Digital transformation in the banking sector continued to develop strongly in 2022.

Most credit institutions have been or are planning to develop and implement a digital transformation strategy. Many basic operations have been completely digitized, and a number of banks have recorded more than 90 per cent of transactions being conducted digitally by customers.

At a recent meeting to review the operation of the banking sector in 2022, Prime Minister Pham Minh Chinh expressed his appreciation of the sector taking the lead in digital transformation.

The State Bank of Vietnam (SBV) led ministries and ministry-level agencies in cyber security readiness rankings, was second in the digital institution index, and fourth in the digital transformation activity index.

The Prime Minister asked the sector to work to retain its position as one of the leaders in terms of digital transformation in 2023, to meet demand in the economy.

The sector also needs to promote digital transformation at localities, with a target of each citizen having one bank account, he added.

The sector’s results are attributed to banks’ continuous application of modern technology to accelerate their operations.

Banks seeing high rates of digital transactions like TP Bank, VIB, and MB are pioneers in investing in new technology to improve customer services.

Growth is forecast to continue in the years to come because banks have kept investing in new technology and applying artificial intelligence (AI).