On 10th June 2022, EuroCham Hanoi organised its second business luncheon themed: “Leveraging Aritificial Intelligence: The Future of Banking and Financial Services in Vietnam”. The event, moderated by Mr. Pavel Poskakukhin - Vice Chairman of EuroCham Digital Sector Committee, welcomed nearly 40 participants who are business representatives in various sectors.
Artificial Intelligence (AI) is a potential dynamic tool which can bring about lots of benefits for the applying organization. The emergence of AI has brought a transformation to financial services in a new and multidimensional context. These technologies will help banking systems to automate their processes, improve operational efficiency, enhance customer experience, and ultimately increase revenue. However, the way to AI application for financial service sectors in Vietnam still confronts certain challenges such as cyber-attacks, complicated transformation process, lack of human resources, etc. In the event, speakers and participants discussed openly about practical experience in using Big Data and AI for customer service (AI call center, transaction through face and voice recognition technology, data storage, extraction and management, etc.), and how to apply AI in an effective way to banking and financial businesses.
In his presentation, Mr. Nguyen Thanh Cong, Deputy CEO of VinBigData, gave an overview about AI in Banking & Applications and the company’s product lines which focuses on image and language processing. He has more than 10 years of experience working with big companies in the world in the IT/Management Consulting/Consumer Electronics industries such as Panasonic, GEM, Vinsmart, CMC and VinBigData.
AI is reinventing banking & finance with technological innovation and changing in customer expectations, he said. In both regional and global levels, banks are racing to bring advanced innovations, enhance loyalty and acquire new young generation with growing AI use-cases. It can enhance CX across all touch points with solutions such as chatbot/virtual assistant, AI automated call centre, ID verification, data mining smart analytics and Vision AI. Despite key barriers and challenges including cost of technology, insufficient infrastructure, data quality and lack of awareness, these AI solutions will increase customer personalized service and satisfaction, capacity to handle the volume, predictive analysis for data-driven governance and reduce the operational costs.
Next, Ms. Tram Nguyen, General Director of Microsoft Vietnam shared that the Banking and Capital Markets Industry is undergoing significant change. She has more than 20 years of international management experience across Europe and Asia, having been in senior leadership positions in technology, telecommunications, and media ecosystem.
Banks are being swept up in the wave of Digital Transformation, shifting their attitudes from one of hesitancy to one of inevitability. Six key trends have emerged that highlight banking priorities: frictionless experiences, enable intelligent services, changing business models, increase fraud and cybercrime, implement mandated regulations and modernized legacy systems.
In fact, if there’s one thing 2020 has taught us so far is that data is truly the strategic asset for businesses today. Use cases across Banking can be classified into these three areas: Customer experience, AI Empowered employees and AI powered insights. The lack of connection between employees, and the information they need to perform their job functions, prevents discovery of valuable insights and the ability to make impactful decisions. Many companies, map their sustainability and Corporate Responsibility strategies to the 17 UN Sustainability Development Goals. At Microsoft, their sustainability efforts are primarily focused on environmental sustainability in the four key areas of carbon, water, waste, and ecosystems. Besides, Ethical and Responsible AI is key.
After that, Mr. Nguyen Thuong Tuong Minh, General Director of FPT.AI Product Division at FPT Smart Cloud discussed about how AI empowers finance – banking sector. During his 10 years of dedication at FPT, he was the one who set the foundation for the development of the comprehensive Artificial Intelligence Platform FPT.AI.
Banking business model is changing fast toward intensive data-driven & high-technology integration, and there is a fierce competition for elite & quality workforce. The Omni-Channel and Self-service has been prominent trends among young-generation customers. Thus, financial services are bound to create more in-depth and meaningful interactions to better serve customers.
The penetration of AI in banking can be shown by the comprehensive AI ecosystem which allows automating banking operating activities and increasing customer touchpoints in order to create business breakthroughs and conquer customers. A recent Banking Reviews’ survey showed that 44.4% banks in Vietnam expect sales growth rate reaches more than 50% by AI and digital transformation. For this reason, FPT.AI Virtual Agent for Banking is an AI-powered solution was established, allowing Finance - Banking businesses to automate processes and activities from the front office to the back office.
At the Q&A session, all participants and speakers discussed intensively and openly about the future of AI in banking-financial service industry and the challenges that companies and customers will have to face.