The Better Choice Awards is a prestigious annual award directed by the Ministry of Planning and Investment, accompanying the Vietnam Innovation Day 2024 (Innovate Vietnam 2024). The award aims to honor innovations that are applied in practice, bringing practical benefits to users, contributing to creating different values ​​for the community. And this is the first time this award has named a digital bank.

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Purely digital banks attract customers thanks to effective exploitation of AI

In the context of global digital transformation, the demand for digital banking in Vietnam is increasing, with the market forecast to continue to expand. According to a report from Juniper Research, the number of global digital banking users will exceed 3.6 billion by 2024, affirming the position of digital services in the current financial sector.

At the same time, at the conference on AI and semiconductor technology at Innovate Vietnam 2024, Mr. Alexey Navolokin - Director of Commercial Business for Asia - Pacific and Japan of AMD Corporation, said that Vietnam is currently considered a "rising star" in the technology field, in the context of AI being predicted to have a revenue of 400 billion USD globally by 2027.

Also within the framework of the workshop, Mr. Pham Thanh Lam - Director of AI & Data Science Center of Cake digital bank said that AI plays an important role in personalizing services and automating processes, helping customers make financial transactions easier and safer.

Cake has applied AI to simplify the account opening process, financial solutions such as savings, investment, credit card registration, consumer loans, and PayLater are all done online with a few clicks. Leveraging advanced technology, Cake provides a fast, accurate, and easy experience with high personalization thanks to AI technology. Every month, Cake processes about 300,000 loan/credit card applications with an average speed of only a few minutes/application.

Mr. Pham Thanh Lam shared: “Cake has built more than 40 of the most advanced AI models, applied to every step of its operations, from back office, front office to middle office, from marketing, to credit scoring, risk management... At the same time, we are developing a large language model Cake LLM in the generative AI group, serving specifically for banking and finance and Vietnamese. Cake is one of the first units in Vietnam to own these advanced models”.

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Mastering technology to protect assets and enhance customer experience

Despite many advantages, digital banking still faces challenges in data security and protecting users' assets. Requiring units to ensure information security systems to build trust with customers.

Customers at Cake are provided with services and protection using the most advanced technologies available today. Cake meets the highest standards for payment card data security - PCI DSS 4.0 level 1. Notably, Cake is currently the first digital bank in the top 5 BFSI organizations in Vietnam to own the international standard facial biometric technology ISO/IEC 30107-3 certified by iBeta. This is a solution built and deployed by Cake's Vietnamese technology engineers, refined and optimized on a large data set of Vietnamese people to ensure the most accurate results, bringing a better experience to users when transacting.

Thanks to its technology, Cake helps customers not need to go to transaction offices or bank agents, not be limited by physical location or administrative hours. They proactively open accounts quickly and safely in just a few minutes, perform daily financial transactions in just a few seconds anywhere, anytime.

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Currently, Cake has more than 4.6 million individual customers, manages more than 8,000 billion VND in savings deposits from individual customers, and processes millions of transactions quickly at the same time.

Mr. Nguyen Huu Quang - CEO of digital bank Cake by VPBank said: “From the very first days of establishment, we have invested heavily in the team of engineers, data experts, and digital product development. Thanks to that, Cake applies AI to every aspect of the customer journey to bring a better experience, “as easy as CAKE” for our customers”.

The combination of AI and digital banking opens up great opportunities for the development of the digital finance sector in Vietnam. This is also one of the driving forces for the Prime Minister's National Financial Inclusion Strategy to 2025, with a vision to 2030, to soon become a reality.

Thu Loan