Assessing the role of AI in promoting innovation and digital transformation in the current financial and banking sector, Mr. Khanh said:

In recent times, AI has rapidly exploded and played an important and indispensable role in promoting innovation and digital transformation in the global banking and finance sector, and this is clearly seen in many aspects.

In terms of enhancing customer experience, AI helps banks personalize services and products based on each customer's data and behavior. For example: 24/7 support chatbots, automated financial advice, suitable product recommendations, personal risk warnings, etc. This helps improve customer satisfaction and loyalty. In particular, AI Agent or AI agent becomes a global keyword as it can do everything such as financial analysis, self-assignment, self-planning and profitable investment.

AI opens up opportunities to develop completely new products and services that have never existed before. For example, fully automated digital banking, AI-based micro-lending services, smart investment platforms, advanced cashless payment systems, etc. This helps banks create competitive advantages and expand the market. AI also provides the ability to analyze huge and complex data quickly and accurately. Thereby, helping bank managers make decisions based on data rather than emotions, especially in areas such as risk management, investment, and business strategy, etc. From the above analysis, it can be seen that AI is not only a technological tool but also a core driving force for the comprehensive transformation of the finance and banking industry. Banks that effectively apply AI will have a superior advantage in competing, developing and serving customers in the digital age.

What is the current status of AI application in Vietnam, especially in the finance and banking sector, sir?

The application of AI in Vietnam is growing strongly, especially in the field of finance and banking. However, compared to developed countries, we are still in the initial stages.

In terms of policy orientation, the Vietnamese Government has clearly recognized the importance of AI and issued many policies to encourage research, development and application of AI in economic sectors, including finance and banking. The “National Strategy on Research, Development and Application of Artificial Intelligence to 2030” is a typical example, demonstrating Vietnam’s determination to become a regional AI hub. Vietnamese enterprises, especially banks and financial institutions, are increasingly investing in AI. They see AI as the key to improving competitiveness, optimizing operations and meeting the increasing needs of customers as analyzed above.

In fact, many large banks with innovation orientation such as Vietcombank, Techcombank, VPBank, TPBank... are leading in applying AI. They have successfully deployed many AI solutions such as chatbots, virtual assistants, eKYC, automatic credit scoring, fraud detection systems...

Despite its great potential and initial success, the application of AI in Vietnamese banking still faces a number of challenges. These include limited data quality and quantity, which is not enough to train complex AI models; Lack of human resources with expertise in AI in the banking industry; The information technology infrastructure of some banks does not meet the requirements of AI implementation; Investing in AI requires large costs, especially for small and medium-sized banks.

In general, the application of AI in the Vietnamese finance and banking industry is starting to accelerate. Banks have recognized the benefits and are actively investing, testing and deploying AI. However, to achieve high efficiency and thoroughly apply AI, it is necessary to overcome challenges related to data, human resources, infrastructure, costs and legal framework.

So what do banks need to do to apply AI thoroughly and effectively?

To apply AI thoroughly and effectively, banks need a comprehensive and systematic strategy, focusing on the following factors: Building a clear AI strategy such as clearly defining the goals of AI application and prioritizing application areas in line with business strategy; Building a step-by-step roadmap for AI implementation, from small, experimental projects to large-scale, comprehensive applications; Bank leaders need to support and actively participate in the AI ​​implementation process. In particular, banks need to invest in data collection, cleaning, standardization and management, ensuring that the data is of good quality and large enough to effectively train AI models...

Thank you!

Source: https://thoibaonganhang.vn/ai-dong-luc-chuyen-doi-so-toan-dien-161379.html