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Banking & Finance

PwC works with Vietcombank on digital banking transformation

Released at: 14:07, 17/04/2019

PwC works with Vietcombank on digital banking transformation

Photo: PwC

Two kick off Vietcombank's Digital Banking Transformation project on April 16 in Hanoi.

by Linh San

Vietcombank and PwC Consulting Vietnam officially kicked off Vietcombank’s Digital Banking Transformation project on April 16 in Hanoi - a pioneering project of its kind among large commercial banks in Vietnam.

The Digital Banking Transformation project is one of the major digitization projects Vietcombank has been implementing as part of its end-to-end digital transformation strategy. This particular project is expected to help it boost the development of digital-based business models, with a view to achieving important business goals and improving customer satisfaction through a digitized experience based on data and technology.

“PwC is proud to be Vietcombank’s partner in this milestone project,” said Mr. Grant Dennis, General Director of PwC Consulting Vietnam. “At the same time, we are aware of the challenges that the project will need to navigate. Therefore, we will devote the best resources to successfully implement the project.”

Mr. Nghiem Xuan Thanh, Chairman of the Board of Directors at Vietcombank, highlighted the six key objectives in the Digital Banking Transformation project: diversified banking products and services, expanded sales and distribution channels, stronger risk management, higher service quality, lower costs and higher efficiency, and, most importantly, an improved customer experience.

Mr. Pham Anh Tuan, Member of the Board of Directors and Director of the Banking Technology Modernization Board at Vietcombank, said the project is one of the bank’s core focuses in technology and services transformation in 2019.

He added that by cooperating with PwC, Vietcombank expects to access the best methods, practices, and experience in digital banking implementation PwC has garnered from advising various financial institutions in Southeast Asia and across the world.

PwC encourages and supports organizations to assess the challenges of digital transformation in a holistic way. “In this project, we will apply PwC’s BXT (Business, Experience and Technology) method, the essence of which is that digital transformation does not happen in silos,” said Mr. Dennis. “The BXT method will provide effective support for large-scale transformation projects like this. With close guidance from Vietcombank’s leadership and the coordination of relevant departments, we believe that the project will be successful and become a pioneering success story of digital banking transformation in Vietnam.”

PwC Consulting (Vietnam) Limited was established in 2015. As part of the PwC global network, the company helps organizations to work smarter and grow faster. It consults with its clients to build effective organizations, innovate and grow, reduce costs, manage risk and regulation and leverage talent. Its aim is to support you in designing, managing and executing lasting beneficial change.

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