AI and RPA create new standards for businesses

 Mr. Varun Mittal, EY senior leader, considers AI and RPA as two outstanding tools for businesses to optimize operations and improve customer experience.

Mr. Varun Mittal had a meeting on AI and RPA application trends and roadmap with 240 representatives of Vietnamese finance, insurance companies and banks. The event was held by FPT Corporation to bring a comprehensive view on integrating technology and digitalization into professional operations. Therefore, businesses can make breakthroughs in the new normal.

At the meeting, EY senior leaders judged that the combination of AI (Artificial Intelligence) and RPA (Robotic Process Automation) will create new standards in the operation of financial, insurance, and banking companies. In general, AI has superior advantages when it helps businesses increase revenue by connecting and personalizing all interactions with customers strongly and instantly. It also optimizes operation by automated models and processes, algorithms for analysis and intelligent processing, or risk management with information monitoring, analysis and evaluation systems.

Mr. Varun Mittal, EY senior leader.

Varun Mittal divided the application of AI and RPA technology into different levels, from low to high, including Robotics, Machine Learning and Deep Learning.

At the first level, Robotics is to automate highly repeatable business processes based on predefined rules such as importing data from multiple systems, comparing information or making reports.

With Machine Learning, businesses have the support of "digital personnel" with self-study ability, who automatically perform tasks with high accuracy based on analyzing data collected from many other sources.

And the third level, Deep Learning allows "digital personnel" to team up with people to make decisions faster.

Around the world, the proportion of mobile device users is increasing rapidly. This is a huge database that businesses need an appropriate technological capacity to access. Some multinational financial companies such as Credolab, MicroMoney, or e-commerce companies have relied on data of mobile users’ behaviors and habits to assess credit score of customers, applied Virtual Agent for Call Center or create powerful personalized services to improve customer experience and increase customer satisfaction.

In Vietnam, Mr. Duong Le Minh Duc, FPT.AI Solution Specialist of FPT, gave an example of a leading bank in Vietnam applying solutions based on AI and RPA technologies. This unit automates loan creation process by extracting information from photos of documents, categorizing and automatically completing profiles, shortens the waiting time by 80%.

Overview of the conference "Breakthrough in customer experience with AI and RPA" organized by FPT Corporation on July 2.

Roadmap for business success

According to Mr. Varun Mittal, to implement AI and RPA technology, businesses need to follow a three-step roadmap. The first step is to form ideas based on the company's development strategy and the needs of its customers. The second step is to analyze the organizational capacity to propose appropriate implementation methods, such as developing and implementing the technologies using internal resources, or hiring external solutions. And the final step is development, marketing and deployment.

Sharing the same viewpoint based on the FPT Digital Kaizen methodology, FPT experts offer a roadmap of "big thinking - smart start and rapid replication" for businesses when applying AI and RPA technologies to optimal operation.

Mr. Bui Dinh Giap, akaBot Director.

"Depending on the complexity of the operation process, it only takes about 1-6 weeks to deploy the RPA solution of FPT, and businesses can immediately evaluate the results within 2-4 weeks. After that, it only takes 4-8 weeks to deploy on a large scale, "said Mr.Bui Dinh Giap, Director of Robotic Process Automation Platform - akaBot of FPT.

According to FPT's report, products combining AI and RPA solution developed by FPT such as FPT.AI Virtual Agent for Call Center, FPT.AI Vision - customer identification solution, FPT.Conversation – smart conversation platform, akaBot - business process automation platform can help companies reduce costs by up to 60%, save 90% of the time for operations.

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