Industry 4.0 is happening all around us where significant transformation is occurring thanks to the digitization in many existing industries. Customers are adapting quickly to this eminent change as more and more people have grown accustomed to internet banking, or virtual assistants. According to the 2025 Fintech and Bank report from Bankbase and IDC, more than 63% of customers are willing to switch to digital banks (neo-banks) and credit institutes in the next five years. This goes to show that banks and companies need to be prepared for this exciting race in digitization and automation, in which focusing on digital transformation projects should be the priority. Robotic Process Automation (RPA) is one of the important tools for this transformation.
Source: The Future of Commerce
3 current challenges in the finance and banking sector
1. Customer retention
A low customer turnover rate can be tricky for banks and financial institutes to achieve as maintaining customer loyalty needs to stem from a strong understanding and relationship with the customers, products, and services. Using bots to support customers helps ensure good customer service and reduces wait time. However, banks should also focus on improving the business process rather than solely on customer services. According to a report from Backbase, in the Asia Pacific, 70% of customers still find banking services and processes boring. Only 30% of customers use digital banking channels. Good digital integration for business processes can improve customer satisfaction and increase the use of digital banking channels.
2. Consistent need for innovation
Change is inevitable for success and with the current automation scene, constant innovation is needed more than ever. Standardizing useful practices for the whole industry is effective in assisting banks and financial institutes to adapt to change. Traditional banks might have a harder time to adjust to this innovation due to the lagging of their core systems. With an average core banking systems age of 17.5, the top 100 banks in Asia-Pacific are finding it difficult and expensive to convert their core systems to a more responsive and up-to-date version.
3. Regulatory compliance
The increase in regulatory fees has forced banks to use more resources than ever to stay complied to additional rules. With the help from technology and digital transformation, banks can reduce their resources and ensure operational efficiencies. RPA enables rapid integration of front and back-end systems to track and monitor compliance-evidencing and audit trails, therefore improving control by ensuring consistent adherence to set rules, without much human intervention.
Source: The International Banker
Vietnam prospects and opportunities
With the success in controlling outbreak in the COVID-19 pandemic, Vietnam is using this opportunity to catapult into positive growth. Mobile transactions for banking can expect a 400% increase. With the use of intelligent automation in account origination, an increase in 50% for new accounts is foreseeable in the top 8 banks in Vietnam. The top 8 banks in Vietnam are immensely willing to innovate as they put core banking and payment systems modernization to be their top 2 priorities.
Looking at these impressive prospects of the Vietnamese banking and finance industry, there are many opportunities for Vietnamese banks and financial institutes to perform digital transformation and achieve exponential growth. RPA is a great tool to be implemented in banking services due to the repetitive and error-prone nature of many processes. In 2018, Vietinbank has had some positive experience with using RPA in their core banking system, loan origination system (LOS), and open general license (OGL), which can help Vietinbank to fully implement RPA in the near future. In a more recent case, in 2020, TPBank has also successfully applied akaBot, an RPA solution developed by FPT Software on 75 processes. The bank is expected to finish the automation delivery for other 145 processes by the end of 2021.
RPA has provided the reduction in manual work volume for the business along with the productivity and accuracy. Moreover, the typical benefits such as saving time or well managing the information are applied to every industry. Since the automation technology is getting upgraded, the employee can focus more on the job and their value in the organisation.
- FINTECH AND DIGITAL BANKING 2025 ASIA PACIFIC
- Robotic Process Automation and Opportunities for Vietnamese Market
- Banking on Future: Technology Innovation in Compliance and Risk Management
- Banking Industry Challenges & Opportunities In 2021 | Linchpin
akaBot (FPT Software) là nền tảng RPA tiên phong tại Việt Nam, được Gartner Peer Insights xếp hạng là RPA ‘Strong Performer’ trong báo cáo ‘Voice of the Customer’ 2021. Với triết lý ‘Fast to Mass Automation’, akaBot đã phục vụ khách hàng tại 13 quốc gia, 8 ngành dọc (tài chính ngân hàng, bán lẻ, sản xuất, logistics…), là giải pháp Tối ưu Vận hành nhanh chỉ từ 1+ tuần, tiết kiệm 60% chi phí, tăng tới 80% hiệu suất & khả năng mở rộng lên tới 500+ quy trình cho doanh nghiệp.
Tìm hiểu thêm về tối ưu vận hành doanh nghiệp với RPA!