In a recent roundtable discussion held in Vietnam led by Kyndryl and VMware and facilitated by Twimbit, distinguished leaders from the banking and financial services sector converged to explore and delineate the attributes of a “Bank of tomorrow”. The objective was to transcend conventional banking norms and pave the way for a purpose-driven financial institution deeply woven into the fabric of Vietnam's future.

Taking inspiration from the insights shared by our esteemed panel, we have outlined a set of ten imperatives that are designed to foster the growth of a purpose-driven best-in-class bank within the Vietnamese banking landscape by 2027.

The 10 imperatives to become the best-in-class bank by 2027

1. Create an innovative product stack: Focus on developing innovative and customer-centric product offerings. This means continuously enhancing existing products and introducing new ones that address evolving customer needs. Digital lending, particularly in the realm of inclusive financial services, is a key area of emphasis for Vietnamese banks aiming to provide a diverse and innovative product stack that seamlessly integrates into customers' daily lives.

2. Orchestrate customer journeys: Orchestrating customer journeys involves more than just addressing financial needs. It's about seamlessly embedding banking into daily life, ensuring customers enjoy personalized experiences, even during their morning coffee run, with financial services tailored to their preferences and routines. This level of innovation and embedded finance is crucial for serving the evolving demands of the future.

3. Provide banking convenience, banking anywhere: Provide customers with the flexibility to bank from anywhere at any time. This involves offering comprehensive mobile and online banking solutions, ensuring that customers can access their accounts, make transactions, and seek support 24/7, digitally.

4. Deliver equitable experience to all customers: Give equal access, convenience, and opportunities to seek financial services, irrespective of customer categories. Prioritizing customer experience for all ensures that the benefits of financial inclusion and sustainable value creation reach every individual, empowering them with access to credit and opportunities for personal and economic growth.

5. Build a secure and trustworthy bank: Security is paramount, and it's non-negotiable in today's banking landscape. The ability to protect customers from identity theft and cyber threats is a critical expectation. As we look to the future, the key factors will revolve around responsible data privacy when leveraging technology for AI-driven personalization. In addition, empowering customers to have control over security that is tailored to their individual needs.  

6. Establish a data strategy: Establish a robust data strategy to leverage data as a strategic asset. A data strategy involves collecting, analysing, and deriving insights from customer data. This data can be used to personalize services, improve risk management, and drive data-based decision-making.  

7. Adopt banking-as-a-service and embedded finance for ecosystem growth: Embrace diverse partnerships beyond the traditional scope to cultivate a dynamic ecosystem that transcends the confines of interest-based income. Collaborate with non-banking entities such as telcos, lifestyle companies, and e-commerce platforms, to fuel a wave of innovation that promises unparalleled product innovation, holistic customer journeys, and omnipresent banking convenience.

8. Drive operational performance and efficiency: Optimise operations, aim to reduce costs, and improve efficiency. This can involve streamlining processes, adopting automation and digitalization, and focusing on lean and agile operations.

9. Adopt data analytics and AI strategy: An effective data analytics and AI strategy is vital to harness the power of data. Enhance risk assessment, automate routine tasks, provide personalized recommendations, and improve customer service by using advanced analytics and AI.

10. Have a purpose driven tech vision: Align substantial technology investments with a clear and purpose-driven vision for success. Purpose-driven technology investments, underscore the transformative potential when capital aligns with a bank's unique vision, reducing cost to serve while increasing revenue.

In conclusion, the journey toward becoming the best-in-class bank in Vietnam by 2027 unveils a compelling narrative of the future, where Vietnam's banking landscape is poised to embark on a profound transformation. As the nation navigates this exciting journey, it is evident that the tenets of innovation, customer-centricity, and data-driven strategies will play pivotal roles in crafting a banking experience that truly resonates with the people of Vietnam. With a relentless commitment to technology, security, and financial inclusion, the prospect of an evolved banking landscape comes into sharper focus. This marks the beginning of an era where the banking sector in Vietnam becomes a beacon of progress and promise, driving prosperity and convenience for all.

‍