FPT accompanies financial and banking industry taking on post COVID-19 challenge

"FPT develops technological innovations that bring about three benefits for financial businesses and institutions - "the lifeblood of the economy": Increase labor productivity - Automate each small task - Bring about innovation, FPT CTO Le Hong Viet stated at the “Financial Services Forum & Future Banking Conference 2020" jointly organized by Vietnam Association of Securities Business (VASB) and International Data Group Vietnam (IDG Vietnam).

In early 2020, the Covid-19 pandemic has a lot of negative impacts on the global financial services market. What should the insurance service companies, securities traders as well as banks in Vietnam need to do to quickly get out of difficulties and stabilize development in a new normality?

FPT CTO Le Hong Viet made the presentation on "Application of Artificial Intelligence (AI) to improve the performance of financial and banking industries".

Accordingly, digital financial services including digital banking, digital investment, digital insurance etc are the core of the digital economy. Working in the banking and finance industry for more than 25 years, FPT has been developing many different solutions for the industry, in which AI has been heavily invested in.

Thanks to AI, particularly AI application products such as Chatbot, Voicebot, financial and banking businesses can automate repetitive tasks, allowing a reduction of up to 60% in workload, handling up to 73% of customer interactions. Human resources focus on more valuable tasks, while providing customers with seamless experiences. These real benefits help the banking and finance industry seize post Covid opportunities.

However, he also stated that not being a universal tool, Chatbot only handles separate tasks, so it should be noted: Firstly, give order and choose design. Then, as user experience is very important, the machine should be built to talk to customers and navigate their next steps. Next, when going live, the machine really learns and adapts to reality. Therefore, businesses need to choose the correct solution.

"FPT believes its platform is more responsive and successful than other chatbots in providing customers with a comprehensive experience," said he.

Because of Covid-19, businesses must consider effective investments. FPT has also changed the project model, so that businesses can start effectively using AI in their operations with less than USD100,000 and less than 3 months of deployment. Mr. Viet also revealed that a customer in financial services recovered all the initial investment after only 6 months, even increased the value of benefits by up to 70% in 6 the next month.