The event provided a platform for expert-led sessions on knowledge economic trends shaping the region as well as technological developments that are geared to take the financial services industry to the next level.
Vietnam Cyber Security Forum 2018 was organized by Authority of Civil Cryptography management and Cryptography product Evaluation (Vietnam Government Committee for Cypher), Vietnam Computer Emergency Response Center, Authority of Cyber Security and Information Security (Ministry of Public Security) and International Data Group (IDG Vietnam).
Vietnam Retail Banking Forum 2018 was organized by Vietnam Banks Association and International Data Group (IDG Vietnam). Now in its 10th year, the Forum is one of the leading influential retail banking events in Vietnam.
Held in New World Saigon Hotel, senior executives and officials from government entities, financial regulators, banks, consultancies, technology companies, and other organizations gather to discuss the major challenges and opportunities which the industry is facing.
Prudential Finance was represented by 2 Members of its Senior Management Team that are Mr. Atul Dixit, CEO of Prudential Finance and Mr. Dao Huu Phuc, Head of Operations and IT.
Panel Discussion: Digital Technology platform in the development of banking and financial industry
The consumer financial services industry is going through dramatic changes as a consequence of changing customer behavior, increasing expectations, channel proliferation, disruption, innovative use and adoption of new technologies and the digitalization of business and society in general.
Mr. Atul Dixit, CEO of Prudential Finance, said that Turn-around-time (TAT) or we can call “speed” and ease of transaction and accessibility are the key driving forces of digital transformation. This will lead to better customer experience which will differentiate players in the consumer finance market.
In term of top strategic digitalization priorities as an organization, we recognize that the new era of customer-centric digital ecosystems demand leadership with a digital and tech-driven mindset. Then we prioritize to enhance digital experience for customer; enhance data analytics capabilities; increase investment in advanced technology innovation; improve components of security and authentication. In addition, we strive to meet regulatory and compliance specifications; reduce operation cost; automate core business process; recruit or retain talents to meet changing needs.
Mr. Atul Dixit also highlighted that Technology is that much critical in transforming us from managing customer data, underwriting to assessing credit risk.
Prudential Finance has proactively developed and is using variousrisk management tools and technologysuch as in-house credit scoring system, automated loan processing system, productivity/quality monitoring system, etc. In-house credit scoring system is utilized to make scientific decision based on customers credit rating for loan approval, interest rate and collection strategies. Automated loan processing system enable business to ensure operation efficiency and fast turn-around time so customer can receive responses quickly without compromising operation risk as well as portfolio quality.
Prudential Finance is now working toward more advanced level of credit risk management such as building Credit Information System (CIS) and Business Strategy Management Solution (BSMS). Together with all these efforts, Prudential Finance will maintain sustainable business model in Finance industry and provide the best level of customer experience.
Mentioned the key benefits for customers as the Company is investing in digitalization, CEO Atul Dixit said that their customers can easily apply for loan online, manage loan processing and maintenance such as checking repayment history, anytime anywhere with laptop, smart phones or tablets. They also can select the most convenient channel among several choices to communicate with us. In the near future, customers can enjoy personalization through product recommendation and selecting notification online. Currently, our personal loan processing time is shortest in consumer finance industry. With innovative technologies investment, we expect our customers continue to enjoy improving turn-around time as one of great customer experience with Prudential Finance.
Panel Discussion: Challenges and solutions to information safety
Highlight from Mr. Dao Huu Phuc, Head of Operations and Technology of Prudential Finance, as the speaker addressing concerns over data security through confidentiality in Cloud Computing Environment.
In general, information security and confidentiality in cloud computing environment is a big and complicated topic. End users do not know where their data stored, how transactions processed, how encryption techniques applied… There should be global standards and frameworks for data confidentiality in cloud computing environment and from which cloud-based service providers will follow. As a result, they can be qualified for those companies offering and transferring financial services to cloud computing environment, as well as to attract end users. In fact, most of cloud based service providers recognized with many Security and Confidentiality Certificates can offer a wide range of services to help protect the Core system of financial companies. Thus, provided with great supports from those ones who has gained international recognitions of data security as well as committed to international and local regulation compliance, security issues can be addressed to solve and security risks can be minimized.
In the current situation of Vietnam, information technology in general and financial services in particular are still under a globalization process and expected to catch up with the rapid development of the world and developed countries in the region. Relevant law and regulations are also under an enhancement process to well support the development of information technology and the cloud trends. Therefore the development journey of cloud-based financial services needs to be started and improved in parallel with the development of IT infrastructure and legal regulations which built to protect end users and service providers as well. In addition, the planning of transferring financial services to cloud computing environment needs to combine with risk management strategy.
Financial institutions are recommended to review their internal regulations and technology investment to make sure of sufficient regulations in compliance with the laws and with several circulars issued by the State Bank of Vietnam.