In the era of rapid digital economic development, businesses are facing significant challenges in reshaping their business models. It is not merely about maintaining their position but also about making strategic breakthroughs that are vital for survival in an increasingly competitive and complex market. The answer to these challenges lies in building and participating in cross-sector intelligent ecosystems – a strategy that optimizes value from data and technology while unlocking sustainable growth opportunities for businesses. Insights shared by Mr. Trần Huy Bảo Giang – CEO of FPT Digital, FPT Corporation, and Mr. Fumiaki Katsuki – Partner at McKinsey & Company at FPT Techday 2024 offered practical and groundbreaking perspectives to help Vietnamese enterprises harness the power of intelligent ecosystems.
Intelligent ecosystems: An inevitable trend
According to Mr. Trần Huy Bảo Giang – CEO of FPT Digital, FPT Corporation, building a super-ecosystem is not just a trend but a critical foundation for Vietnamese businesses to advance further in the digital economy. He stated: “One of the most common questions we receive from business leaders is how to use digital technology not only to optimize operations but also to create leaps beyond expectations. The answer often lies in businesses broadening their vision and participating in an ecosystem larger than themselves – a cross-sector intelligent ecosystem.”
Mr. Giang emphasized that innovative thinking and swift action are critical in the digital era. Technology and data are the keys to creating truly groundbreaking value for all stakeholders, enabling businesses to achieve innovation and sustainability. For instance, platforms such as DC5, FPT.AI, and FPT Payment demonstrate FPT Corporation’s ability to generate value not only for itself but also for its partners and customers.
Sharing this perspective, Mr. Fumiaki Katsuki – Partner at McKinsey & Company, affirmed that intelligent ecosystems are no longer abstract concepts but have become an inevitable reality and will accelerate rapidly. The ecosystem market in Vietnam is currently valued at USD 7.2 billion and is expected to continue growing at double-digit rates in the coming years.
With decreasing computational costs and the ability to connect seamless customer experiences through technology, businesses can take advantage of unprecedented opportunities to redefine how they engage with customers, create new value, and build ecosystems without being limited by traditional industries or sectors.
Traditional industries will gradually lose their distinct boundaries as ecosystems emerge, connecting multiple fields. Businesses that own data will emerge as long-term winners because data is not just an asset but the foundation of ecosystem survival.
Mr. Katsuki concluded that the three core factors for a successful ecosystem are breaking down industry boundaries, fostering deeper customer engagement, and owning data.
The Banking sector: The “Conductor” leading the ecosystem
When discussing ecosystem development, Mr. Fumiaki Katsuki emphasized the special role of the banking sector as a “conductor” coordinating various components. According to him, banks have unique advantages, such as the ability to manage cash flows, trusted brand reputations, and high standards for data security. He shared: “Banks naturally connect ecosystems because they own core products like payments and credit—key elements that drive the involvement of stakeholders.”
He further pointed out that banks can participate in ecosystems in three primary ways. First, they can join an existing ecosystem as a participant, becoming part of a larger network. Second, banks can act as coordinators, connecting services and creating value by integrating multiple sectors. Finally, some banks may choose to build their own ecosystems, establishing an independent platform to manage and control entirely. Each approach requires different capabilities and implementation timelines – not only for banks but for any industry.
However, banks have some distinct advantages that other industries don’t. For an ecosystem to succeed, it needs a central product to attract users – a “hook.” This product must solve real problems that customers face. One such product, as many recognize, is payments, which banks and financial institutions naturally excel at.
Another advantage is the ability to provide credit, something many industries cannot offer due to regulatory constraints. This gives banks a key role in ecosystems.
Additionally, the trust and reputation banks have built with customers are significant assets. While e-commerce companies like Amazon are gaining strong brand recognition, banks remain leaders in building trust. This is a unique advantage for banks.
Finally, data security is a crucial factor. Customers are always concerned about how their data is protected. Banks, whether by choice or regulation, maintain the highest standards of data security, which helps them sustain their position within ecosystems.
In Vietnam, many banks are working to become coordinators. The presence of physical bank branches can support ecosystems by bridging online and offline experiences. Furthermore, banks already have extensive networks of partners in their existing business models, from life insurance and wealth management to real estate, which allows them to seize more opportunities in ecosystems, Mr. Katsuki noted.
Personalization and data: Keys to ecosystem success
To build a successful ecosystem, both experts agreed that personalizing customer experiences and utilizing data are essential. Mr. Katsuki explained: “A successful ecosystem doesn’t just attract customers but keeps them engaged over the long term. Data is the foundation for personalizing services and creating lasting value. To achieve this, businesses must develop strong technology platforms capable of collecting, analyzing, and using data to meet growing customer demands.”
Mr. Trần Huy Bảo Giang added that speed is critical for businesses to capitalize on ecosystem opportunities. He stated: “In today’s world, speed is crucial. Businesses must clearly identify their core challenges, thoroughly address customer pain points, and act quickly. Otherwise, they risk losing opportunities in a fast-changing market.”
The roadmap to building intelligent ecosystems
Building an intelligent ecosystem is a challenging task requiring strong leadership commitment. According to Mr. Katsuki, McKinsey’s experience shows that only about 10% of businesses succeed in achieving their goals with ecosystem strategies. Most businesses take 5 to 6 years to see clear results. This demonstrates that ecosystems are not short-term strategies but long-term journeys requiring patience, investment, and determination. He also highlighted that for ecosystems to succeed, businesses need to focus on creating “hook” products that attract customers and maintain engagement through personalized services. When data reaches a sufficient scale, businesses can expand their offerings to not only meet current demands but also predict trends and create new value.
For Vietnamese businesses, Mr. Trần Huy Bảo Giang sees this as a golden opportunity to transform and position themselves globally. He affirmed that FPT Digital, as a leading consulting firm, is ready to partner with businesses in developing and executing breakthrough strategies through intelligent ecosystems. He emphasized that change stems not only from technology but also from leadership mindset, collaboration, and decisive execution.
With support from leading consulting firms like FPT Digital and McKinsey & Company, Vietnamese businesses can not only participate in but also lead the development of ecosystems, paving the way for a new chapter of sustainable growth.
However, businesses, including banks, need to change their approach to not only attract customers but also maintain long-term engagement. According to Mr. Fumiaki Katsuki, McKinsey’s statistics show that only about 10% of organizations achieve their initial goals in ecosystem strategies. While ecosystems are a brilliant idea, achieving the expected outcomes is not easy. The process takes considerable time, with most successful organizations needing more than six years to achieve their desired results. This is not a short-term strategy where profits and revenue can be quickly realized.
Mr. Katsuki highlighted a few essential steps when thinking about ecosystems. First, a strong value proposition is required to attract customers. This could be a product like payments, messaging, or e-commerce. More importantly, it must address the real problems that customers face. Often, there is a disconnect between what businesses offer and the actual issues of their customers.
After attracting customers, the next step is maintaining engagement. A successful platform is one that encourages customers to return frequently – daily or weekly, not just after 12 or 18 months. Data allows businesses to personalize services, making customers feel that the product or service is tailored specifically for them.
Once businesses collect sufficient data through continuous interactions, they can expand their offerings and share more products or services, thereby generating profit. However, this is a long journey – from customer acquisition to engagement and, ultimately, revenue generation through data. Building an ecosystem cannot be achieved overnight, but when successful, it becomes a sustainable system that is hard to replace.
In conclusion, Mr. Trần Huy Bảo Giang emphasized that leadership mindset is the key to driving change. He stated: “Speed is the deciding factor in the digital era. Businesses need to clearly identify core issues and focus on solving them thoroughly. At FPT Digital, we are committed to partnering with businesses and stakeholders to build intelligent ecosystems on the path to sustainable development.”
Meanwhile, Mr. Katsuki highlighted the importance of long-term commitment: “Ecosystems are not a short-term strategy. They require patience, investment, and strong leadership. However, when successfully built, they become a sustainable platform, delivering exceptional value to all participants.”
Cross-sector intelligent ecosystems are not just a strategy but a prerequisite for Vietnamese businesses to achieve breakthroughs in the digital era. With support from leading consulting firms like FPT Digital and McKinsey & Company, Vietnamese businesses can fully leverage the advantages of technology and data to unlock the potential of intelligent ecosystems. Beyond participation, they can lead global ecosystems, elevating their standing on the global business map.
