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‘Technology is changing the financial industry’

According to Assoc. Prof. Dr. Nguyen Khac Quoc Bao – Vice Rector of the School of Technology and Design – UEH, technology applied to the financial industry creates new trends in training.

At the 7th issue of the UniPrep seminar with the theme “Financial decoding 4.0”, Assoc. Prof. Dr. Nguyen Khac Quoc Bao – Vice Rector of the School of Technology and Design, UEH and Mr. Thomas Hung Tran – Senior Head of Department, Industry Consulting firm PwC Vietnam made many comments about the financial industry before the wave of industrial revolution 4.0.

According to Assoc. Prof. Dr. Nguyen Khac Quoc Bao, the 4.0 revolution affects all aspects of social life, including finance, with the pillars being the Internet of Things (IoT) and artificial intelligence (AI). “We are at the falling point of finance 4.0 when experiencing technology, users, knowledge and almost all businesses are aware that this is an opportunity to rise up to shorten the gap compared to competitors. “, he asserted.

Mr. Thomas Hung added, with the application of technology, people do not need to self-analyze. The introduction of virtual platforms into the financial industry has created new trading methods that benefit users, the market and the development of the economy. At the same time, all financial activities can be interconnected.

“The use of phones with virtual wallets and cloud connectivity helps banks assess users’ credit scores. It is blurring the real-virtual boundary leading to utilities that old finance cannot meet. “, he gave an example.





Mr. Thomas Hung Tran - Senior Manager, Consulting Firm PwC Vietnam, Assoc. Prof. Dr. Nguyen Khac Quoc Bao - Vice Rector of School of Technology and Design, UEH and Assoc.  Dr.  Tran Ha Manh Quan - Director of ISB (from right to right).  Screenshots

Mr. Thomas Hung Tran – Senior Manager, Consulting Firm PwC Vietnam, Assoc. Prof. Dr. Nguyen Khac Quoc Bao – Vice Rector of School of Technology and Design, UEH and Assoc. Dr. Tran Ha Manh Quan – Director of ISB (from right to right). Photo: Screen capture

Faced with the rapidly changing world, the two speakers advised young people to be equipped with thinking, working methods and a positive attitude to accept, adapt and be ready in any situation.

Senior Manager of PwC Vietnam Consulting Company added that AI will soon replace humans in analyzing and evaluating investment opportunities. However, technology does not replace human intelligence and can only take on skills that require less brainpower.

Therefore, students studying finance need to have data analysis skills and turn data into information, thereby, giving advice and strategies that benefit businesses. Second, you need to have interpersonal skills. After the pandemic, with the development of technology, the only thing that gradually disappeared was human-to-human transactions.

“In fact, business deals and problems are solved by a handshake between two people, not between two robots or two computers,” he emphasized.

Thus, the financial person needs to create sympathy, understand the concerns of the other party’s interests, accumulate communication skills to be able to negotiate successfully.





Mr. Thomas Hung Tran - Senior Manager, Consulting Company PwC Vietnam.  Photo: Character provided

Mr. Thomas Hung Tran – Senior Manager, Consulting Company PwC Vietnam. Photo: Characters provided

Analyzing in terms of young people’s psychology, Assoc. Prof. Dr. Nguyen Khac Quoc Bao advises students not to be afraid of the context of “financial 4.0” because it cannot completely replace, but only creates a means to finance. Traditionally more efficient, improve user experience.

“If you want to understand and live with finance 4.0, you need to be good at studying and have basic understanding of finance. It is not enough to just be proficient in technology and flexible with machines to be far from the profession,” he added. .

Vice President of the School of Technology and Design – UEH said that human-machine interaction skills are also very important. AI can do fast financial reporting. However, only humans can teach AI to enter numbers or determine what financial ratios are good or bad…

Besides knowledge and skills, the speakers said that young people need to grasp the full picture of the current financial industry to choose a more suitable profession. The financial industry has expanded much more than the task of monitoring and managing cash flow in enterprises as before.

According to Assoc. Prof. Dr. Nguyen Khac Quoc Bao, finance has interference with other professions, completely independent of accounting and oriented to different jobs. “If you don’t like computing, we have hundreds of other jobs, opportunities for you to work with other industries with information spillover,” he shared.





Assoc. Prof. Dr. Nguyen Khac Quoc Bao - Vice Rector of School of Technology and Design - UEH.  Photo: Character provided

Assoc. Prof. Dr. Nguyen Khac Quoc Bao – Vice Rector of School of Technology and Design – UEH. Photo: Characters provided

Mr. Thomas Hung also affirmed that finance is a broad-spectrum industry. Students need to have an open mind and experience more to be motivated to pursue a long-term career and increase their understanding. Accordingly, at the end of the program, the speakers advised young people to study interdisciplinary and interdisciplinary to consolidate knowledge and expand career opportunities.

“Don’t let the border of a country or the name of an industry limit your ability,” emphasized Mr. Hung.

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“UniPrep – Going to College” is a series of events co-organized by the ISB Institute, the University of Economics Ho Chi Minh City and the online newspaper VnExpress to provide information for students to have more specific knowledge about their future majors. help parents have more information to accompany their child’s school choice.
The 10 online talk shows correspond to 10 “hot” topics about enrollment in 2022, employment trends and the development of industries in the post-Covid context.
The series of events brings together more than 30 speakers who are professors and doctors from the top universities in economic teaching at home and abroad, experts and senior leaders from professional organizations and individuals. scale enterprise. Readers register to participate here.
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