BIDV IT continues the leading position

tHu an

BIDV’s Information Technology (IT) has marked its 30 years of establishment and development. It is a long journey with many remarkable and proud achievements that have made a great contribution to BIDV’s successes.

BREAKTHROUGH DEVELOPMENTS

BIDV’s IT achieved breakthrough developments in the 2015 – 2020 period with great investment in IT solutions to serve diversified business operations as a finance - banking group. The bank also procured or developed various in-house IT systems covering wholesale banking, retail banking, treasury and core IT systems for its member units.

By the end of 2020, BIDV’s IT operations had been implemented in the right direction, meeting its roadmap and plan pinpointed around 5 major objectives. The first one is to modernize the banking technology system. Accordingly, BIDV has completed SOA-standard infrastructure integration, enabling the expansion and integration of BIDV’s software applications, which form a firm ground for the new core banking system transformation. Currently, the new core banking Transformation Project has completed bidder selection and contract signing and is scheduled for launch in 2023.

In addition, BIDV has successfully run its business operations embracing the digital banking model. Not only focusing on procurement or inhouse development of many modern distribution channel applications, providing diversified products and services to individual, corporate and financial institution customers with typical e-banking systems such as Internet Banking/Mobile Banking, Smart Banking; card acceptance/payment systems; bilateral/multilateral payment system with other credit institutions, etc., has BIDV also successfully launched software apps for digital banking development in accordance with the direction of the Board of Directors, particularly: Developing and updating the features of iBank, SmartBanking, BIDV Mobile, Mobile Payment, QRCode payment, SamsungPay, Contactless, multi-functional ATM; CRM, Omnichannel, Open API, eKYC, Robotics, Data Analyst, etc.

2020 marked BIDV’s success in enhancing IT application to improve governance capacity in a diversified and comprehensive manner covering its full operations, including Management Information System (MIS). This system enables BIDV to become one of the first banks in Vietnam to successfully put into use the Centralized Data Warehouse and its synchronous infrastructure based on modern architecture and model following IBM’s international practices. With the MPA system, BIDV also becomes one of the very few Vietnamese banks that have a detailed multi-dimensional profit analysis system covering products, customers, business units, regions, etc. The ERP system also has met the requirement of finance and accounting management following international standards and practices as well as specific requirements in Vietnam, facilitating BIDV’s long-term development goals.

Another remarkable success of BIDV in 2020 is its ability to standardize IT infrastructure and security as well as strengthen functions and tasks, applying management standards following international practices. So far, BIDV has completed various solutions on IT infrastructure and security including security infrastructure for Internet connection applications, upgrading the network system towards a unified multi-service network system.

BIDV IT’s achievements during the past 30 years in general and in 2020, in particular, have been recognized by prestigious international and Vietnamese organizations with awards and accolades such as ranking No. 1 for readiness for information and communications technology (Vietnam ICT Index) among Vietnamese commercial banks as voted by the Vietnam Association for Information Processing and the Ministry of Information and Communications for 14 consecutive years. Most recently, in 2020, BIDV was honored with the Outstanding Digital Transformation Bank Award by VNBA and IDG and the Most Dynamic Bank award by NAPAs in recognition of its active cooperation in implementing projects with NAPAS.

MOVING FORwARD

Despite the outstanding achievements, there remain various challenges that require relentless efforts of BIDV to compete with other domestic and regional banks in the context of Industry 4.0.

The leadership of BIDV has defined technology and digital banking as one of the three development pillars of BIDV. BIDV is set to be the leading bank in IT and digital banking application in Vietnam. The bank sets out 3 main goals in its IT development strategy by 2025, particularly:

Firstly, focus on developing IT applications and digital transformation. Accordingly, it is necessary to widely and successfully apply key technologies of Industry 4.0 to its overall business operations in order to modernize the bank’s operations towards safety, efficiency and improved competitiveness. In addition, develop and improve the overall IT architecture to serve as the foundation for the development and implementation of IT systems and software at BIDV; Deploy the new generation core banking system following digital bank model with digitized processes, smart governance, automated risk handling and control; Develop and launch digital banking with priority given to the digitization of business processes and distribution channels; Strengthen cooperation with Fintech/Bigtech to establish banking ecosystems that connect with external partners.

Secondly, develop IT infrastructure: research and prepare for using cloud computing services as soon as the legal framework is available; Develop, manage and operate IT, network and communication infrastructure to meet international standards such as Cobit, ITIL and fully comply with regulations of the State Bank of Vietnam on IT infrastructure. In addition, research and develop LAN and WAN architectures at data centers following DCNA (Data Center Network Architecture) standard or equivalent from 2021 and strive to have two operational data centers operating in parallel mode by 2025.

Thirdly, strengthen information security and safety: invest in and deploy security solutions in line with the importance and risks of the information system, with a focus on the payment system, core banking system and service provision systems to ensure smooth operation, business continuity and safety against IT risks and cyber-attacks. BIDV will also focus on effectively implementing internal control on information security throughout the bank; Complete the model and competencies of the Security Operations Center (SoC) under the IT Center to ensure effective monitoring and timely detection of security risks, intrusions and cyberattacks to BIDV IT system. The bank will also finalize processes, scenarios and organize stress tests to incidents and risks of information insecurity for all potentially affected subjects in order to timely prevent and minimize the negative impacts and consequences of cyber-attacks.