AI applications helping businesses to raise revenues by 50 percent

SGGP

Over 60 percent of financial-banking enterprises are piloting AI technology in their operation, along with many others from various industries, and they have enjoyed a revenue rise of more than 50 percent as opposed to their competitors. This is the conclusion announced on the first day of the Vietnam AI Festival (AI4VN 2022) in Hanoi, themed ‘Recovering the Economy – Shaping the Future’.

AI applications helping businesses to raise revenues by 50 percent ảnh 1 The AI Workshop with the theme ‘AI Solutions in the Finance-Banking Sector’, happening on September 22. (Photo: SGGP)


Aiming at promoting AI and its ecosystem in Vietnam, the program AI Workshop, a part of AI4VN 2022, was held in three sessions of ‘AI Solutions in the Finance-Banking Sector’, ‘Training and Connecting AI Human Resources’, and ‘Automation in Production’.

In the first session, Pham Quang Vinh – Director of Business Solution (Viettel Cyber Space Center) informed that his center was founded in 2017 to develop AI applications for different industries in Vietnam, especially for the finance-banking sector.

He then cited the latest report of Accenture (issued on June 8, 2022) that among the 60 percent of financial-banking companies which are piloting AI applications, 12 percent reached the mature level and have so far experienced a revenue increase of 50 percent compared to their competitors. This means in the future, AI will become the main way for customers to interact with enterprises, especially banks.

He predicted that in the next 3 years, the accumulation of AI databases will contribute to addressing many major issues, bringing more value to businesses. He stressed that 42 percent of experts in companies are still not aware of the critical role of AI to avoid the risk of falling behind, and thus hoping that by building a common concept for AI, Viettel Cyber Space Center can help businesses to make wise investment decisions to optimize their expense.

One successful case of implementing AI technology in operation is MoMo e-wallet. AI Director Dang Hoang Vu of MoMo’s Business Growth Department shared that MoMo is using AI to allow its customers to open a new account in one of its partner banks without directly visiting these offices. AI is also integrated into many other features of MoMo to boost interaction and increase the convenience for its users.

Thanks to that, MoMo saw a rise of 16 percent in the click rate, a reduction of 7 percent from the time that users search for a feature to their click, a growth of 15 percent in new features being discovered, and an increase of 6 percent in registered advertisements. Obviously, the positive effects of AI implementation in MoMo are not merely displayed via figures.

AI applications helping businesses to raise revenues by 50 percent ảnh 2 An exhibition of AI-related products and solutions, attracting the participation of over 20 businesses, research institutes, and universities. (Photo: SGGP)

During two days of AI4VN 2022, many exhibitions of new AI-related solutions and products are held, attracting the participation of over 20 businesses, research institutes, and universities. Visitors can experience new products and find out more information on AI applications developed domestically and internationally.

AI4VN 2022 aims at helping the community to better understand how AI technology has improved their life via a series of seminars, AI Summit, exhibitions, and an award ceremony for outstanding AI products and solutions.

AI applications helping businesses to raise revenues by 50 percent ảnh 3 Many young people are experiencing AI-related products at AI4VN 2022. (Photo: SGGP)
AI4VN 2022 is chaired by the Ministry of Science and Technology, held by VnExpress, with the cooperation of the Ministry of Planning and Investment, Vietnam Club of Faculties-Institutes-Schools-Universities of ICT (FISU). The main sponsor pf AI4VN 2022 is Aus4Innovation – the development assistance program for innovation in Vietnam. The program has spent AUD16.5 million for different AI programs in Vietnam during the 2018-2022 period.

By Tran Binh – Translated by Huong Vuong

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