Secondly, for the bank’s interface with customers,, modern digitalized banking systems will still require interaction customers in controlling the input of information, consistently maintaining a robust security system to prevent malicious intrusion. A single cybersecurity breach will erode trust from customers (and lose customers to competitors) that will be difficult to regain.
Therefore, it is necessary to create a regulatory framework to address cybersecurity risks in online banking activities and to protect consumers, especially to safeguard personal data. Such a regulatory framework will form the foundation to create a new era - an era of cashless transactions.
Currently, policymakers and regulators are working to develop a draft bill on the confidentiality of information for digital banks to strengthen the legal system’s ability to deal with risks or disputes. Although Vietnam has made some progress on building a regulatory framework for e-payment, card payment, licensing and supervision of non-bank organizations providing intermediary payment services, there remains regulatory obstacles that obstruct the growth of digital banking to provide convenience for customers. The regulatory obstacles in banking preserves restrictive procedures that result in significant pockets of unbanked people in rural and remote areas. However, it is understandable that the evolution of a digital banking regulatory framework will take time and will need improvements along the way.
In terms of potential, Digital Banking holds tremendous potential, which is why banks in Vietnam are eager to adopt Digital Banking. However, the difficulties in addressing security risks and protection of customers' information systems is a challenge that must be overcome, and why is this so difficult to achieve? Together with Digibank.vn, we will come to the next article: Why must there be tools to protect the banking system, protect user information?