AI - the driving force behind creating smarter, more convenient banking services

Talking to the reporter of Banking Times, Mr. Tran Cong Quynh Lan, Deputy General Director of VietinBank said that artificial intelligence (AI) and generative artificial intelligence (GEN AI) are changing many behaviors in our lives as well as creating a very new wave of applying this technology in all fields. Banking is not out of this wave, currently banks are actively applying AI to provide banking services in a smarter and more convenient way.

How do you assess the necessity of applying artificial intelligence in banking operations?

First of all, I want to talk about the necessity of AI in all fields, not just banking. You can imagine, in the past, when our students graduated and looked for a job, the basic skills needed were Word, Excel, PowerPoint… and you all had to go through an office computer course. Now, I think in the future we will have a course called “office AI”. All office workers will use AI as a working tool.

As one of the leading industries in digital transformation in Vietnam, banks will not talk about digital transformation in theory but demonstrate it with specific, practical products in serving customers every day. Besides, banks are also facing competition from Fintech, from e-wallets and therefore will accelerate the digital transformation process to keep up with the market. To do this, technology is a prerequisite and now is the era of artificial intelligence, big data, centralized data... These technologies will create opportunities for banks to make their applications smarter, more attractive and convenient for customers, suitable for users' needs.

What is your opinion on the application of AI in current banking operations?

Banks are increasingly applying AI in their operations with more diverse new products. At VietinBank , we were recently honored to be awarded by The Asian Banker as the bank with the best Open Banking strategy in Vietnam. With VietinBank, currently, providing banking services is not only purely through traditional channels as in the past, but also through third-party applications. For example, e-commerce applications, transportation applications such as Grab or Fintech applications. The goal is to be able to provide banking services anytime, anywhere and serve all work and daily life of users. Most recently in March, we also continued to establish the Data & Artificial Intelligence Division with the mission of pioneering in exploiting the power of data and AI technology. In which, aiming at 4 key goals: Promoting business activities; increasing operational efficiency; improving customer experience and spreading data culture.

Applying new technology such as AI also has certain risks. What advice do you have on applying this technology in banking operations?

It must be affirmed that AI is a new technology and always has risks. However, if we do not test it, we will not know what the risks are so we can prevent it. For example, AI technology is very smart, but it also has its own imperfections. There have been many cases showing that AI has a state of simulating information, giving inaccurate results... Those are existing risks and measures need to be taken to manage it. Finance - banking is a sensitive field, directly related to people's rights and building trust is extremely important. Therefore, when applying AI, we also need to be very careful. At VietinBank, we test the application in suitable services and have risk management principles to balance. One of the concerns of many people when applying AI is the risk of being replaced at work. However, we determine that there must be a solution to master AI technology. Accordingly, VietinBank is actively training employees in the use and exploitation of AI. At the same time, we are assessing which job groups will likely be replaced by AI and which new job groups will appear thanks to AI applications to have appropriate human resource policies and effectively allocate resources in positions. This is also a note in applying artificial intelligence in banking operations.

Thank you!

Source: https://thoibaonganhang.vn/ai-dong-luc-tao-nen-dich-vu-ngan-hang-thong-minh-tien-loi-hon-163351.html