Banks are stepping up the application of AI.

No longer a foreign concept, AI (artificial intelligence) applications are now widely used in the operations of commercial banks.

For example, Vietnam Foreign Trade Commercial Bank ( Vietcombank ) has automated its credit approval process using AI and Big Data; Military Commercial Bank (MB) has deployed AI to support personal financial advice; and several other banks have also applied AI in automatically classifying and processing loan applications...

Customers conduct transactions at the LiveBank automated banking system of Tien Phong Commercial Joint Stock Bank.

AI virtual assistants

A representative from Vietcombank stated that the bank has applied AI in its digital transformation process, launching the VCB Digibot virtual assistant three years ago. This assistant can support customers 24/7, accurately answering questions about products and services and forwarding complex requests to staff. VCB Digibot helped the bank handle 88.5% of customer requests in its first six months of operation, with nearly 2 million successful interactions, significantly reducing the number of calls to the call center. Currently, VCB Digibot serves more than 50,000 customers each month, particularly attracting younger customers through channels such as the website, mobile application, and Facebook Messenger.

Meanwhile, Ho Chi Minh City Development Commercial Joint Stock Bank ( HDBank ) is applying AI to improve service quality, including supporting the opening of payment accounts, savings accounts, electronic customer identification, and data analysis. With the application of Process Automation (RPA) technology, processing time in the service department has been reduced by 30%, while transaction processing speed has increased 30 times compared to traditional methods. In particular, this technology has completely eliminated the backlog of applications, creating a more efficient operating system. Thanks to these improvements, customer satisfaction with HDBank's services has increased to 80%, clearly reflecting the success of applying technology to improve service quality.

Tien Phong Commercial Joint Stock Bank ( TPBank ) is further accelerating its digitalization process by changing its technology platform and operational processes. By utilizing RPA (Regular Process Administration), transaction processing times are significantly faster than manual methods, reducing reliance on tellers, improving accuracy, and saving costs.

AI is not a new phenomenon; for many years, banks have used AI as a tool for direct customer transactions, such as answering questions, looking up account information, and guiding transactions. Applications like VAI (from Vietcombank); ACB Chatbot (Asia Commercial Bank - ACB); Virtual Assistant (MB); VietinBank iBot Chatbot (Vietnam Joint Stock Commercial Bank for Industry and Trade - VietinBank); and BIDV SmartBanker (Vietnam Investment and Development Bank - BIDV) have proven to be very effective.

AI helps to verify biometrics with 99% accuracy.

In addition, AI also helps banks perform biometric authentication for online login (face recognition - face ID, fingerprint, voice) with an accuracy rate of up to 99%, as well as identity verification for opening electronic accounts (eKYC); optical character recognition (OCR), automatically extracting information from citizen identification cards, invoices, and contracts.

With this application, banks significantly reduce the time and personnel required for manually processing loan and card transactions. Highly regarded applications with near-perfect accuracy include VietinBank's eKYC; TPBank Neo from TPBank; and TCB Digibank from Techcombank (Vietnam Technological and Commercial Bank).

Besides speeding up transaction processing times, many banks are applying AI to analyze risks and prevent fraud, especially unusual transactions, and to prevent money laundering and credit card fraud. For example, Vietcombank uses AI to analyze credit risk and detect unusual transactions; VietinBank uses Deep Learning to identify and prevent card fraud…

In lending services, AI helps reduce loan approval times from several days to just a few minutes. AI is also an effective method for banks to assess creditworthiness, credit scoring, and repayment ability of customers to decide on credit granting, interest rates, and loan terms. For example, TPBank has the LiveBank and Credit Scoring application; Techcombank applies AI Scoring to assess customer repayment ability; and Vietnam Prosperity Commercial Bank (VPBank) has the Credit Scoring AI application integrated with VPBank Neo to automatically approve loans.

To keep pace with global trends, economist and PhD Nguyen Duc Huong (former Chairman of the Board of Directors of Loc Phat Commercial Joint Stock Bank - LPBank) suggests that the banking industry should build data infrastructure, train human resources, and experiment with AI in priority areas. In addition, international cooperation with technology corporations and learning from countries in the region are also key factors in bridging the technology gap.

According to the State Bank of Vietnam, the application of technology in general, and AI in particular, helps banks optimize processes, reduce costs, and thereby further lower lending interest rates, supporting businesses and the economy.

Representatives from commercial banks also stated that, with the right strategy, coupled with the government's leadership in issuing preferential tax policies for technology investment, updating the legal framework, and promoting public-private partnerships, AI technology will become a driving force helping the Vietnamese banking industry reach regional and global levels in the next decade.

It is predicted that, in the future, AI applications in banking will move towards hyper-personalization, with each customer receiving a unique service. AI will be used to synthesize multidimensional data from transactions, spending habits, and social media to gain a deep understanding of each customer. Customer profiles will be updated in real time and new technologies will be applied to increase transparency and security.

Source: https://hanoimoi.vn/ngan-hang-day-manh-ung-dung-ai-718781.html