5 Years of Digital Transformation in the Banking Industry: From “Connectivity” to the Era of Data and AI
Since the announcement of the Banking Sector Digital Transformation Day in 2022, the banking sector’s digital transformation journey has progressed through several stages over the past five years—from strengthening connectivity, leveraging population data, and expanding the digital ecosystem to building a smart ecosystem. In 2026, the Banking Digital Transformation event returns with the theme “Smart Banking in the Era of Data and AI,” marking a new phase as data and artificial intelligence increasingly become key drivers of digital banking.
| Refining the legal framework to ensure the safe application of AI in banking operations; strengthening security measures to prevent fraud in digital payments; and building a smart, secure ecosystem based on data and artificial intelligence |
The Stages of Digital Transformation in Banking
On August 11, 2026, in Hanoi, the State Bank of Vietnam (SBV) held a press conference to announce the 2026 Banking Sector Digital Transformation event. This year’s event holds special significance as it marks the fifth consecutive year that the SBV has organized the Banking Sector Digital Transformation event series, and serves as a milestone to reflect on five years of implementing the Banking Sector Digital Transformation Plan under Decision No. 810/QĐ-NHNN and to continue executing the Digital Transformation Strategy through 2030 under Decision No. 3579 of the SBV.
Looking back on this five-year journey, it is evident that the themes of the annual events have clearly reflected the banking sector’s evolution: from building foundations, strengthening connectivity, and leveraging population data to expanding the ecosystem and entering the phase of harnessing the power of data and AI. The first milestone was established in 2022. At a press conference on July 28, 2022, the SBV announced the organization of the “Banking Sector Digital Transformation Day” event for 2022. This was also when the banking sector designated May 11 of each year as “Banking Sector Digital Transformation Day”—the day on which the Governor of the SBV, Chair of the Banking Sector Digital Transformation Steering Committee, signed and issued Decision No. 810/QĐ-NHNN on the Banking Sector Digital Transformation Plan through 2025, with a vision toward 2030.
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| The annual Banking Sector Digital Transformation events have had the honor of welcoming Party and State leaders to attend |
Decision No. 810 is considered a milestone that clearly establishes the direction and implementation plan for the banking sector’s digital transformation amid a strong trend toward digitization. The selection of a dedicated Digital Transformation Day for the sector is therefore intended to spread awareness and shift the mindset of organizations and individuals both within and outside the sector regarding the role, significance, and benefits of digital transformation in banking operations.
With the theme “Strengthening Connections, Promoting Digital Transformation in Banking,” the 2022 event focused on connectivity and technology adoption, laying the groundwork for the digital transformation journey in the coming years.
A year later, the focus shifted significantly to data. The 2023 Banking Sector Digital Transformation event was held under the message “Applying Population Data in Banking Operations—A Driving Force for Digital Transformation.” This is a phase in which the banking sector is concentrating on implementing tasks and solutions to utilize population data for cleaning, standardizing, as well as collecting and expanding its customer database. The use of population data not only supports the customer identification and authentication process but also lays the foundation for accelerating the digitization of banking services, contributing to the nation’s digital transformation process.
Building on this data foundation, the scope of digital transformation will continue to expand through 2024. This year’s event, themed “Expanding Connections and Developing the Digital Ecosystem,” reflects the commitment to effectively implement the tasks outlined in the Banking Sector’s Digital Transformation Plan through 2025, with a vision toward 2030. A new feature in 2024 is the specialized seminar “Digital Transformation in the Banking Sector: Expanding Connections and Developing the Digital Ecosystem,” held for the first time, with the participation of domestic and international financial and technology experts from Google, IBM, Fidelity, SAP, and others.
Alongside this, 16 exhibition booths showcased new technology products and services from banks, payment intermediaries, and technology companies. As a result, digital transformation is no longer viewed solely through the lens of the technological systems behind banking operations but is vividly demonstrated through digital products, services, and customer experiences.
While 2024 emphasized “expanding connectivity,” by 2025, the focus has been elevated to a new level with the theme “Smart Digital Ecosystem in a New Era.” The event on May 29, 2025, further reaffirms the central role of technology in the development of the digital economy and and digital society in Vietnam, while demonstrating the banking sector’s commitment to implementing Resolution 57-NQ/TW on breakthroughs in science, technology, innovation, and national digital transformation.
The 2026 Event Returns: Data Leads the Way, AI Accompanies
Speaking at the press conference announcing the 2026 event, Mr. Nguyen Xuan Hai, Acting Editor-in-Chief of the Banking Times, stated that digital transformation, the development of science and technology, innovation, and the digital economy are becoming key drivers of growth and the enhancement of the nation’s competitive edge. Resolution No. 57/NQ-TW of the Politburo has identified these as strategic breakthroughs, laying the foundation for the country to enter a new era of development.
According to Mr. Nguyen Xuan Hai, as the lifeblood of the economy, the banking sector has always been at the forefront of the nation’s digital transformation process. The achievements made have not only transformed the sector’s internal operations but also brought tangible benefits to the people, businesses, and the economy.
One of the clearest examples is the strong growth of cashless payments. To date, most banking services are conducted through digital channels, with many banks seeing up to 95% of their transactions processed digitally. In the first six months of 2026 alone, the total volume of cashless payment transactions exceeded 15 billion transactions, with a total value of over 190 million trillion dong—an increase of 34.28% in volume and 12.24% in value compared to the same period in 2025. The average transaction value reached 1.05 million trillion dong, equivalent to approximately 40 billion USD per day.
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| The 2026 Banking Digital Transformation Event is back |
Behind these figures lies a shift in the very structure of digital banking services. Instead of standalone services, banks are gradually building a smart, cross-industry digital ecosystem. The banking system is becoming increasingly and deeply integrated with telecommunications, e-commerce, and public administrative services. Through a single mobile banking app, individuals and businesses can fulfill a wide range of needs—from paying bills and filing taxes to applying for loans.
“This seamless connectivity not only optimizes the user experience but also significantly reduces transaction costs and processing time for society as a whole,” affirmed Mr. Nguyen Xuan Hai. Building on these achievements, the 2026 Banking Digital Transformation event returns with the theme “Smart Banking in the Era of Data and AI,” along with the overarching message: “Data Leads the Way, AI Accompanies, Banking Builds the Digital Ecosystem.”
According to Mr. Le Anh Dung, Deputy Director of the Payment Department at the State Bank of Vietnam, the selection of this theme aims not only to position the Vietnamese banking sector within a development phase shaped and driven by data and AI but also to concretize the spirit of Politburo Resolution No. 57/NQ-TW and the government’s national digital transformation guidelines. Among these, the development of artificial intelligence and the data economy are major priorities. The message “Banks Building a Digital Ecosystem” also conveys the sector’s aspiration to serve citizens and businesses, aiming to build an open, inclusive financial ecosystem that leverages technology and centers on citizens and businesses to empathize with, accompany, and serve them.
Notably, this ecosystem extends beyond domestic connectivity to cross-border integration, creating new value. Looking back over the entire five-year journey, the evolution of the event series’ themes serves as a snapshot illustrating how the banking sector’s digital transformation has made significant strides. From the initial goal of “strengthening connectivity,” the banking sector has moved toward leveraging population data, expanding the digital ecosystem, building a smart ecosystem, and now utilizing data and AI to create a new generation of banking services.
While technology continues to advance, the ultimate goal of this journey remains unchanged. “Through this event, the banking industry aims to emphasize that digital transformation is not merely a technological story, but first and foremost, it is about serving people. Data and AI are ultimately just tools; the ultimate goal remains to deliver superior convenience and experiences to customers and bring tangible value to society,” Mr. Le Anh Dung affirmed.
After five years, the return of the 2026 Banking Sector Digital Transformation event is therefore not merely a continuation of an annual event. It is also an opportunity to reflect on a journey of transformation—from connectivity to data, from service digitization to ecosystem building—while ushering in a new phase of development, where data and AI become key drivers toward an increasingly smart, connected digital banking ecosystem centered on people and and businesses at its core.
| The event will be held over two days, August 18–19, 2026, at the I.C.E Hanoi International Exhibition Center, 91 Tran Hung Dao Street, Cua Nam Ward, Hanoi. The opening ceremony and main conference will take place on the morning of August 18, 2026; the exhibition area will be open to the public and businesses for touring and experiencing products and services until noon on August 19, 2026. The event is expected to attract approximately 324 delegates and feature around 21 booths from financial institutions, payment service providers, and technology companies. |
