FPT demonstrates its technology ecosystem for digital banking

On 11 and 12 October 2022, FPT participated in the high-level forum under the theme "Banking industry proactively pioneers in the 4th Industrial Revolution," organized by the Party Central Committee's Economic Commission and the State Bank of Vietnam. Mainly, FPT experts shared their experiences and methodologies of applying artificial intelligence (AI) in digital banking activities, as well as introducing FPT's digital transformation products, services, and solutions related to AI.

The banking industry needs guidance frameworks to implement AI effectively and efficiently

During the key panel discussion on November 10, 2022, Mr. Le Hong Viet - CEO of FPT Smart Cloud - said that FPT had been working with various banks and financial institutions to integrate AI and Cloud into their business management. In fact, AI can improve all areas of banking activities, from customer care to risk management and operations. From their experience, FPT experts found that several banks efficiently implemented AI while others felt cautious due to specific concerns. For example, how to handle the data to operate the AI solutions? If AI played its role as a tool to assist humankind, who was responsible when AI failed? Developed countries like the UK or Singapore do not have (many) laws and regulations for those issues. However, there were detailed guidelines to help AI-oriented banks ensure operational processes and business rules.

State management agencies need to provide guidance frameworks on AI applications for businesses. In addition, we should differentiate data dimensionality from information processing capacity in the information system classification mechanism. Thus, companies will overcome obstacles in data processing, make the most of Big data and Cloud computing technology in order to break through with max speed and creativity", said Mr. Le Hong Viet.

Besides, the CEO said that banks and financial institutions should not hesitate to explore new technology to assess benefits and risks. With a throughout, innovative technology strategy, businesses could be able to reach the full potential of technology utilization.

Mr. Le Hong Viet - FPT Smart Cloud CEO - said banks and financial institutions should not hesitate to explore new technology to assess benefits and risks.

The power of technology in the prevention of financial crimes in the digital age

In the seminar "Risk management and assurance of information safety and cyber security of the banking industry in the digital era," Mr. Vu Minh Tuan, Deputy Director of Consulting and Integrated Solutions Center (CIS) for Banking & Financial Services at FPT Information System (FPT IS), stated that Vietnam was becoming a "golden land" for digital banking, cashless payment, and unfortunately, financial crimes as well.

He said Vietnamese banks and financial institutions were deep diving into digital transformation. Over time, digital transactions in the banking industry were increasing in both volume and value. Along with that, acts of forgery, fraud, cyberattacks, and money laundering escalated, causing considerable damage to banks' and financial institutions' reputations, operations, and users.

The representative of FPT IS offered a solution: "FPT IS has researched and developed a technology system to avoid financial crimes, which timely detects and prevents all possible risks. With technologies such as Digital Onboarding or FPT. IDCheck, we are willing to accompany hundreds of financial businesses to concrete security barriers".

Mr. Vu Minh Tuan, Deputy Director of Consulting and Integrated Solutions Center (CIS) for Banking & Financial Services at FPT IS - shared at the event.

Hyper-automation enhances user experiences

In the panel discussion, Ms. Nguyen Minh Nguyen Thanh - Southeast Asia Sales Director, akaBot, FPT Software - suggested that banks and financial institutions need to move towards hyper-automation. According to Ms. Nguyen Thanh, hyper-automation contributes to operational excellence, with machines performing 70-80% of tasks (including manual and key decision-making activities). Humans only participate in the final confirmation and customer interactions when necessary.

In the banking industry, FPT Software's akaBot helps TPBank improve the speed of automation by using up to 500 virtual robots in business operations. Among them, 20% are automation bots integrating AI, OCR (character and image recognition), and IPD (smart word processing)... As a result, the technologies help save human resources, enhance experiences, improve labor productivity, and reduce over 60% of loan disbursement process and transaction time at the counter.

Ms. Nguyen Minh Nguyen Thanh - Southeast Asia Sales Director, akaBot, FPT Software - at the panel discussion

She said: "We believe that the right strategy for applying hyper-automation is fast, agile, and scalable. This technology is a "rising star," bringing various benefits. For example, it can save up to 90% of response time, ensure 100% security and 99.9% accuracy, and deliver a superior digital experience for customers."

The Made-by-FPT ecosystem supports digital banking transformation

In the exhibition booths, FPT also introduced advanced AI services and solutions, including FPT.AI - the automatic conversation solution; akaBot; FPT Digital Onboarding - the digital platform of account/service registration; FPT.IDCheck - the digital authentication counterfeit solution.

In particular, FPT Digital Onboarding is a combination of eKYC and BPM, allowing businesses to manage and optimize the account registration process smoothly. FPT Digital Onboarding helps save time and costs by automatically handling payment account registration, credit card registration, and loan registration/appraisal... on multiple channels.

FPT.IDCheck is a chip-based citizen ID card authentication service using AI anti-counterfeiting technology which gains the international standard (ISO-30107). The product of FPT IS has been researched and developed based on the chip-based citizen ID card verification platform of the Ministry of Public Security. FPT.IDCheck enables the fastest integration with popular applications and platforms. As a result, it helps comprehensively remove the risks of transaction authentication forgery, saves considerable personnel costs and transaction time, and increases automation level and competitiveness for enterprises in many economic sectors. To put it widely in practice, FPT IS has promoted the pilot integration of this solution for several major financial institutions and banks in Vietnam.

At FPT Software's booth, akaBot is an automation solution applying RPA and Hyperautomation that can systematize processes and optimize productivity and resources. With more than 5,000 robots serving 2,000 customers in 20 countries worldwide, akaBot has assisted businesses in accelerating the creation of a digital working environment, benefiting about 10 million daily users.The comprehensive AI Conversation solution of FPT Smart Cloud attracted lots of event attendees. The solution is being deployed at nearly 20 leading banks and financial institutions, including three products: FPT AI Chat, FPT AI Engage, and FPT AI Voice Banking. The solution can improve customer experience and operational excellence by handling up to 80% of customer queries with more than 90% accuracy, saving 40% of operating costs. Also, at the event, FPT Smart Cloud first launched the FPT AI Voice Banking solution, allowing customers to make money transfers, and freeze or unfreeze cards by voice.

FPT Corporation's booths.

The high-level forum on Banking Digital Transformation with the theme "Banking industry proactively pioneers in the 4th Industrial Revolution" aims to become a prestigious forum for leaders of commercial banks, technology organizations, associations, research institutes, and universities. Furthermore, with the participation of prestigious domestic and international experts, the forum makes room for digital transformation experience and knowledge exchange, thereby providing more schemes and recommendations to contribute to the development of the banking industry in the future.