Finding AI solutions for Vietnam's finance and banking industry

Vietnam has recorded more than 2.2 million personal payment accounts, with nearly 17 billion cashless transactions - Photo: QUANG DINH

That was the comment of Mr. Nguyen Hoang Minh, head of the representative office of the Vietnam Banking Association in Ho Chi Minh City, at the workshop on improving the capacity of the financial sector through the application of AI (artificial intelligence), which took place on April 3.

According to Mr. Minh, to improve the competitiveness of businesses, especially in the finance - banking sector - an industry that always requires constant innovation and high adaptability, the application of AI and the construction of advanced technology infrastructure will create major breakthroughs from optimizing operational processes, improving customer experience, to risk management, data analysis and developing flexible financial models.

“We can clearly see this through the presence of digital banks, AI-based payment systems, business process automation, biometric recognition technology in transaction authentication, or virtual financial assistants that help personalize customer experiences,” said Mr. Minh.

According to a representative of the Vietnam Banking Association, controlling and applying AI not only brings outstanding business efficiency, but also plays an important role in ensuring transparency, compliance with legal regulations and comprehensive risk management, thereby preventing financial fraud.

Meanwhile, Mr. Le Hong Minh, Chairman of VNG, shared: “With many people in the finance and information technology industry present here, I do not dare to give specific instructions, but only suggest some principles that VNG is applying: should do, do small things but do many things, work with many different departments because this is what helps us learn and do at the fastest speed, convince the board of directors and the board of management to invest but do not require immediate ROI (investment efficiency)”.

According to Mr. Minh, the requirement to demonstrate immediate financial efficiency is very difficult, especially with technology like AI. “We choose to invest small, do it step by step, but deploy it in many different departments. VNG does not think we can create a “game-changing” project like OpenAI with Microsoft or Elon Musk. But we can apply it continuously, record results and learn step by step,” Mr. Minh said.

At the workshop, experts from GreenNode (VNG's AI Cloud unit), VNG Cloud and TrueID shared many in-depth AI solutions, helping to upgrade banking and finance industry operations (BFSI), optimize customer experience and create outstanding competitive advantages.

17 billion cashless transactions

According to the Vietnam Banking Association, by the end of 2024, Vietnam had recorded more than 2.2 million personal payment accounts, with nearly 17 billion cashless transactions. Many banks have achieved a rate of over 95% of transactions processed via digital platforms.

In addition, the application of advanced technology such as authentication via chip-based citizen identification cards, especially biometric authentication in banking transactions, has improved the level of safety and convenience for customers.

To date, more than 38 million accounts have been biometrically authenticated and 43.9 million customer records have been cleaned at the National Credit Information Center (CIC). The digitization of civil status and land data is also being accelerated, with the goal of completing civil status data in March 2025 and land data in June 2025.

Source: https://tuoitre.vn/tim-giai-phap-ai-cho-nganh-tai-chinh-ngan-hang-viet-nam-20250403204311072.htm?utm_source=coccoc&utm_medium=ccnews