AI and data: The “golden key” to opening the era of smart banking

In the context of the 4.0 industrial revolution and digital transformation taking place strongly, the Vietnamese banking industry is facing important turning points in the journey of innovation and development. Data is no longer simply a source of information for business operations but has become a core strategic asset that helps banks better understand customers, personalize products, optimize operations and effectively manage risks.

Along with that, artificial intelligence (AI) is considered the "golden key" to open the era of smart banking, where decisions are made based on accurate and real-time data, bringing superior experiences to customers.

Disruptive catalyst in digital banking

Currently, many banks have applied AI in analyzing customer data, supporting credit decisions, personalizing services and securing transactions. The SIMO early warning system (a system to monitor payment accounts and e-wallets suspected of fraud deployed by the State Bank) is a typical example that helps prevent hundreds of thousands of risky transactions and protect customer rights.

Experts believe that AI is moving the banking industry towards a smart operating model, where processes are automated, decisions are based on data and services are personalized. However, for AI to maximize its effectiveness, there needs to be institutional synchronization, infrastructure, high-quality human resources and international cooperation. By 2030, AI will become a pillar in the banking industry's digital ecosystem.

Mr. Dam The Thai - Deputy General Director of HDBank shared that artificial intelligence (AI) is becoming a strategic pillar of digital banking. AI helps HDBank deeply understand each customer, thereby providing products and services at the right time and according to needs. HDBank is aiming for the "1-click banking" model - all financial needs are processed immediately thanks to big data analysis algorithms. The application of AI also helps automate internal processes, reducing 80% of manual work, saving more than 92,000 labor hours per year and shortening credit card approval time to less than 5 minutes, instead of hours as before.

Mr. Thai also emphasized that AI helps analyze credit more accurately and improves fraud detection. The rate of customers accepting products suggested by HDBank's AI system has reached 15%, proving its practical effectiveness. However, he also warned about challenges such as accuracy, data reliability, the need to secure sensitive financial and personal data, as well as AI governance and monitoring to avoid bias. HDBank builds an AI governance framework to ensure fairness, transparency and accountability.

HDBank leaders said the rate of customers accepting products suggested by HDBank's AI system has reached 15%, proving its practical effectiveness. (Photo: Vietnam+)

Mr. Luu Danh Duc - Deputy General Director of LPBank , said that connecting population data from C06 is a "gold mine" to exploit in social security payments and customer appraisal. This data helps LPBank build personalized financial products, suitable for each subject and expects to become the leading digital bank in rural and urban areas of type 2.

Sharing the same view, Mr. Nguyen Hung - General Director of TPBank agreed that data is a precious "jewel" but if not exploited, it will be useless. The big challenge is to exploit data effectively to support banking decision making. TPBank established a specialized data center, cleaned input data, built a data interconnection system, and divided it reasonably to "democratize" exploitation while still ensuring safety and security.

Mr. Hung emphasized that all accurate decisions are based on market-based and practical data. Therefore, TPBank invests in synchronous processes, systems and personnel training to raise awareness of data, enrich this resource and train AI, thereby optimizing business efficiency.

AI must be a strategic mission

Dr. Can Van Luc, an economic expert and member of the Prime Minister's Policy Advisory Council, said that AI should be considered a strategic task. Preparations must be systematic from institutions, infrastructure to human resource development. He proposed to soon issue documents guiding the implementation of the Law on Digital Technology Industry and the Law on Personal Data Protection, while having a more open policy towards new technologies, encouraging experimentation and accepting controlled risks.

This expert also recommended promulgating the AI Law in 2026 to create a complete legal corridor for financial institutions.

For banks, Mr. Can Van Luc emphasized the need to build an AI and data strategy associated with overall digital transformation, focusing on risk management, data analysis and service personalization.

Banks must invest in information technology infrastructure, network security and develop a team of AI experts. Data is very important; cooperation with domestic and foreign technology and fintech companies will also help banks quickly access new technology trends, exploit AI potential, while ensuring long-term safety and sustainability.

Major General Nguyen Ngoc Cuong - Director of the National Data Center (Ministry of Public Security) affirmed that data is no longer a by-product but has become a strategic resource to help the country develop rapidly. Major General Nguyen Ngoc Cuong believes that a smart bank must first and foremost be a “data-savvy” bank. In the world, many financial institutions consider themselves “data companies” with heavy investments in data warehouses, AI and teams of experts.

In Vietnam, the banking sector has applied chip-based citizen identification cards, connected national population data, and utilized big data from telecommunications and social networks to score credit and prevent fraud. However, Major General Cuong also pointed out the challenges of data quality that is not uniform, duplicated, and incorrect. The data sharing infrastructure is not yet connected, data exploitation is mainly for internal use, and security and personal privacy issues are increasingly tightened.

From the perspective of the management agency, Deputy Governor of the State Bank Pham Tien Dung affirmed that the State Bank has issued a synchronous legal framework to manage the entire data life cycle, from statistics, credit monitoring, CIC information to anti-money laundering and business application. The Deputy Governor emphasized the motto "Correct-enough-clean-living" and two key requirements for effective data exploitation and building smart, convenient applications for users.

The State Bank leader also pointed out that the banking industry has taken the lead in integrating the national population database and issuing a Circular on Open API, moving towards an open banking model. However, there are still limitations when many procedures are still manually verified despite complete population data, and it is necessary to promote deeper data connectivity.

The Deputy Governor emphasized that data is the foundation but customers are the center, demonstrated through customers' proactive rights such as locking cards and limiting transactions on applications. Data strategy needs to be linked to risk management and legal compliance, building an innovative, responsive and safe digital banking ecosystem./.

(Vietnam+)

Source: https://www.vietnamplus.vn/ai-va-du-lieu-chia-khoa-vang-mo-ra-ky-nguyen-ngan-hang-thong-minh-post1067600.vnp