Digitization must enable new value creation for customers in BFSI market, delivering on expectations across the value chain.
Digital Transformation in BFSI
How We Made It?
Wondering how we turn technology into practical values for businesses? Explore the success stories here!
01 Aug 2022
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According to Statista, almost 62 million people in Vietnam use smartphones (over 63% of the population). By April of 2022, National Bank announced that the number of cashless transactions had risen by 69,7% in quantity and 27,5% in size compared to last year’s period. The rate of adults owning payment accounts has reached nearly 66%. Notably, among 1,1 million customers registered for Mobile Money service, nearly 660.000 (~70%) are from the countryside, mountainous regions, remote areas, borders, and islands.
After two years of social distancing because of Covid-19, Vietnam is entering the apogee of digital transformation. In the field of BFSI, corporations and institutions need to speed up their digital transformation process and restructure their operations to match customers’ new transaction behavior.
In terms of stock, applying technology Blockchain can help control the transactions. The AI helps increase interactions and develop new products; meanwhile, the IoTs and Big Data help improve the quality of services and transparent public information.
In the insurance field, the life insurance market has risen by 25-30% in the last five years. More than 450 products are created to meet the needs of nearly 10 million customers. Technology investment in this field is still lower than the need. Phone applications can not handle big data.
When it comes to banks, most Vietnamese banks launched digital banking in process and communication channels. Transforming data platforms is just activated in some pioneer banks.
When accomplishing digital transformation, BFSI companies can change their full face by decreasing a significant operation fee, increasing service quality, and leveling security. Even so, there are three obstacles that the corporations have to overcome:
1. Completing technology systems and infrastructure and researching to apply new technology.
2. Information security.
Blockchain allows every member in the network to save a copy of the accounting book that notes transaction history; hence, security and privacy issues of each side joining transactions can be compromised. Meanwhile, Big Data technology allows for collecting, storing, organizing, and analyzing all kinds of data, including market, customers, transactions, risks, etc. So, when applying this technology to the financial market with information and top-secret data, the companies need to note security.
3. Digital transactions with online contract and confirm digital signature.
The E-Transaction Law and documents guiding the law’s implementation haven’t specified online contract-related digital transactions. The platform for activating technology application services is the members’ digital signature being accredited in digital transactions. In Vietnam, confirming digital signatures is limited, so applying digital transactions to online contracts (especially insurance contracts) is hard. The companies have to meet customers in person to get the signature on the insurance request document and release the contract to customers.
Every business has its operating model with specific operating processes, products, services, etc. Therefore, there is no general solution for all businesses, and the digital transformation will differ for every business.
With TCS BaNCS, the BFSI companies can access a giant collection of digital transformation solutions embedded in the cloud platform. Whatever your problems are, TCS BaNCS has the answers you need.
NTQ Solution will develop the TCS BaNCS solution in the cooperation framework for the Vietnamese market. The new solution will be a premium version that suits every size and strategic plan at every stage of the business. Not only will localize a global solution but also innovate it to the next level based on the deep knowledge of the market and the company’s vast network.
NTQ Solution will develop TCS BaNCS with more features to match better with the specific needs of the Vietnamese companies. Even so, NTQ Solution will build a particular ecosystem for the firms to connect, support, and cooperate to find the best solution.
With the outstanding accomplishments of TCS BaNCS proven by many large global corporations and institutions, this innovative solution version will make dramatic changes for Vietnamese BFSI companies. Help the businesses expand their markets, level up services, increase customers’ satisfaction, and soon achieve their business targets.
With a rising trend of shifting in the supply chain, the nation’s IT Industry greatly benefits thanks to a diverse labor workforce, stable political economy, and positive impacts from various global free trade agreements.
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