Along with many other companies from diverse industries, more than 60% of financial-banking businesses are currently testing AI technology in their operations. Compared to their rivals, these businesses a raise revenues by using AI of more than 50%. On the opening day of the Vietnam AI Festival (AI4VN 2022), with the subject “Recovering the Economy – Shaping the Future,” this conclusion was made public.
The program AI Workshop, a part of AI4VN 2022, was held in three sessions: “AI Solutions in the Finance-Banking Sector,” “Training and Connecting AI Human Resources,” and “Automation in Production.” Its goal was to promote AI and its ecosystem in Vietnam.
Pham Quang Vinh, the director of business solutions at the Viettel Cyber Space Facility, explained during the opening session that his center was established in 2017 to create AI applications for several Vietnamese businesses, particularly the banking and financial industry. He then cited the most recent Accenture research, which was released on June 8, 2022 stated that of the 60% of financial-banking organizations that are piloting AI applications, 12% have reached the mature level and have thus far seen a 50% boost in revenue compared to their rivals. This implies that in the future, customers will primarily communicate with businesses, notably banks, through AI.
According to his forecast, over the course of the next three years, the growth of AI databases will help solve many significant problems and increase the value of organizations. He emphasized that, in order to avoid the risk of falling behind, 42% of experts in businesses are still unaware of the critical role that AI plays. He expressed the hope that Viettel Cyber Space Center can assist businesses in making informed investment decisions by developing a common concept for AI.
MoMo e-wallet is an example of an AI technology application that has been successful. The Business Growth Department of MoMo’s AI Director, Dang Hoang Vu, revealed that MoMo uses AI to enable its customers to create new accounts in one of its partner banks without physically visiting these offices. Numerous other MoMo features also include AI to improve user convenience and foster greater involvement. As a result, MoMo witnessed a 16 percent boost in click rates, a 7 percent decrease in the time it takes users to click on a feature once they search for it, a 15 percent increase in the number of new features discovered, and a 6 percent increase in registered advertisements. Clearly, MoMo’s AI deployment has produced good results that go beyond numbers.
Throughout the two days of AI4VN 2022, numerous displays of new AI-related goods and solutions are held, attracting more than 20 companies, research institutions, and universities to participate. Visitors can try out new items and learn more about AI applications created both domestically and abroad.
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Through a series of seminars, the AI Summit, displays, and an award ceremony for exceptional AI products and solutions, AI4VN 2022 strives to strengthen the community’s understanding of how AI technology has benefited their lives.
AI4VN 2022 is chaired by the Ministry of Science and Technology, held by VnExpress, with the cooperation of the Ministry of Planning and Investment, Vietnam Club of Faculties-Institutes-Schools-Universities of ICT (FISU). The main sponsor of AI4VN 2022 is Aus4Innovation – the development assistance program for innovation in Vietnam. During the 2018–2022 term, the initiative invested AUD16.5 million on a variety of AI programs in Vietnam.
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