Boost from AI
In recent years, the application of artificial intelligence (AI) has become a prominent trend for businesses worldwide, including the banking sector.
According to FPT Digital's data, the banking sector is one of the industries with the highest level of AI maturity, with 85% of banks having established a strategy to apply AI in developing new products and services, and over 59% of staff using AI in their daily activities.
The investment in GenAI by banks is expected to reach $85 billion by 2030, a significant increase from $6 billion in 2024, marking a 1,400% increase in investment. This strong investment trend indicates a shift from traditional banking, digital banking to AI banking.
At the recent workshop: “AI Application Trends & Practical Implementation in the Banking Industry”, Mr. Doan Huu Hau, Director of FPT Digital's Service Transformation and AI, stated that AI application in the banking sector has the potential to bring numerous benefits, including reducing processing time and costs, improving accuracy and transparency, and providing personalized services to customers, enhancing operational efficiency and risk management.
AI systems can analyze vast amounts of data quickly, helping to detect fraud rapidly and accurately. AI also supports optimizing customer experience through virtual assistants and chatbots. These tools can provide 24/7 support, helping to answer questions and process customer requests quickly.
Challenges and difficulties
According to Mr. Doan Huu Hau, the banking sector, with its characteristic of being a financial and monetary business, has a high sensitivity to market demand and a high level of technological maturity, creating both the necessary and sufficient conditions to lead in the application of AI technology.
However, the banking sector also faces challenges, as each bank's resources, including finance, human resources, and material resources, are different, so the application of AI must be carefully considered in terms of benefits.
In addition, the banking and finance sector is a business with conditions, subject to a large number of domestic and international laws and regulations, so the application of new technology must be carefully considered to ensure that it does not violate any regulations.
According to Mr. Nguyen Duc Lam, a technology expert at Techcombank, the implementation of AI in banking is not easy. Data security and privacy are always the top concerns. According to Mr. Lam, the difficulty in applying AI at Techcombank, in particular, and in Vietnam, in general, is the lack of high-quality AI personnel, data security, and information security in the current AI era.
Mr. Nguyen Chien Thang, Director of the Development Center at SHB Bank, emphasized that one of the biggest challenges in applying AI is integrating new AI systems with existing technology infrastructure. In the current era of data explosion, training AI models requires powerful hardware, such as GPUs.
To effectively implement AI effectively in banking, experts recommend that banks consider a suitable IT infrastructure plan in line with their financial capabilities, AI usage level, and management capacity, and ensure the compatibility of systems; be familiar with and effectively exploit the capabilities of AI.
FPT Digital's expert, Truong Minh Trang, shared a 6-step roadmap for effective AI application, including: Preparation, forming ideas, evaluating ideas, determining priority ideas, implementing ideas, and monitoring the implementation of ideas.
