Digital transformation of banking industry in the face of data security challenges

VTV.vn - Threats are becoming increasingly sophisticated, while standards for anti-money laundering compliance, personal data protection and risk management are increasingly stringent.

Data is the strategic foundation in digital transformation of the banking industry.

Data is the strategic foundation in digital transformation of the banking industry. However, the big challenge is that data and artificial intelligence (AI) become assets that are easily "leaked" when connected. This is the opinion of experts at the Smart Banking 2025 Conference and Exhibition with the theme "Breakthrough in digital transformation of the banking industry: Data is the foundation, customers are the center".

From “raw material” to strategic asset

Deputy Governor of the State Bank Pham Tien Dung said that the State Bank is one of the leading agencies in collecting, synthesizing and analyzing data. No type of data in the banking industry is outside the scope of supervision. Credit statistics systems, anti-money laundering, investment management, payment support, etc. are all important data platforms, creating a solid legal basis for banking activities.

Mr. Le Quang Ha, Deputy Director of Viettel Cyber ​​Security Company, said that the strong digitalization process has helped more than 90% of banking transactions to be conducted via digital channels, with over 87% of adults owning a bank account. The huge amount of data generated every day has become an invaluable resource, allowing credit institutions to build more personalized, convenient and secure products and services. However, the challenge is how to turn data from "raw materials" into "strategic assets", while ensuring safety and security in the context of increasingly sophisticated risks.

According to Mr. Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banking Association, data needs to be managed at a system-wide scale, associated with the construction of a unified and secure data platform. Data management not only serves e-commerce, insurance, and telecommunications, but also helps the banking industry develop real-time analysis capabilities, manage risks, and improve operational efficiency. Taking customers as the center, considering safety and trust as core values, will be the consistent principles in data-based business strategies.

In fact, many credit institutions have deployed solutions to identify and verify customer information and open payment accounts based on population databases. This solution shortens the process, increases the accuracy of authentication, and improves the quality of lending. By mid-June 2025, the banking system had performed more than 117 million transactions related to customer data, notably linking payment accounts with citizen identification. The results recorded more than 927,000 new accounts opened in many localities, with the participation of 57 banks, 26 financial institutions and 39 other units.

According to the assessment, this is not only a technological achievement but also shows a change in management thinking, internal processes and system operation methods. As data is collected, processed and exploited more and more, purposeful management and creation of practical value become mandatory. This is even more important as the financial and banking market expands and the needs of people and businesses become more and more diverse.

Along with the opportunities from telecommunications technology and digital platforms, the banking industry also faces great pressure on the legal framework, increasing demands from customers and cyber security risks. Threats are increasingly sophisticated, while standards on anti-money laundering compliance, personal data protection and risk management are increasingly stringent. Therefore, perfecting digital skills, combining data management with proactive compliance mechanisms is an urgent requirement.

In the first nine months of 2025 alone, the monitoring system recorded 412 cases of data sales in Vietnam.

Balancing innovation and security

According to Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank, in the face of the growing challenge of cyber security, the banking industry has regularly organized defense drills, incident response drills, and improved emergency handling skills for units. However, in the first 9 months of 2025 alone, the monitoring system recorded 412 cases of data sales in Vietnam, with 34 billion records offered for sale, worth nearly 1 million USD, four times higher than the same period in 2024.

Experts say major challenges include data and AI becoming assets that are easily “leaked” when interconnected; new technologies that lack security can be attacked in the model; compliance with domestic laws and international standards is increasingly complex; sophisticated cyber attacks increase defense costs; and users’ awareness and data culture are still uneven.

Dr. Can Van Luc, Member of the Prime Minister's Policy Advisory Council, Chief Economist of BIDV , emphasized that data and AI can only be successful when there is a clear strategy, standardized process, strict ethical principles and continuous improvement. Dr. Can Van Luc proposed to soon issue detailed guidelines on laws and decrees related to data and AI; deploy a "sandbox" mechanism for controlled testing; perfect the ethical framework and control mechanism; accelerate the connection of data of residents, businesses and households; increase data sharing between sectors; and improve cybersecurity capacity, build a Security Operations Center (SOC/CSC) in each financial institution.

Mr. Pham Anh Tuan, Director of the Payment Department of the State Bank, said that many important Circulars are being completed, especially regulations on lending and electronic identification, both expanding the autonomy of credit institutions and tightening risk management.

From a business perspective, Mr. Nguyen Hung, General Director of Tien Phong Commercial Joint Stock Bank ( TPBank ) said that data is like a "diamond" but to exploit it in the "diamond mine" is the challenge. According to the CEO of TPBank, raw data that is not "polished" cannot become jewelry, thereby emphasizing the need to plan data from the beginning, standardize, and clean it, because incorrect data will destroy all advanced analysis.

Source: https://vtv.vn/chuyen-doi-so-nganh-ngan-hang-truoc-thach-thuc-ve-bao-mat-du-lieu-100250925180936411.htm