Experts urge banking sector to revamp IT

The information technology infrastructure in the Vietnamese banking sector should be updated due to the rapid development of technology.

Nguyen Minh Hong, deputy minister in the Ministry of Information and Communications, stated this at the Banking Viet Nam 2014 yesterday in Ha Noi.

He said that the banking industry also needed to focus on information safety and security in the financial system. At the moment, the ministry is completing a law on information safety for submission to the government and is updating a list of criteria for allowing digital signature.

Speaking at the conference, Nguyen Thi Kim Thanh, director of Banking Strategy under the State Bank of Viet Nam (SBV), referred to three achievements in applying science and technology in the banking industry after nearly 30 years of economic development.

First, Viet Nam has established a national advanced payment system with the electronic trans-bank payment system as a nuclear unit. Second, core banking systems have become popular in Vietnamese banks. Third, many banks have achieved their international safety standards such as ISO 27001:2005 on building an information security management system and the Payment Card Industry Data Security Standard (PCI DSS).

In order to improve the IT infrastructure in the sector, Thanh suggested selection of appropriate technology and boosting of internet banking to gradually replace bank branches.

Kaleem Chaudhry, Oracle’s senior director of sales consulting in ASEAN, said that the transformation and evolution in technology increased the best experiences for customers. He said banks needed to manage life cycles with eight steps (need, research, select, purchase, receive, use, maintain and recommend), not transactions.

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