Experts assert that the evolution of digital banking is largely dependent on the protection of data.

A customer utilizes a QR code to make a payment, showcasing the increasing popularity of cashless transactions. As the government pushes for digital transformation, experts emphasize the crucial role of data security and privacy in the finance and banking industry. From traditional methods like physical records to modern core banking systems, data security has always been essential in ensuring safe and effective operations. Vietnamese banks have implemented various solutions to minimize vulnerabilities and prevent data breaches, including fraud prevention, risk control, and network security. However, with the constant evolution of technology, continuous updates and improvements are necessary. In addition to data security, ensuring data privacy is also crucial, and the implementation of Decree 13/2023/ND-CP will take time. Financial institutions and banks must strengthen their control over personal data processing and storage, starting from the employee level. The advancement of AI and its applications in the finance and banking sector also raises concerns about the protection of customers’ personal information.  

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