Many banks are spending millions, or even billions of US in AI application deployment, in order to improve customer experience, optimize operations, and create competitive advantages.

Last week, VietCapital Bank had officially signed a contract for the trueID application, which can automatically verify customer information for banks. This is a mobile-based eKYC application, built using the Artificial Intelligence (AI), face identification, and Optical Character Recognition (OCR) platforms. Major functions of trueID includes: detect fraud signals in personal IDs, data extraction using OCR, face identification, and identify people from selfies.

Mr. Le Van Be Muoi, the Vice President of Ban Viet Bank, had acknowledge that the trueID solution will make providing products and services to customer much quicker, as well as allow safe and convenient online account, card service, and e-Banking registration.

Customer conversing with Nam A Bank’s OPBA robot. Photo: Le Chi.

At the end of 2019, Nam A Bank had introduced a digital transaction space with the use of its OPBA robot, making the bank the first in Vietnam to have a service robot. According to a representative from Nam A Bank, the OPBA robot utilizes AI which is pre-programmed with automatic movements and greetings toward customers. It is also equipped with Face Detection, in order to accurately identify customers. With its data gathering feature, it can also store, analyze, and understand the needs of customers, in order to consult, instruct, and improve interactions with them.

OPBA is expected to help Nam A Bank break through in digitalization, bring about a new digital experience to customers, as well as save time for transactions. The bank also utilizes the smart virtual agent – chatbot, which is integrated in its fanpage, website, and mobile app, and had increase speeds of replying, consulting, improving customer connection and satisfaction with Nam A.

“This had been push for us to transform the traditional model into the app-integrated multi-space, thus improve our competitiveness, enable stable developments, as well as contribute to the new wave of technology,” said Mr. Tran Khai Hoan, Vice President of Nam A Bank.

In fact, the wave of tech investment among Vietnamese banks has started years ago, with TPBank being one of the pioneers in AI application. Particular, the bank’s virtual agent T’Aio has been in use since Jule 2017, and is able to interact with over 1.5 million customers of TPBank simultaneously via Facebook Messenger. T’Aio can respond to a customer’ request for information in less than 5 seconds, work 24/7, and constantly learn and improve after each exchange, becoming smarter thanks to AI.

At the end of last year, the bank also invested a million USD for its improved e-banking system. TPBank’s new Internet Banking is now integrated with various technologies like Machine Learning, AI,  Enterprise Service Bus (EBS), on a flexible platform, similar to lego pieces – which can allow all connects for the expansion of TPBank’s digital ecosystem.

A customer using virtual assistant technology.

Other banks in Vietnam had also improved AI applications in their services, in order to improve customer experience. Notable examples include Vietcombank’s AI-integrated transaction app VCBPAY, which allows customer to directly transfer money online while receiving assistance from the banks’ chatbot; MSB being the first to utilize AI in opening credit cards…

Banks do not only use AI in call centers and customer care, but also in their operation models and services to improve customer experience. Major trends include: customer experience personalization, security improvement, sample recognition, fraud detection…

With the development of technology, experts believe that banks will be able to create new products and services, which stay close to actual customer demands. AI can also analyze customers’ past and current transactions and their behavior to detect abnormal activities, thus avoids fraud, controls cashflows, give consultant for investments, and so on.

Modern technological platforms and advanced products/services, had contribute to the growth, safety, and world-standard risk management of banks. Sharing about the matter, an expert had said: “Recent trends in Vietnam’s financial market had shown that, technologies are improving in applications for bank digitalization, improving work efficiency and customer experience, while reducing costs.”

And AI application in operation models and customer attraction activities is not limited to Vietnam, but rather a mutual trend across the world’s finance-banking field. In 2016, JPMorgan had invested 9.5 billion USD and Bank of America had spent over 3 billion USD in new technology researches, most of those focusing on AI.

FPT.AI eKYC can identify customers in mere seconds.

According to a survey from Cornerstone, in 2019, around 13% financial organizations asked had been deploying chatbot applications, 11% had been building AI applications, and most had expressed keen interests in applying new AI technologies in their products and services.

Chatbot is regarded as the most common AI applications among banks. With the tool, banks can quickly and accurate answer to the many inquiries from their customers, and AI-equipped chatbot can always learn to become smarter, bringing about better quality customer care and customer interactions. The technology can also function 24/7, which allows constant interaction, while reducing workloads for call center agents and optimizing operation costs.

According to a research from Business Insider, banks across the globe can save 447 billion USD with AI applications in transaction, and an addition 420 billion for other office tasks. Along with Robotic Process Automation (RPA) technology, AI will be the new technological trend for banking and finance.

At 14h, July 2, FPT will hold the Breakthroughs in customer experience with AI & RPA technologies for finance, insurance, and banking businesses. The event will give the new updates on AI & RPA application trends, as well as new standards in operations and customer experience improvement of companies in finance, insurance, and banking. AI and RPA solutions developed by FPT will help businesses save up to 60% of costs, and 90% of time for business operational tasks. Registration for the event can be done here.

Thao Mien (VnExpress)

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