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Finance Vietnam 2024 frames dialogue on the future of agile and resilient core banking ecosystem

Industry leaders at The Asian Banker Finance Vietnam Leadership Roundtable 2024 discussed modernising core banking and payment systems to boost operational resilience, financial stability, and hybrid cloud adoption to address legacy system challenges

Participants emphasised the need to replace outdated core banking and payment systems to enhance efficiency and resilience. Modernising these systems can mitigate risks associated with legacy technologies and improve the overall stability of banking operations.

Leaders shared successful case studies on how banks have managed to overcome legacy system challenges through strategic upgrades and modernisations. For example, banks like LP Bank, BIDV and Techcombank discussed their journey of transforming their core systems to support new functionalities and improve customer service.

Effective project management and strong senior management and executive support were highlighted as critical for successful system upgrades. Banks shared experiences on how clear objectives and continuous monitoring have been vital in their transformation journeys.

Enhancement of customer experience through modernisation was a key focus. Participants discussed how new systems allow for more personalised and efficient customer interactions, contributing to increased customer satisfaction and loyalty.

The adoption of hybrid cloud environments was seen as essential for achieving greater operational agility and scalability. Leaders noted that hybrid cloud solutions offer a flexible approach to managing resources and responding to market demands.

Discussions included detailed strategies on adopting hybrid cloud environments, such as integrating cloud services with traditional on-premises infrastructure to create a more flexible IT landscape.

The compliance with evolving regulations was discussed in depth. The importance of partnering with experienced technology providers to navigate regulatory challenges was emphasised.

Seamless data integration across platforms was highlighted as a benefit of hybrid cloud environments. This integration supports better decision-making and enhances service delivery.

Banks are increasingly adopting microservices-based architectures to create more flexible and robust platforms. This approach allows for easier integration of new services and improves system resilience.

Leaders discussed how microservices architecture enables banks to deploy updates and new features more efficiently, enhancing their ability to meet changing customer needs.

Collaboration with technology providers like Amazon Web Services (AWS), Temenos and Red Hat was noted as crucial for the successful implementation of hybrid cloud strategies.

Case studies were shared on successful collaborations between banks and technology providers, highlighting how these partnerships have driven innovation and efficiency in banking operations.

Participants shared insights on future trends in banking, including the rise of digital banking services and the increasing importance of cybersecurity measures to protect customer data.

Discussions covered the impact of digital transformation on the banking sector, with a focus on the shift towards mobile banking and the integration of AI and machine learning to enhance customer service.

The necessity of overcoming legacy system challenges to improve operational resilience was a central theme. Participants shared experiences and strategies on how to transition from outdated systems to modern, more efficient platforms.

Leaders discussed the specific challenges posed by legacy systems, such as high maintenance costs and limited scalability, and how modern solutions can address these issues.

Conversation also shifted to how hybrid cloud environments contribute to better scalability and efficiency in banking operations was thoroughly explored. Participants noted that hybrid cloud solutions provide the flexibility needed to adapt to changing business needs and market conditions.

The discussions highlighted how hybrid cloud environments enable banks to scale their operations more effectively, improving overall efficiency and customer service.

Shared experiences and case studies on successfully modernising banking systems and adopting hybrid cloud solutions provided valuable insights into the practical aspects of these transformations.

Leaders discussed best practices for implementing hybrid cloud environments, including the importance of thorough planning, effective project management, and ongoing monitoring and evaluation.

The roundtable underscored Vietnam's proactive approach to banking transformation, leveraging advanced technologies to meet evolving customer needs and regulatory requirements.