AI Boost

In recent years, the application of artificial intelligence (AI) has become a prominent trend for businesses globally in general and the banking industry in particular.

According to data from FPT Digital, the banking industry is one of the industries with the highest level of AI maturity, with 85% of banks having established an AI application strategy in building new products and services and more than 59% of employees using AI in daily operations.

Banks’ spending on GenAI is expected to increase to $85 billion by 2030, up from $6 billion in 2024, marking an increase of more than 1,400% in investment. This strong investment trend clearly shows the shift from traditional banking, Digital Banking to AI Banking.

Sharing at the recent workshop: "AI Application Trends & Implementation Practices in the Banking Industry", Mr. Doan Huu Hau, Director of Transformation and AI Services FPT Digital said that AI application in the banking industry has the potential to bring many great benefits, reduce processing time and costs, improve accuracy and transparency, and provide personalized services to customers, improve operational efficiency and risk management.

AI systems are capable of analyzing huge amounts of data in a short period of time, helping to detect fraud quickly and accurately. AI also supports optimizing customer experience through virtual assistants and chatbots. These tools are capable of providing 24/7 support services, helping to answer questions and handle customer requests quickly.

Difficulties and challenges

According to Mr. Doan Huu Hau, the banking industry, with its specific characteristics of currency and financial trading, has a high level of sensitivity to market demand and a high level of maturity in technology application, creating both necessary and sufficient conditions to be at the forefront of AI technology application.

However, the banking industry also faces challenges, because each bank's resources from finance, human resources, and material resources are different, so the application of AI needs to carefully consider the benefits.

Besides, the banking and finance industry is a conditional business sector, governed by many domestic and international legal regulations, so the application of new technology must be carefully considered to ensure no violations.

According to Mr. Nguyen Duc Lam - technology expert at Techcombank, implementing AI in banking is not easy. Data security and privacy issues are always top concerns. According to Mr. Lam, the difficulty in applying AI at Techcombank in particular and Vietnam in general, is probably high-quality AI human resources, data security issues, information security in the current AI era.

Mr. Nguyen Chien Thang - Director of Development Center at SHB Bank emphasized that to apply AI, another big challenge is integrating new AI systems with existing technology infrastructure. In the current era of data explosion, training AI models requires powerful hardware infrastructure such as GPUs.

To effectively deploy AI in banking, experts recommend that banks consider IT infrastructure options that are appropriate to their financial capacity, AI usage level and management capacity, while ensuring compatibility between systems; mastering and effectively exploiting AI capabilities.

FPT Digital expert Truong Minh Trang shares about the effective AI application roadmap through 6 steps, including: Preparation, idea formation, idea evaluation, determining priority ideas, idea implementation and monitoring idea implementation.