The financial industry was one of the first to adopt and enjoy the benefits of artificial intelligence (AI). The annual budgets of large banks amount to billions of dollars, which is comparable to the state budgets of some developing countries. No surprise that banks and financial organizations will be the key drivers of AI R&D in FinTech. They’ll also be the ones to bridge the AI knowledge gaps across other industries and support FinTech startups ecosystem.
AI in FinTech
Most of the strategies imply that internal or outsourced AI departments and teams be launched. According to the forecast of Autonomous Research, by 2030, AI technologies will allow banks to reduce operating costs by 22%. Savings of financial institutions can reach $1 trillion in the long run.
AI gave birth to a new wave of applications and services in the financial market. Since AI can handle unstructured information such as images, video, audio, location, and time series data perfectly well, there are already AI-based solutions able to detect fraud, assess creditworthiness and risks, identify a person based on his/her digital footprints, etc. In the insurance sector, they help identify insurance fraud, automate claims cases, and improve risk management.
By using AI-driven chatbots, banks can take their customer relationships and experiences to the next maturity level, as they help personalize UX in real-time and in the most efficient way ever. Another AI product category that’s extremely popular among banks, and financial companies is a virtual assistant. Just like bots, they help walk the user through the bank’s services and products and, thus, improve the user journey, provide insights and set specific calls to action to increase goal conversions.
How Banks Leverage AI Technologies
Out of Vietnam, JP Morgan has used AI to automate the analysis of loan agreements. The bank recently introduced the Contract Intelligence platform (COiN) which allows users to analyze such agreements, highlight the key terms and conditions, as well as critical data. Previously, this work required 360 thousand man-hours to complete.
Wells Fargo also announced the creation of a special AI team that will be engaged in developing innovative payment technologies and improving services for its corporate clients. In particular, Wells Fargo’s AI team will work on creating technology that can help the bank provide more personalized online customer service.
Bank of America also launched Erica, an AI-based virtual assistant that is planned to be integrated into a mobile app and several ATMs all over the country.
Meanwhile, CityBank has recently invested in several AI-based startups and projects like Feedzai that uses AI to detect and fight fraud in online banking. Another example is a company called Clarity Money that leverages the power of AI to help clients choose financial products and manage their assets.
Vietnam is no exception to the 4.0 wave in finance, as many banks also use AI applications to support their operations. Acknowledging the banks’ needs for digital transformation in Vietnam, FPT has developed the comprehensive AI platform, FPT.AI, which shall help banks in optimizing business operations via products like AI chatbots, automatic calling centers, data extraction from images…
In particular, TPBank and Eximbank are the first in Vietnam to apply AI via deploying AI chatbots – with TPBank’s T’Aio and Eximbank’s Mai, both built with the FPT.AI platform in integration with Machine Learning, Natural Language Processing, and Big Data technologies. FPT.AI’s chatbots, with the utilization of the aforementioned technologies, are able to understand customer’s aim and demand, from they respond with utmost accuracy 24/7, thus bringing the customers closer to businesses, and reducing the rate of unsatisfied customers.
Furthermore, FPT.AI Vision’s ability to extract information from images also helps banks simplify paperwork, as it saves time for data input. In particular, previously when customers want to make a transaction or open a card, they will have to fill personal information onto a form – a time-consuming and erroneous task. Now, with FPT.AI, customers only need to provide their ID cards, from which FPT.AI Vision can automatically extract needed information and input them into computers, with the accuracy of up to 96%. This whole process happens in 2-3 seconds, 60 times quicker that previously. Moreover, it is also more secured, as it protects customers’ account information and prevents frauds.
AI in FinTech is also a topic that Mr. Le Hong Viet – FPT CTO shared and discussed at the specialized section of AI4VN.
According to Mr. Le Hong Viet, AI is the key factor in digital transformation, and is currently the focus of many Vietnamese businesses. It is not only the factor that attracts customers and shifts business models, but is also major in helping businesses not fall behind in the 4.0 race. He shared: “Most companies and start-ups are introducing AI and AI-integrated products. This shows that AI is no longer a trend, but the future of the economy.
AI4VN also includes exhibitions and technology show-offs with self-driving cars, Hackathon competition…
The exhibition section at AI4VN includes booths from various leading technology companies and corporations, as well as from Universities and Research Institutions. FPT also brings its AI integrated products such as:
Comprehensive AI platform – FPT.AI, with 4 major products: the conversation platform FPT.AI Conversation (with chatbot being the most popular), the voice identification and processing service FPT. AI Speech, the image and document processor FPT.AI Vision, and the knowledge base system FPT.AI Knowledge.
The Vietnamse – Japanese text translator – Akaminds Machine Translation (AMT): This is an AI-integrated translating system utilizing Neural Network technology, with the ability to translation texts from Vietnamese to Japanese with high accuracy equivalent with experienced translators.
VioEdu online education system – a smart Edtech platform which uses 4.0 technology in instructing and learning. Its practice and test banks utilize the most modern technologies like knowledge graph model, big data analysis, artificial intelligence… in personalizing learning experiences, providing students with logical learning paths, while rectifying their weaknesses and amplifying their strengths.
A program that predicts potential leaving customers that helps FPT Telecom in providing in-time assistance for customers. This helps in bringing about better customer experiences, better care, thus preventing leaving customers, as well as persuading them to stay. The analyzation results also provides data inputs for other customer care programs in the systems.
AI4VN is the largest Artificial Intelligence event ever in Vietnam, attracting hundreds of Vietnamese and foreign brains in the field. The program provides a ground for connection of various factors in the AI ecosystems, including experts, leaders, entrepreneurs, tech start-ups, research institutions, instruction centers – all to connect, share, learn, and together develop.
The event is hosted in collaboration of Ministry of Science and Technology, Ministry of Planning and Investment, University of Science and Technology, VNExpress digital newspaper, along with FPT, Viettel, Vietinbank, VNPT, VIB, VinGroup, VNPost. Five9, MISA, SmartOCR, DinoGO, FastGo, TOPICA, Kambria, ViatAI, BKHoldings, Netnam also provides great assistance.