VPBank will use AWS SageMaker and AWS AI Services to enhance its analytics capabilities and accelerate the development of banking-financial applications, enhance automation of banking tasks, and drive new digital banking features such as chatbots and digital banking solutions to improve customer service.

VPBank and AWS signed agreements on April 4

The collaboration will also help VPBank optimise costs without having to invest in on-premises infrastructure to scale its digital banking services, while building banking and financial applications with the highest standards for privacy and data security, and developing a workforce proficient in cloud skills, so the bank can continue building innovative products.

“Vietnam’s financial services industry has rapidly embraced digital technology to drive financial inclusion, deliver personalised customer experiences and maximise the advantages AWS cloud technology can offer for operational excellence, security and cost optimisation.” said Conor McNamara, managing director, ASEAN, AWS.

“We are proud to work with VPBank to enable the bank’s ambitious infrastructure modernisation objectives to meet and exceed the rapidly changing consumer behaviours and expectations, and drive business growth.”

Technological capability is one of the strengths that help VPBank lead the market, and is a lever for the bank to continue improving its performance indicators. At the end of 2022, VPBank’s return on assets reached 3.7 per cent for the first time, a record high in the local banking system. Along with that, VPBank once again affirmed its leading operational efficiency stance across the industry, with a cost-to-income ratio of 19.3 per cent.

Digital transformation is now an inevitable trend in Vietnam. The manufacturing, banking, and e-commerce sectors have recently been making leaps and bounds in applying digital technology to go faster, smarter and greener.