Impact of digital transformation on financial decision making at Big4 banks in Vietnam

In the last 4 years, the digital transformation process of the Vietnamese economy in general and the banking system has taken place relatively quickly. This is reflected in important indicators such as, the number of smartphone users is now 55-65% of those who have a phone; banking services via mobile phone to grow strongly in 2020; Electronic payments also took place quickly, growing by 25-30%, one and a half times higher than the region's average. Especially, during and after the COVID-19 epidemic, people's consumer behavior has changed drastically, towards using digital technology much more than before. These are advantages for Vietnam to accelerate the process of digital transformation in the banking industry to take place more strongly in the coming time. However, experts also believe that the legal corridor on Mobile Money, Fintech, peer-to-peer lending, eKYC needs to be issued earlier, to avoid the institutional phenomenon that is not too late compared to actual requirements. of life; from there, creating conditions to build a complete ecosystem for the digital transformation process of the banking industry.