Mr. Nguyen Toan Thang, Secretary General of the Vietnam Banks Association, told the forum that Vietnamese banks are now moving in line with new technology trends. “They are transitioning from traditional banking to digital banking, transforming their business model, enhancing the customer experience with new products and solutions for business, building modern digital infrastructure, managing data, and applying artificial intelligence,” he said. “Industry 4.0 will create more opportunities for Vietnamese banks to develop retail banking, enhancing the application of innovative business solutions and breakthrough technologies to meet the needs of customers, especially those sensitive to new technology.”Mr. Ha Huy Tuan, Deputy Chairman of the National Financial Supervisory Commission (NFSC), told the forum he acknowledged that many successful models stemming from Industry 4.0, such as Uber, Grab, Traveloka, Alibaba, and Amazon, are posing challenges for banks in … [Read more...] about Industry 4.0 to affect retail banking
Retail
Forum talks future of retail banking in Industry 4.0
The Retail Banking Forum takes place in Hanoi on December 6 - Photo: thanhnien.vn The information was highlighted at the Retail Banking Forum in Hanoi on December 6. The forum on the future of retail banking and payment services in the Industry 4.0 era was part of a series of workshops and events on smart city building. Theo VNA … [Read more...] about Forum talks future of retail banking in Industry 4.0
Vietnam retail banking forum 2017 opens in Hanoi
The trend of non-cash payment and digitalization in retail banking and the maturization of Fintech companies in Vietnam is posing great opportunities as well as challenges for retail banks in the fourth Industrial Revolution. According to “Banking services report: User’s behavior and trends in Vietnam” surveyed by IDG Vietnam in 2017, e-banking solutions are growingly favored for their easy access and time-saving nature, with 81% of participants using e-banking solutions for transactions, compared to 21% as of 2015. Meanwhile, customer dissatisfaction of e-banking solutions in Vietnam remains almost constant across the last two years (68% in 2017 compared to 70% in 2015), for major issues such as high transaction costs, transaction errors and poor customer services.Mr Nguyen Toan Thang, Secretary General of Vietnam Banks Association spoke at the forum. (Photo: ATP)In that context, this year’s forum serves as a meeting place for industry leaders and experts from … [Read more...] about Vietnam retail banking forum 2017 opens in Hanoi
Retailers brace as Amazon launches in Australia
U.S. internet giant Amazon launched in Australia Tuesday in time for Christmas, with retailers scrambling to cut costs and boost their online offerings as they brace for an expected shake-up of the sector. The arrival of the behemoth -- which has grown from an online bookstore to one of the world's largest firms -- poses a threat to a market already grappling with weak consumer confidence amid tepid wages growth. The American giant is offering "millions" of products from well-known Australian brands, as well as small and medium-sized Australian businesses selling on Amazon Marketplace. They will be shipped from a warehouse in Melbourne. Online shopping only accounts for between 8-13 percent of total sales in Australia, leaving room for growth in a sector estimated to be worth more than Aus$300 billion ($227 billion) annually. "We believe Amazon's full entry into Australia will likely be a success," UBS analysts said in a note ahead of the launch, adding that Australia was an … [Read more...] about Retailers brace as Amazon launches in Australia
Retail petrol prices kept stable
HÀ NỘI — The retail prices of RON 92 petrol and E5 bio-fuel remained unchanged at VNĐ18,580 (81 US cents) and VNĐ18,243 per litre, respectively, at 3pm on Tuesday after continuous increases in recent months. In addition, the price for oil was also kept stable at VNĐ13,617 per litre and mazut at VNĐ12,382 per kilo. The price of diesel was slightly increased by VNĐ150 to VNĐ15,169 per litre. The ministries of industry and trade, and finance said the decision came following a small decrease in the world petrol price. The finance ministry also said average petrol price in the world market over the past 15 days had slightly decreased from $73.3 to $73.2 per barrel. The ministries decided to use the petrol price stabilisation fund to stabilise retail prices. Accordingly, RON 92 petrol was subsidised by VNĐ585 per litre and E5 bio-fuel by VNĐ604 per litre. The fund also used VNĐ388 for diesel, VNĐ485 for oil and … [Read more...] about Retail petrol prices kept stable