3 great benefits that AI helps breaking throught in the financial and banking

Sharing at the seminar on the topic of "Trend of AI application in the finance - banking industry" on August 28^th in Hanoi, FPT CTO Le Hong Viet said the Covid-19 epidemic is a big boost which makes the digital economy go faster and farther. In the past, the biggest hindrance in the move to digital applications was the mentality and inertia of the people, but Covid-19, in a negative way, forced people, businesses and the whole the economy to go digital. In that context, the banking and finance industry, as the lifeblood of the economy, will surely have leaps and bounds, especially based on the application of new technologies such as AI, Big Data.

Mr. Viet shared that AI brings about the three biggest benefits that customers can enjoy in finance- banking services. Firstly, AI helps to automate processes, optimize operations, help banks operate better and reduce costs.

Secondly, AI enhances customer experience. With many banks now, waiting to receive calls to answer questions or waiting for transactions to be processed at the counter is a big minus point compared to fintech companies.

Thirdly, AI brings new capabilities to the banking industry. Before, bank staff couldn't focus on hundreds of thousands of customers at once, but with AI, it is within possibility. As a result, human productivity is higher, a person can do 10 jobs instead of just one job.

"From FPT's side, we focus on amplifying all these benefits for the bank with AI application products, solutions, RPA (software robot automation), etc. which indirectly bring many benefits to the end users".

Mr. Le Hong Viet, FPT CTO (leftmost) shared at the event

Having the same viewpoint with Mr. Viet, Ms. Tran Thu Huong - Head of Business Strategy and Development cum Head of Retail Banking of VIB said: “For banks, the application of technologies, especially AI and Big data to the bank's products and services, has almost changed its product development strategy and user experience. We keep investing in technology, brainpower, depth of analysis and understanding of customers. The more understanding the customer is, the greater the product's success is”.

Mr. Viet added that, compared to the potential, the current AI application has not even taken the first step into the operational world of the future, where humans and AI really work together. "The future is still wide open, opportunities are still many, for AI to enter the core of banking operations is still a long way!"

Basically, from FPT's experience in implementing AI products for banks and leading financial institutions at home and abroad, only the motivation of employees - banks and beneficiaries - customers - is big enough then the implementation will take place very quickly.

However, there are some challenges. Most banks require maximum protection of data. While technology enterprises want to provide the best service, they must ensure "start to finish" deployment, from construction, operation to system administration, thus building "on cloud" applications - on the cloud platform - will facilitate smooth deployment and reduce costs for banks. However, due to security requirements, not all banks accept this option.

In addition, Mr. Viet also proposed that the state management agencies have a clearer and more comprehensive strategy to promote the transformation of the banking and finance industry. In addition, the development of a specific set of standards and the cooperation of the state, enterprises and scientists will make it easier for technology enterprises to develop new, specialized technologies in accordance with the orientation of the banking industry.