Data: The New Oil Fueling Vietnam’s Financial Innovation
VietnamFinance Magazine recently facilitated a discussion highlighting the critical role of big data in today’s digitized world. According to Hoang Anh Minh, Vice President of VFCA and Editor-in-Chief at VietnamFinance, data is now as valuable as oil was, offering a treasure trove of resources that institutions, businesses, and individuals are racing to exploit.
Financial Sector Harnesses Data Opportunities Amid Challenges
The conversation underscored the immense opportunities that data utilization presents for the finance and banking sector, from forecasting market trends to streamlining financial services, enhancing operational efficiency, and improving customer service delivery. However, the ambitious race towards digital transformation is not without its hurdles. Data collection, storage, and security are pressing concerns that require immediate attention.
Experts Weigh in on Data Security and Management
Do Danh Thanh, a high-ranking executive in digital transformation and cybersecurity from Deloitte Vietnam, acknowledged the longstanding presence of data, which has only recently been recognized for its enormous value due to technological advancements — now claiming the throne once held by wealth in business influence.
Thanh also discussed the urgency of personal data breaches in Vietnam, noting a significant number of cyberattacks per month, impacting vital industries such as aviation and, consequently, the financial sector. He elaborated on the four pillars of data security, asserting that technology alone is insufficient. The strategy is paramount, and attention must also be given to people, processes, and ongoing compliance with regulatory standards and certifications such as ISO.
Strategic Data Backup and Customer Experience Transformation
Illustrating the potential mishaps of inadequate data backup plans, Thanh referenced practices from Japanese businesses he had worked with, where data backup is routine and contrasted this with some Vietnamese companies that lack such processes. From a business perspective, Nguyen Tien Sy from EVNFinance highlighted EVN’s commitment to cybersecurity laws and their digital conversion journey since 2020, enhancing customer experience with swift and convenient services through big data applications, therefore boosting employee productivity and benefiting customers alike.
Importance of Regulatory Compliance and International Cooperation
Data regulation compliance is a critical issue for Vietnam’s financial sector as the country aligns its practices with international standards to ensure data protection and cybersecurity. The European Union’s General Data Protection Regulation (GDPR) is one example of a comprehensive data protection framework that Vietnam can look to as it refines its own regulations. Adherence to such standards not only safeguards data but also boosts international investor confidence.
Key Questions and Answers:
Q: How significant is data in Vietnam’s financial industry?
A: Data is extremely significant, as it allows for better market trend forecasts, more streamlined financial services, enhanced operational efficiency, and improved customer service.
Q: What are the main challenges associated with data in this sector?
A: The challenges include data collection, storage, security, and ensuring compliance with evolving regulatory standards.
Q: Why are cybersecurity and data management crucial in Vietnam’s financial landscape?
A: Cybersecurity and data management are vital due to the increasing number of cyberattacks, which can impact essential industries and the overall economy. Effective data management ensures operational continuity and maintains public trust in financial institutions.
Advantages and Disadvantages of the New Era of Data:
Advantages:
- Enhanced Decision Making: Big data analytics provide deep insights that aid strategic decision-making and risk management.
- Improving Customer Experience: Tailored services based on customer data analysis can lead to increased satisfaction and loyalty.
- Innovation and Competitiveness: Leveraging data can lead to the development of new financial products and services, giving a competitive edge to institutions.
Disadvantages:
- Security Risks: Storing and managing large volumes of data increases the risk of breaches and cyberattacks.
- Privacy Concerns: Collecting extensive data raises concerns about customer privacy and consent.
- Resource Intensity: Investing in the infrastructure and expertise needed for effective data management can be costly.
Suggested Related Link:
For more information on Vietnam’s financial landscape and data security, you can refer to the Vietnam Securities Commission (VSC) as the regulatory body overseeing securities and data protection in the financial market: Vietnam Securities Commission.
Please note that the linked website and the content provided in the answer are up to date as of now, but due to the dynamic nature of the internet and ongoing developments, future changes to the site or its content may occur after the knowledge cut-off date.
The source of the article is from the blog klikeri.rs