CMC TS stands shoulder to shoulder with Financial sector in promoting digital data
Mr. Le Minh – Chief Technology Officer of CMC TS at Vietnam Digital Finance 2023.
Digital data is at the core of digital transformation
According to a Fortune Business Insight research published in June 2023, the global big data and data analytics market is valued at 271.83 USD billion in 2022 and expected to grow from 307.52 billion USD in 2023 to 745.15 billion USD in 2030. In particular, Banking & Finance, Automobile Manufacturing and Telecommunications are the industries accounting for the highest proportion of the data market. Notably, Banking and Finance is forecast to gain maximum revenue market share thanks to the offering of personalized services to customers based on data. By virtue of those services, banking and financial institutions are able to attract and retain customers, thereby securing greater revenue and profit.
2023 is considered the year of "National Digital Data" in Vietnam. Taking the lead in developing digital economy, Financial sector is actively implementing a digital transformation roadmap, with goals in the 2021-2025 period being construction of electronic finance and digital finance on the foundation of data and open data, respectively.
Opting for the precise data technology to strengthen data strategy of Financial institutions and enterprises
Attending Vietnam Digital Finance 2023 Conference and Expo on 21 September 2023 in Hanoi, Mr. Le Minh – Chief Technology Officer of CMC Technology and Solutions (CMC TS) said: Since 2000, financial enterprises around the world have started to apply data warehouse and many new data technologies. However, data were not well planned and fragmented back then, causing problems in the process of using them. It was not until 2010s that the dawn of logical data warehouse broke, where new technologies enabled unified data analysis and required only one platform to analyze data from many different sources. From 2020 onwards, it is the era of dynamic metadata, allowing for in-depth data analysis.
With a wide range of data technologies in present, such as data warehouse, data hub, datalake, data lakehouse, data mesh, data fabric, etc., how do enterprises select an appropriate one for their data analytics needs? According to Mr. Le Minh – CTO of CMC TS, who is also a data expert, it is recommended that financial enterprises and institutions build analytical infrastructure and core data on the basis of a selective combination of Data Lake, Data Warehouse (or Lakehouse) and Data Hub. The second recommendation is that Data Lake can be used for analytical insight, and Data Warehouse for optimization and support of widespread data consumption. A critical advice is that each institution and enterprise must be well-prepared for continuous platform development in the context of changing business needs.
CMC TS has nearly 30 years of experience working with the national financial sector to deploy many core and total solutions, including self-built software for Finance, Customs and Tax such as C-Docman, as well as integrated solutions in collaboration with world-class technology companies, namely Dell Technologies, Microsoft, Oracle, IBM, etc. The company also focuses on investing in highly-qualified experts who are both professionally knowledgeable and ahead of the latest technology trends to effectively advise, deploy and solve key problems of the financial sector, and to build digital finance based on digital data at the same time.
CMC TS has nearly 30 years of experience working with the national financial sector to deploy many core and total solutions, as well as integrated solutions in collaboration with world-class technology companies.
Vietnam Digital Finance 2023 Conference and Expo - an event sponsored by Ministry of Finance took place on 21 September 2023 in Hanoi with the theme of "Digital Data: A driver for sustainable digital transformation in the financial sector". The event gathered over 500 senior officials representing Ministries, agencies and industries, as well as delegates from top domestic and international enterprises and organizations in a discussion to perfect mechanisms and policies as well as to proactively deploy a comprehensive digital transformation plan for the financial sector, taking digital data as a driver.