INSIGHTS
M I NH BUI
Adapting to digital transformation culture Digital transformation has deeply changed the way businesses operate by creating new business processes, customer experience, and corporate culture. DIGITAL CULTURE As organizations prepare for and work through a digital transformation, it’s vital to create a culture in which everyone is tech savvy and risk is everyone’s business. Senior leaders can communicate that message on a consistent basis. A strong culture aligned to business strategy drives an organization’s ability to accelerate performance and outpace competitors, especially in this digital era. But digital transformation calls for more than just updating technology or redesigning products. Failure to align the effort with employee values and behaviors can create additional risks to an organization’s culture if not managed properly, whereas a comprehensive and collaborative effort can help shift the culture to understand, embrace, and advance digital transformation. According to Mr. Nguyen Dinh Thanh – a communication expert, the fourth industrial revolution will cause shocks to workers. In the banking sector, when people apply artificial intelligence (AI) to work, it can, by standard, process 30,000 credit documents within one minute, depending on each country.
For the first time we know so much about different people thanks to Big Data. Data is truly considered the “oil of the 21st century”. When we have customer data, we can come up with new products and services. In China, "mobile money" is seen everywhere, even beggars also use a QR code to ask for money. In Africa, “mobile money” makes incredible changes. It takes a 144-year commercial bank in Kenya 142 years to have 2 million customers. But with "Mobile Money Paisa", they can increase their customer base by tens of millions within just 2 years, an incredible growth rate. However, we have to stay awake to realize that the Industry 4.0 is actually just a concept. The use of flashy words makes us be obsessed that “if we don't change immediately, we’ll disappear”. In contrast, changing too quickly can easily lead to mistakes and failures. Digital culture should allow testing and mistakes. Digital transformation is a change in mindset not technology. Technology is just a tool. Digital transformation is really a process, starting with people. Corporate culture is coined by people and practiced by people. People are at the centre of the corporate culture. The word “transformation” in digital transformation means that we cannot immediately change ourselves. For culture and people, we cannot completely change them overnight but gradually under an organised process. With efforts, we get used to the changes, and accept them day by day. Leadership should be role models in that process.
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BIDV REVIEW
JOURNEY AHEAD At a seminar on Digital Transformation Culture held in June 2021, Mrs. Nguyen Thi Quynh Giao, senior executive vice president of BIDV, said: BIDV has implemented the digital transformation journey quite early. The bank has made clearer and stronger steps in recent years. BIDV is the first bank to establish a Digital
