Financial enterprises doing digital transformation: The barrier is not in cost

(Dan Tri) - From banks to securities companies, digital transformation brings advantages in terms of costs, management, customer experience and sustainable development. However, it also comes with challenges in terms of technology, law and human resources.

Digital transformation as "almighty hand"

Dr. Chau Dinh Linh, lecturer at Banking University of Ho Chi Minh City, said that applying digital transformation in business management helps reduce costs by increasing productivity and controlling profits. Thanks to that, human resources operate more smoothly and leaders make more effective decisions.

According to Mr. Linh, banks currently do not need to open many branches. Users with just a phone or a CDM (Cash Deposit Machine - new generation ATM) can perform most operations such as opening a card, changing personal information, etc., helping to reduce staff at the transaction counter.

Mr. Linh emphasized that digital transformation not only optimizes costs, but also helps business models become smarter, more creative, and meet market needs. “If businesses do not proactively change but let competitors move faster, they will be eliminated from this game,” he said.

Sharing the same view, Mr. Nguyen The Minh, Director of Yuanta Vietnam Securities Analysis, said that digital transformation is an inevitable trend in all fields. The first role is to improve operational management efficiency.

In the context of increasingly large transaction scale and higher risk management requirements, applying technology helps securities companies optimize back-office processes, reporting, and compliance; thereby reducing costs and improving transparency and risk control according to international standards.

Digital transformation also expands customer experience and increases competition. Customers now demand fast, personalized, and convenient services. The application of AI, Big Data, Cloud, or Mobile Apps helps securities companies analyze investment behavior, make appropriate recommendations, and serve immediately - the key factor to retain investors.

More importantly, digital transformation reshapes business models and unlocks new value. Businesses not only digitize old processes, but also develop modern models such as online transactions, robo-advisors, margin scoring, or integrated financial ecosystems (banking, insurance, asset management). Companies that are ahead in investing in technology will have the advantage of leading the market and increasing long-term profits.

Mr. Nguyen The Minh stated that digital transformation is the “launching pad” for the competitiveness of securities companies. In the context of the Vietnamese capital market moving towards international standards (Basel III, IFRS, upgrading the stock market), digital transformation is no longer an option, but a mandatory requirement for sustainable development.

Mr. Pham Tuan Anh - Editor-in-Chief of Dan Tri Newspaper - spoke at the Workshop "Implementing ESG with AI: What should businesses do?" held on August 14. This workshop is a satellite event of the Vietnam ESG Forum 2025 with the theme " Science and technology and driving forces for sustainable development" (Photo: Nam Anh).

Investing in digital transformation is not a cost

Associate Professor Dr. Nguyen Huu Huan, lecturer at the University of Economics Ho Chi Minh City, believes that investment costs are not the biggest pressure for financial enterprises when transforming digitally in management. Because more than anyone else, they understand the value and great benefits that digital transformation brings.

From an implementation perspective, SSI Securities Company assesses that the digitalization strategy not only aims to reduce paper consumption, but also optimizes operating processes and provides more effective solutions to customers thanks to a modern technology platform.

Cutting down on printing paper not only helps save costs, optimize workspace, reduce physical storage needs, but also improves data accessibility from anywhere, thereby increasing labor productivity. This is also a testament to SSI's environmental responsibility by reducing pressure on forest resources, limiting carbon emissions from paper production and reducing office waste, in line with the orientation of sustainable development.

Digital data also helps speed up transaction processing, reduce errors compared to manual methods, contribute to saving resources and improving overall efficiency. These steps demonstrate SSI's determination in the sustainable development roadmap, harmoniously combining technological innovation and environmental responsibility.

The biggest difficulties

However, businesses also face certain difficulties when implementing digital transformation in management. Mr. Tran Hoai Phuong - Director of HDBank Corporate Customer Division - said that the advantage of banks is good resources, not facing financial challenges.

However, depending on strategy and expectations, each side will encounter different difficulties. In his observation, Mr. Phuong believes that the most common challenge for banks when transforming digitally is how to have a comprehensive solution.

Along with that, how to design appropriately, deploy and operate effectively, both helping to grow according to goals and directions and also facing the need to rearrange the workforce is a big problem.

When implementing digital transformation in management, businesses will encounter certain difficulties (Photo: IT).

A representative of Yuanta Vietnam Securities Company also listed the four biggest difficulties that businesses have been facing.

Firstly, infrastructure and technology investment costs are a major barrier, because building a system that meets international standards, is both secure and flexible requires significant financial resources and technology personnel.

Second, domestic legal and regulatory factors are still relatively strict, many digital products require time to obtain permission or do not have a clear legal corridor, causing limitations in service deployment and diversification.

Third, investor habits and readiness are also challenges, as not all customers quickly adapt to new technology, especially older investors who are used to traditional trading.

Finally, the human resource problem is not simple: to operate successfully, a business must have a team that understands both financial and technological operations, which requires both internal training and attracting high-quality experts from outside.

According to the representative, digital transformation is a long-term journey, not something that can be done overnight, and only companies with a steadfast strategy and sustainable resources can succeed. Along with that, many large financial companies are now also forced to add ESG and digital transformation indicators to their financial reports according to new practices.

Units honored with Comprehensive ESG at Vietnam ESG Awards 2024 within the framework of Vietnam ESG Forum 2024 (Photo: Manh Quan).

Dr. Chau Dinh Linh assessed that the general direction of the Government is digital transformation. Even the State management agencies have been very determined in this matter, the evidence is that all administrative documents are being digitized.

Large domestic enterprises themselves have also seen the pressure of digital transformation to increase competitiveness. They also realize that the highest level of digital transformation is to automate everything from analyzing and suggesting improvements to changing products to serve customers.

On the contrary, for small and medium enterprises, the story of digital transformation is still facing barriers in terms of cost and awareness. Because these enterprises only think about business problems, but if they want to expand further and create breakthroughs, they have not thought about it. They have only heard in general that digital transformation will have to automate everything. However, small and medium enterprises can digitally transform in parts.

The seminar "Digital transformation in governance - ESG implementation experience from financial sector enterprises" organized by Dan Tri newspaper will take place at 9:00 a.m. on September 30.

Speakers attending the seminar included Associate Professor Dr. Nguyen Duc Trung - Principal of Banking University of Ho Chi Minh City, Mr. Pham Hong Hai - General Director of Orient Commercial Joint Stock Bank (OCB), Mr. Tuan Nhan - CEO of Vietcap Securities Joint Stock Company.

This seminar is a satellite event of the Vietnam ESG Forum 2025 with the theme "Science and technology and driving force for sustainable development". The Vietnam ESG Forum is an annual event initiated and organized by Dan Tri newspaper to connect parties to share messages and inspire ESG implementation towards sustainable development. The seminar is accompanied by Orient Commercial Joint Stock Bank (OCB) and DNSE Securities Joint Stock Company.

After its launch, the Vietnam ESG Forum has received many positive responses from the community and experts to promote and develop ESG standards in business operations of enterprises.

The highlight of the Vietnam ESG Forum is the Vietnam ESG Awards - honoring units that effectively implement ESG. Interested businesses and organizations can register to participate in the Vietnam ESG Awards 2025 here.

Source: https://dantri.com.vn/kinh-doanh/doanh-nghiep-tai-chinh-lam-chuyen-doi-so-rao-can-khong-nam-o-chi-phi-20250920151341285.htm