Proud Partners of the BTCI Banking and Finance Innovation Conference, Hanoi, Vietnam
We are consistently looking out for opportunities to collaborate with regional organisations that are committed to raising the standard of banking professionals. Hanoi-based Institute of Manpower, Banking and Finance (BTCI) organized an annual banking conference on 9th October 2015 in Hanoi- with the theme of Banking & Finance Innovation. The event attracted 300 local bankers across all segments of banking (consumer, commercial, and corporate).
At the conference, speakers talked about matters concerning Vietnam’s banking sector – technological innovation amidst the context of the Trans-Pacific Partnership being signed, and the ASEAN Economic Community (AEC) integration approaching.
The host speaker, Mr. William Anthony Jennings, Vice Chairman and acting CEO of BTCI, acknowledged that in recent years Vietnam has seen huge improvements in its banking sectors of which innovation in providing services has been a top priority. Mr. Jennings added that Vietnam’s banking sector has continued to see development in retail banking. Government pressure on restructuring in the sector has encouraged banks to offer competitive new products, improvements in operational processes and procedures, and focus on developing high-quality human resources.
One of the speakers, Mr. Douglas Jackson, Partner and Managing Director of the Boston Consulting Group (BCG), added that since the first ATM was installed by Barclays in the country, which conducted simple banking transactions, digital banking has developed rapidly and provides much more complex services. Today, customers can perform an array of banking activities online. The development of technology has seen costs fall significantly, and the banking sector can easily take advantage of innovation to develop new services with the support of pioneering technology.
In regards to the gap between the application of technology in foreign banks and local banks, Mr. Jackson further added that it is understandable because Vietnamese consumers are yet to fully adapt to digital banking activities, while the cost of internet use remains relatively high and e-commerce is still in the early stages of development. In order to improve the application of technology in the near term, he suggested banks invest more and gain a deeper understanding of consumer behavior. They need to identify which digital banking services are needed in daily life.
Omega Performance has been working with BTCI, to study and analyze how Vietnamese banks can appropriately use our blended training framework to maximize their employee skills. Our banking clients in Asia-Pacific are increasingly interested in training their retail lenders to have a common platform vis-à-vis the bank’s commercial and corporate bankers to create and sustain a consistent credit culture.