolution with Internet
of Things, automation and artificial intelligence has brought digital data to
the centre of the business world.

Digital data had become a very important
resource from which businesses can generate revenue and provide new application
ecosystems, services and digital products, said Anh.

“Therefore, digital data will grow and become an
important industry in the fourth industrial revolution,” he added.

At the workshop, the deputy governor also said
that the specificity of banking is creating a huge amount of data from
structured data such as transaction histories and customer records to
unstructured data such as customer activities on Internet and mobile banking
application.

“Applying big data to exploit the data will
bring significant competitive advantages and efficiency for the banking and
finance sectors,” he added.

In addition, Pham Anh Tuan, director of
Vietcombank’s tech modernisation department, said that data in the banking
system and those collected from the outside include many types. These include
structured data, semi-structured data, and unstructured data.

“The current banking data is unstructured,
which meets all big data standards in volume, movement and diversity,” Tuan
emphasised.

The representative of Vietcombank also said that
when banks as well as financial institutions identify data with great value,
they must consider data assets of the bank. “In other words, data must be
treated like any bank assets, which have to be taken care of and ensured on
asset security.”-VNA

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