Vietnam's banking sector is undergoing a profound digital transformation, marked by impressive growth rates. This transformation presents numerous new opportunities while also posing challenges in enhancing the capabilities of industry professionals. So, what should banking employees prepare for to not only adapt but also thrive in the digital era?
Digital Transformation Leads to Skill Shifts
The banking sector's digital transformation plan sets ambitious targets: by 2025, 50% of banking operations will be digitized; 70% of customer transactions will be conducted through digital channels; and 50% of small retail and consumer loans for individual customers will be digitized and automated. These figures highlight the industry's proactive adoption of digital technology to enhance operational efficiency and service delivery.
The banking sector actively embraces digital transformation
To achieve these goals, Vietnam's banking sector has been making early investments in digital infrastructure to ensure smooth operations for digitized transactions. According to the State Bank of Vietnam, as of October 2022, the banking industry had invested approximately VND 15 trillion in digital transformation. Additionally, the Vietnam Banks Association (2023) reported that around 94% of banks in Vietnam have invested in digital technology, allocating approximately 15-30% of their total IT budgets to digital banking development. About 67% of banks have also implemented AI and machine learning in their operations.
This wave of digital transformation is fundamentally changing how banks operate. Electronic transactions are replacing traditional ones, and back-office processes are being automated, leading to significant shifts in workforce structure and competency requirements for banking professionals.
Customer Relationship Management – A Core Skill
No matter how advanced technology becomes, human factors remain indispensable in the banking sector—especially in customer relations. Relationship managers play a crucial role in maintaining, strengthening, and expanding customer relationships to maximize their engagement with banking products and services. Each customer has unique circumstances, needs, and financial goals, making it difficult for technology-driven algorithms to provide personalized advice as effectively as human professionals.
A 2023 survey by FiinGroup found that 65% of Vietnamese customers still prefer direct human consultation when making critical financial decisions. This underscores the enduring importance of communication skills, financial consulting expertise, and customer relationship management, even in an era of widespread digitalization.
Ms. Vu Thi Phuong – Lecturer at TWings Academy, Director of Corporate Customer at MSB, speaking at a session with students interested in the banking sector
In Vietnam's current education landscape, TWings Academy (www.twings.edu.vn), a subsidiary of TNTalent and a member of ROX Group, stands out as a pioneer in implementing hands-on training models. This approach equips students with real-world business skills, closely aligning with the actual requirements of banking jobs. The curriculum encompasses not only professional knowledge but also digital solution proficiency and problem-solving capabilities. This comprehensive training helps bridge the gap between academic learning and industry practices, allowing students to seize job opportunities in the highly sought-after finance and banking sector.
With its unparalleled hands-on training program and strong industry reputation, TWings Academy offers students financial support during internships and guarantees 100% job placement at partner banks upon graduation.
Regarding TWings Academy's role in preparing young talent, the HR Director of MSB, one of TWings' strategic partners, stated, The collaboration between MSB and TWings Academy is a strategic move to train and develop high-quality human resources. We firmly believe that with TWings' practical training foundation and strong commitment, students will be well-equipped to become outstanding professionals in the banking industry.
On March 17, TWings Academy successfully hosted a workshop titled On-Trend Workplace – Enhancing Professional Presence and Personal Branding at the National Economics University. The event attracted a large number of students, particularly those eager to establish themselves in the banking sector.
Students engaging in hands-on customer relationship training
The event provided valuable insights into personal branding and professional demeanor, while also offering students the opportunity to experience a professional profile photo shoot. These high-quality images boost their confidence in seizing new career opportunities and overcoming challenges in their professional journeys.
With the collaboration between TWings Academy and reputable partners, the journey to building a high-quality young workforce for the banking sector is set to advance even further. TWings Academy is opening doors for young professionals to step into the modern banking world, empowering them to grow and excel in their careers.