Daily banking transactions reach VND 1.2 quadrillion

Speaking at the opening of the Smart Banking 2026 Conference and Exhibition in Hanoi on October 22, Pham Tien Dung, Deputy Governor of the State Bank of Vietnam (SBV), said the country's banking system processes approximately 100 million payment transactions daily, with a combined value of VND 1.2 quadrillion (about $46 billion).

In today's banking landscape, competitive advantage is no longer determined by which institution adopts the most technology. What matters is how effectively banks turn data into value and technology into greater productivity, operational efficiency and customer trust.

From this perspective, Dung stressed that artificial intelligence (AI) in banking must deliver tangible benefits rather than simply create an impression of technological sophistication. As banks become increasingly digital, trust becomes an even more valuable asset, while resilience must be built into the core capabilities of every institution.

"As banking operations become increasingly dependent on technology, data and connections with partners across the ecosystem, an incident at one point can have far-reaching consequences for the entire system," Dung said.

"Cybersecurity risks are therefore no longer solely the responsibility of IT departments. They directly affect business operations, reputation, customer confidence and the stability of the banking system."

According to Dao Minh Tu, Vice Chairman and Secretary General of the Vietnam Banks Association (VNBA), banks previously concentrated on digitizing internal processes and moving transactions from physical branches to online channels.

Today, however, AI, particularly generative AI (GenAI) and ecosystems of AI-powered virtual assistants and agents, is gradually becoming the driving force behind operational strategies and value creation in modern banking.

Tu identified three major shifts reshaping the industry: the transition from isolated automation to intelligent AI ecosystems built around AI-first and AI-native approaches; the growing role of AI as a real-time defense against fraud; and the emergence of standardized regulatory frameworks governing AI.

From digitizing processes to building intelligent ecosystems

From the perspective of commercial banks, Nguyen Hung, CEO of TPBank, said digital transformation has enabled institutions to expand their operations, but the next phase requires a more fundamental shift.

Banks must move beyond simply digitizing processes toward building intelligent ecosystems, where AI is no longer just a supporting tool but a core driver of growth, capable of understanding context and proactively serving customers.

TPBank currently serves 18 million customers, with 99.5% of its transactions conducted through digital channels.

Hung said combining AI, a strong data-driven culture and effective human oversight is essential to turning operational scale into a sustainable competitive advantage.

Le Quang Ha, Deputy Director of Viettel Cyber Security Company Limited, said banks must now prioritize continuous security monitoring, early threat detection, incident response and the uninterrupted operation of essential services.

With online scams, identity impersonation and AI-powered attacks posing growing risks, Ha emphasized the importance of behavioral analytics, anomaly detection and threat intelligence.

These capabilities, he said, are critical to protecting transactions, reinforcing customer confidence and ensuring a seamless digital banking experience.

Harmon Wang, CEO of StreamCube Technology, also highlighted the need for comprehensive, intelligent fraud prevention systems deployed across entire banking institutions.

Such systems, he argued, should be supported by close coordination among regulators, law enforcement agencies, banks and relevant service providers to strengthen defenses against increasingly sophisticated financial fraud.

Tuan Nguyen