An AI-powered app on display during Vietnam’s Artificial Intelligence Day. — Photo VNA/VNS
Many companies have started to adopt artificial intelligence (AI) and the technology has allowed them to outperform their competitors, according to insiders.
Pham Quang Vinh, Head of Enterprise Solutions Division, Viettel Cyberspace Center, referenced a report from Accenture in June to show that 60% of financial and banking companies were engaging in AI and that the technology earned them 50% higher revenues than their rivals.
“AI will become an official means of customer-business interaction, especially for banks,” he said.
The head of the division also said that 42% of specialists working in companies are unaware of the risk that their companies will fall behind if they do not embark on AI. In fact, finance and banking businesses using AI have seen their revenues grow steadily since 2019.
“AI would double in value over the next three years. It’s time for companies to start their own data mining,” he added.
He outlined six steps for companies to integrate AI into their operation, which involves using AI applications and developing AI tests. He also mentioned the two most valuable use cases for AI, which are text scanning and virtual assistant.
Dang Hoang Vu, Director of AI Division for Business Growth, MoMo, noted that AI has helped companies increase click-through rates by 16% and reduce the time between search and a click.
AI also increased the volume of services users access through a screen by 15% and advertising requests by 6%. In the finance and banking industry, companies are using AI primarily for credit scoring, processing approvals, and identifying customer needs.
Notably, the rapid AI loan approval processing takes just three minutes with a 60% approval rate, about one-sixth the time it takes to approve other types of loans and once and a half higher than their approval ratings.
In the first six months of 2022, MoMo fast loans grew by 260% and postpaid wallets by 42%. The risks associated with the former decreased by 15% and the latter by 64%.
Do Manh Cuong, deputy general secretary of the Vietnam Automation Association, pointed out that digital enterprises and smart factories are a prerequisite for a digital economy.
He said Vietnam has reached the third stage of automation, which involves the integration of digital technologies into business operations, including data-driven operations and AI-based intelligent automation.
Out of seven levels of automation, most Vietnamese enterprises stay between the third and fifth level. This means that these companies are partly automated and integrating AI will not be an easy task for them.
He also said that Big Data and AI will be the optimal tools to manage factories in the future and that the digital transition will help companies optimize costs and reduce emissions.
Vu Hong Chien, Director of Quy Nhon AI Research and Application Center, FPT Software, highlighted several factors that companies need to consider when integrating AI into their factories.
Factors include profitability, productivity, readiness of factories for AI, and compatibility of technology with their functionality.
He also said that digital enterprises and smart factories are inevitable and that the latter will rely on data and cloud computing to manage their operations.
Nguyen Quan, president of the Vietnam Automation Association, called for a national database law to lay the legal groundwork for the industry. He also called for supportive policies to help companies more easily access support packages.
Vietnam Artificial Intelligence Day, an annual event aimed at promoting the growth of the AI ecosystem in Vietnam, was launched on Friday.
Speaking at the event, Deputy Prime Minister Vu Duc Dam stressed the need to understand AI, spread and adopt the idea not only in the field of information technology but also in other areas.
He also said that Viet Nam has a long way to go, as the AI workforce in the country is still inadequate and insufficient to meet the demand of tech companies. —VNS