IOT Impacts and Digital Transformation at Listed Vietnam Banks

Abstract

The Industrial Revolution 4.0 based on digital technologies has led to an unprecedented change in the socio-economic model. Therefore, countries in general and Vietnam are all aiming to develop the digital economy. The concept of digital transformation of the economy or development of the digital economy in Vietnam focuses on the following basic contents: 1) Developing digital businesses; 2) Digital transformation for traditional businesses (towards digitally integrated products; transforming business models on digital platforms; changing production processes based on digital data, automation, virtualization, etc.); 3) Development of digital finance; 4) E-commerce development. Therefore, digital transformation becomes an inevitable and objective trend, supporting banks to overcome challenges, create competitive advantages, and actively adapt to the context of digital transformation. In the context of the development of the digital economy in Vietnam is taking place strongly across industries and fields, requiring banks in Vietnam to have a transformation to a new business model. In this business model, it is necessary to integrate technology in operations and digitize business processes in the direction of automation and intelligence. Thereby, banks can perform activities of providing products and services on digital platforms, effectively exploiting data, thereby increasing experiences in business resolution and customer engagement. Besides, Internet of things has connect everything through internet, therefore risk management information system of Vietnam banks is also affected by IoTs and reliable internet data can help to enhance better RMIS in commercial banks. Generally, we want to emphasize effects of IoTs and digital transformation in banks operation and new business models.