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The finance – banking sector is an industry with enormous human resources as well as the amount of data to store. In Vietnam, the application of Artificial Intelligence (AI) to finance – banking area is becoming popular. Having many strengths and potentials ready to be released, within this year, AI is going to have a powerful impact on the whole banking industry.
Some of the AI-powered tech products drawing the most attention of banks are:
1. Chatbots and virtual assistants
It is crucial to automate customer service by Chatbots or AI-powered technologies to simplify operational processes, scientifically and methodically build a data infrastructure.
Many people worry that, with the increasing automation, interacting with machines frequently will reduce customer’s trust. However, in fact, the use of AI does not weaken customer experience but helps banks increase customer satisfaction, enhance efficiency and retain customer loyalty.
According to a survey conducted by Juniper Networks (US), chatbots and virtual assistants will help companies save around $8 billion each year. In 2020, 85% of human interactions will be carried out through chatbots and virtual assistants. Even though this can lead to massive layoffs, instead of being a negative issue in employment, many banks consider AI a tool to ease the burden on their workforce. Chatbots and virtual assistants built on AI provide financial instructions to customers through voice messages, conversations, etc. This service is available 24/7, anytime, anywhere, requires no spending on supporters. Accdvior predicts that banks that wisely promote AI could boost productivity by 14% each year.
Currently, most chatbots have the ability to answer and perform tasks automatically as soon as someone asks a question, but they are mainly frequently asked questions. Thanks to the advancement of Artificial Intelligence, Chatbots have become smarter. Machine Learning helps chatbots keep learning from the data provided, then adjust their decisions over time. As a result, chatbots are getting better and better at understanding and advising customers. The information about customers’ transactions is collected and tracked, helping banks understand more about the behaviors and preferences of customers, thereby improving customer experience and offering effective solutions to customized service.
2.Advise customers through automated call centers
At this time, businesses are gradually replacing traditional call centers with automated intelligent ones to help provide better services. Auto call centers are a popular solution among banks. They are used to inform thousands of customers at the same time of new services, promotions, remind credit card payment due date or overdue loan, etc., and thus help banks save the costs of human resources fast and conveniently.
Automated call centers use Deep Learning technology and Speech synthesis technology, with millions of voices across regions, allowing banks to make calls with a high level of personalization. Customers will receive specific messages such as name/problem/address, etc., with information extracted from uploaded Excel files. Speeches are created automatically from documents (Text to Speech) without recording.
Thanks to the superior features of AI, statistical reports of banks can collect and analyze calls in detail, base on real-time call status, the time they came in, call duration, and customer information, etc., thereby assessing the efficiency and optimizing campaigns.
Representatives of many banks forecast that in the next 2 years, AI-powered technologies will be so advanced that they can replace high-level supporters. Traditional call centers are increasingly replaced by automatic intelligent call centers.
3.Automate the process of information extraction
Digitizing documents to build a database is a simple but time-consuming job, especially in the banking industry due to a large amount of data to process each day.
Automating the process on an AI-powered platform integrated with OCR technology has created a breakthrough in the identification and extraction of information from pictures. This helps banks digitize many identity documents such as ID Card, passports, driver’s licenses, and other handwritten documents such as invoices, applications for loans, mortgage agreements, etc. This tool reduces a significant amount of time spent on reading and receiving information, makes the procedures for registering and verifying fast and accurate, shortens waiting time, improves customer satisfaction.
The integration of AI and OCR is an optimal strategy to collect and manage data, cut down millions of hours of work, and save billions of dollars spent on salaries for supporters.
4.Secure and detect financial crimes
Cybersecurity is a hot topic nowadays in the finance – banking sector. And Artificial Intelligence can help banks detect money laundering effectively. Machine Learning can encode to identify types of users and detect unusual activities. This is necessary because cyberattacks usually use disguised strange data or malware.
Soon, AI can revolutionize banking institutions. Banks’ managers need a clear plan and infrastructure to collect, unify data across the whole system. Artificial Intelligence helps banks determine again how to operate and improve customer relationships. Therefore, in this intensely competitive environment, banks have to seize technologies or will be left behind.
Currently, in Vietnam, FPT Corporation is one of few technology companies pioneering specialized investment in Artificial Intelligence. With a team of leading engineers and scientists, FPT has researched and created many AI-powered products such as:
FPT.AI Conversation: Provide a smart Chatbot creation platform, allowing businesses to interact directly with customers through natural conversations.
FPT.AI Vision: Provide the solution to accurate identification and extraction of information from pictures, helping to digitize identity documents, identify customers quickly.
FPT.AI Speech: Help to convert text to speech in Vietnamese and convert speech to text, with a diversity of accents and genders/regions.
FPT.AI Virtual Agent for Call Center: Provide auto call center service that helps businesses take care of customers through auto conversation with natural-sounding voices of FPT.
FPT.AI’s products have been a trustworthy choice of many large organizations and businesses, helping businesses simplify the organizational structure, reduce operating costs, boost productivity and enhance customer experience.
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? Start building a chatbot right now with chatbot creation platform FPT.AI Conversation: https://bot.fpt.ai/
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