Impacts of revolution 4.0 on Vietnamese commercial banking system: Situation and solutions

Abstract

The technology revolution 4.0 has dramatically changed the economic structure, consumption habits, and activities of every economy. In particular, the presence of technology 4.0 in the banking system is indispensable and has had a profound impact on business activities, product ranges, administration structures and risk management at each commercial bank. Meanwhile, the legal framework - both theoretical and practical - is always backward and slow compared to the development of technology and practice. This paper analyzes the impact and challenges of technology 4.0 on risk management of commercial banks, on state management and risk monitoring (at both institutional and state management levels) and recommends policies and solutions to improve the legal framework, encourage the commercial banking system to develop healthily and sustainably.