Banks promote AI application

For example, the Joint Stock Commercial Bank for Foreign Trade of Vietnam ( Vietcombank ) has automated the credit approval process using AI and Big Data; the Military Commercial Joint Stock Bank (MB) has deployed AI to support personal financial consulting; a number of other banks also apply AI in automatically classifying and processing records...

Customers transact at LiveBank of Tien Phong Commercial Joint Stock Bank.

AI virtual assistants

Vietcombank representative said that the bank has applied AI in the digital transformation process, launching the virtual assistant VCB Digibot 3 years ago. This assistant can support customers 24/7, accurately answer questions about products and services and forward complex requests to employees. VCB Digibot has helped the bank handle 88.5% of customer requests after only the first 6 months of operation, with nearly 2 million successful interactions, significantly reducing the number of calls to the switchboard. Currently, VCB Digibot serves more than 50,000 customers per month, especially attracting young customers through channels such as website, mobile application and Facebook Messenger.

Meanwhile, Ho Chi Minh City Development Joint Stock Commercial Bank ( HDBank ) has applied AI to improve service quality, including supporting the opening of payment accounts, opening savings books, electronic customer identification and data analysis. With the application of process automation technology (RPA), processing time at the service department has been reduced to 30%, while transaction processing speed has been increased 30 times compared to the previous traditional method. In particular, this technology has helped completely eliminate the backlog of documents, creating a more efficient operating system. Thanks to these improvements, customer satisfaction when using HDBank's services has increased to 80%, clearly reflecting the success in applying technology to improve service quality.

Tien Phong Commercial Joint Stock Bank ( TPBank ) is accelerating the digitalization process by changing its technology platform and operating procedures. By using RPA, transaction processing time is much faster than manual methods, reducing dependence on transaction staff, improving accuracy, and saving costs.

AI is not only now being widely applied, but many years ago, AI was used by banks as a tool for direct transactions with customers, such as answering questions, looking up account information, and providing transaction instructions... Applications such as VAI (of Vietcombank); ACB Chatbot (Asia Commercial Joint Stock Bank - ACB); Virtual Assistant (MB); Chatbot VietinBank iBot (Vietnam Joint Stock Commercial Bank for Industry and Trade - VietinBank); BIDV SmartBanker (Vietnam Joint Stock Commercial Bank for Investment and Development - BIDV) are really effective.

AI helps biometric authentication with 99% accuracy

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

With this application, banks significantly reduce time and personnel in manually processing loan and card opening transactions. Highly rated applications with almost absolute accuracy such as eKYC of VietinBank; TPBank Neo of TPBank; TCB Digibank of Vietnam Technological and Commercial Joint Stock Bank (Techcombank)...

Not only helping to speed up transaction processing time, many banks apply AI to analyze risks and prevent fraud, especially unusual transactions, prevent money laundering and credit card fraud. In particular, Vietcombank applies AI to analyze credit risks, detect unusual transactions; VietinBank applies Deep Learning to identify and prevent card fraud...

With lending services, AI helps reduce the time to approve customers' loans from a few days to a few minutes. AI is also an effective method for banks to evaluate credit, credit scores, and customers' repayment ability to decide on credit granting, interest rates, and loan terms, such as TPBank with LiveBank and Credit Scoring applications; Techcombank applies AI Scoring to evaluate customers' repayment ability; Vietnam Prosperity Joint Stock Commercial Bank (VPBank) has the Credit Scoring AI application integrated with VPBank Neo to automatically approve loans.

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

According to the State Bank, applying technology in general or AI in particular helps banks optimize processes, reduce costs, thereby continuing to reduce lending interest rates, supporting businesses and the economy.

Representatives of commercial banks also said that if there is a proper strategy, along with the leading role of the Government in issuing tax incentives for technology investment, updating the legal framework, and promoting public-private cooperation, AI technology will become the driving force to help the Vietnamese banking industry reach regional and world 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 separate service, in which AI is used to synthesize multi-dimensional data from transactions, spending habits, and social networks, in order to deeply understand each customer. Customer profiles are updated in real time and new technology is applied to increase transparency and security.

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