Finance and insurance company boss affirms AI is vital to business

The workshop on enhancing the financial sector's capacity through AI applications gathered more than 100 company and bank leaders to participate in the discussion. Photo: PV

Speaking at a recent workshop on enhancing the financial sector’s capacity through AI applications, Mr. Nguyen Hoang Minh, Head of the Vietnam Banks Association’s Representative Office in Ho Chi Minh City, said: “Applying AI in digital transformation is the key to helping banks make breakthroughs in the digital age. However, this process requires long-term investment and a comprehensive strategy. The Association accompanies banks to raise awareness and share practical experiences. We also support the implementation of policies of the Government and the State Bank, towards a modern, safe and sustainable digital financial ecosystem.”

From his perspective on AI, Mr. Le Hong Minh, Chairman of VNG , shared: “Facing the AI ​​wave, VNG does not wait but takes proactive action. We choose a bold approach: small investment, step by step, rapid deployment in many fields, prioritizing user value. It is difficult to demonstrate immediate financial efficiency with a breakthrough technology like AI. But I believe that when AI costs increase but bring truly useful features to end users, that is the measure of efficiency, and at the same time transforms into long-term value for the business.”

Continuing to share about this issue, Mr. Truong Huu Loc, Papaya's Operations Director, said that the first step in applying AI to the Papaya application is the process of receiving and approving insurance records. “Our competitive advantage is automating compensation claims. According to traditional regulations, it takes 7-12 days to process. For life insurance companies, when using Papaya's digital insurance model, it has been shortened to 1 day. Papaya has become the unit with the fastest compensation rate in the market. All thanks to the application of AI in the process of receiving and approving records,” said Mr. Loc.

Referring to the issue of improving the capacity of the financial sector through the application of AI, Mr. Nghiem Si Thang, Director of Financial - Banking Solutions, Galaxy Technology Services, said that Galaxy focuses on member companies specializing in technology, creating an ecosystem large enough to cover all fields. Galaxy focuses on building a banking platform for the entire group. Based on the banking platform, the company focuses on customers, gradually developing the system to meet the needs of multi-industry and multi-professional transactions. Personalizing the customer experience is an important factor, and to do this, the application of AI is indispensable.

“We started with the payment system, using AI to process transaction records, thereby achieving an important point of success in automation. AI is also applied in credit assessment, credit granting and ultra-fast payment. In addition, AI also plays an important role in enhancing security, and we use AI to distill data, optimize decision-making and improve operational efficiency,” said Mr. Nghiem Si Thang.

Mr. Andy Tran, CFO of Zalopay, shared that Zalopay has identified three main areas for applying AI to develop and maintain its competitive advantage. Firstly, in the financial products segment, especially lending, Zalopay has built a set of credit scoring and lending decision solutions, thereby serving about 3 million users out of Zalopay's 16 million users. By the beginning of this year, this number had increased to 7 million people, showing the success in applying AI to optimize the lending process.

Second, Zalopay continues to develop its individual customer service platform and launch more attractive products to keep users interested and continue using it.

Finally, Zalopay focuses on optimizing customer experience. Zalopay not only applies chatbots, but also develops voice agents to enhance user interaction. Through research, it is found that users tend to prefer talking rather than just chatting. Voice agents are capable of recognizing and interacting with users' regional voices, helping to bring a closer and more effective experience.

Ms. Duong Thi Thu Trang, COO of Mobio, said: Applying AI in products brings a lot of potential, and Mobio has divided into two main branches: AI supports optimizing marketing strategies, increasing interaction with customers and using this technology to help analyze customer behavior, thereby providing appropriate approach strategies and suggestions, bringing higher efficiency in marketing campaigns.

AI assistant directly supports users, especially finance and sales staff. In the process of working, sometimes looking up customer information or product information can take time. Instead of having to use independent tools, AI on Mobio's platform processes immediately and helps save time for users.

When AI is integrated into the workflow, it can analyze and optimize information, thereby suggesting suitable options and improving work efficiency. This saves time and increases labor productivity.

Source: https://vietnamnet.vn/sep-cong-ty-tai-chinh-bao-hiem-khang-dinh-ai-la-su-song-con-voi-doanh-nghiep-2388803.html