Banking and finance businesses accelerate in the AI ​​era

DNVN - At the Smart Banking 2024 Conference and Exhibition with the theme "Shaping the digital future for the banking industry: Safe and sustainable operating strategy" organized by the Vietnam Banking Association on October 29, Microsoft introduced the latest commitments, technology trends and AI solutions for the banking industry, helping to accelerate in the era of AI.

Innovation is happening across all areas of the banking and finance industry. According to Gartner’s latest study on Top Priorities and Technology Investment Plans for the Banking Industry 2025, the biggest changes expected in banking technology investments are generative AI (39%), cybersecurity/information security (34%), and AI (33%), respectively.

Speaking at the event, Mr. Le Nhan Tam, Chief Technology Officer of Microsoft Vietnam, said: “Microsoft believes that AI will reshape our era and empower businesses in general and banking and financial institutions in particular to accelerate faster and more effectively in the digital age. Our latest AI advances are all developed according to the principle of trustworthy and secure AI that has been integrated into the entire ecosystem of Microsoft products and solutions. Therefore, we believe that, with nearly half a century of experience pioneering in the field of IT globally, Microsoft can support large banking and financial institutions in the world in general and Vietnam in particular to gain a competitive advantage and be more successful in the era of AI."

In the era of AI, smart banking experience is an important factor to meet the increasing needs of customers as well as adapt to the rapid changes of the market. Applying advanced technologies such as Cloud and generative AI will help banks increase performance, optimize costs, analyze data effectively, thereby making accurate and timely business decisions.

Mr. Le Nhan Tam, Chief Technology Officer, Microsoft Vietnam presented a paper at Smart Banking 2024.

Cloud platform for banking and finance with Microsoft Cloud for Financial Services: Microsoft Cloud for Financial Services is a platform dedicated to banking and finance organizations, providing Microsoft Azure cloud services and solutions that help organizations scale on demand, increase efficiency and achieve business goals quickly, from transforming customer experience, empowering employees, managing risk and compliance or modernizing core banking systems.

Generative AI Platform with Microsoft Azure OpenAI: Microsoft Azure OpenAI integrates the latest GPT-4o and o1-preview to revolutionize AI applications in banking, enabling the development of intelligent solutions for personalized customer service and advanced predictive analytics. By leveraging these advanced AI models, banks can drive innovation and shorten decision-making processes.

Intelligent Data Platform with Microsoft Fabric: Microsoft Fabric is a comprehensive data analytics solution that simplifies data management and analytics, optimizes costs, and empowers banks to drive innovation and improve customer experiences. Additionally, Microsoft Fabric is the right data platform for generative AI applications, allowing banks to leverage AI for personalized customer service and predictive analytics.

AI assistant in all fields: After more than a year of launching, the artificial intelligence assistant Copilot has been integrated by Microsoft into its ecosystem of products and solutions such as Microsoft 365, Dynamics 365, GitHub and Copilot to empower organizations and customers in all fields to maximize the outstanding features of AI technology to boost employee productivity, increase operational efficiency, enhance security, as well as improve customer experience.

Recently, the company also made an important step forward when Copilot for Microsoft 365, an AI assistant integrated into the Microsoft 365 office application ecosystem, expanded support for the Vietnamese language, bringing more complete experiences to Vietnamese users in familiar applications such as Word, Excel, Powerpoint, and Teams... This is an important step forward, helping users to fully experience the advanced features of AI, creating a strong connection between technology and native languages, contributing to promoting the digitalization process in Vietnamese banking and financial services.

Microsoft 365 Copilot assistant has just been expanded to support Vietnamese language, promising to bring more complete experiences to Vietnamese users.

Today, more than 60,000 organizations around the world are deploying Microsoft Azure AI technology. Additionally, 85% of Fortune 500 companies are using Microsoft AI technology and nearly 60% are using Microsoft 365 Copilot.

In addition, innovation requires a solid foundation of security, privacy, and trust, which is why security is a top priority for Microsoft and we place a strong emphasis on protecting data based on responsible AI principles, implementing strong security measures based on the Zero Trust model, and committing to the key security pillars of the Secure Future Initiative for Banking and Financial Institutions.

Microsoft is committed to promoting responsible AI through ethical principles. The company has developed a Responsible AI Standard, a framework for building AI systems based on six principles: fairness, reliability and safety, privacy and security, inclusion, transparency, and accountability.

Microsoft has adopted a Zero Trust model to protect corporate and customer data. Based on the principle of “don’t trust, always verify,” instead of assuming that everything inside an organization’s firewall is safe, Zero Trust assumes that a breach is possible and verifies each request as if it came from an open network.

The Secure Future Initiative reflects Microsoft's commitment to continually improving the security built into its products and services.

As AI is positioned as a game-changer for the banking and finance industry, helping it increase efficiency, protect against fraud, and drive innovation, banking leaders need to ensure that AI is integrated and managed safely, securely, and responsibly for sustainable and long-term growth.

Nguyen Duc

Source: https://doanhnghiepvn.vn/kinh-te/tai-chinh-ngan-hang/doanh-nghiep-tai-chinh-ngan-hang-tang-toc-trong-ky-nguyen-ai/20241030035412757