Vietnam banks look to tap into big data
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 persity," 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.”
Related News
Enhance the core values of the national brand
15:36 | 02/05/2024 Import-Export
Wood exports started well
13:26 | 20/04/2024 Import-Export
Ambitious profit goals of banks
10:32 | 13/04/2024 Finance
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Latest News
Closely monitoring fluctuations to calculate the appropriate time to adjust prices
15:35 | 02/05/2024 Finance
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
More News
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance
Price stability from supply increase and transparency in trading in gold market
09:42 | 25/04/2024 Finance
SBV takes more actions to stabilise foreign exchange rates
13:43 | 24/04/2024 Finance
Proposal to exclude criminal liability for tax officials when businesses provide false information to refund VAT
10:35 | 24/04/2024 Finance
Corporate bond maturity in 2024 remains high: MoF
13:51 | 23/04/2024 Finance
Support clearance procedures for imported gold for bidding
09:33 | 23/04/2024 Finance
The exchange rate will gradually cool down from the end of the second quarter of 2024, while interest rates will remain low
09:32 | 23/04/2024 Finance
Majority of credit institutions forecast profit growth in 2024
15:16 | 22/04/2024 Finance
Central bank plans to auction gold bars on April 22
18:00 | 21/04/2024 Finance
Your care
Closely monitoring fluctuations to calculate the appropriate time to adjust prices
15:35 | 02/05/2024 Finance
Strictly monitor market fluctuations to appropriately adjust prices
14:46 | 27/04/2024 Finance
Closely monitoring market fluctuations to consider appropriate time to adjust prices
09:30 | 26/04/2024 Finance
How does the Land Development Fund work effectively?
09:19 | 26/04/2024 Finance
Vietnam seeks to remove obstacles in upgrade of securities market
13:50 | 25/04/2024 Finance