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AI and RPA define new standards for BFSI businesses

08/07/2020

AI and RPA, the mainstream trends of banking, financial services and insurance industry

At the seminar on AI and RPA application held by FPT, Mr. Varun Mittal, EY senior leader judged that the combination of AI (Artificial Intelligence) and RPA (Robotic Process Automation) will define new standards for the operation of BFSI companies. In general, AI has superior advantages when it helps businesses increase their 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.

Varun Mittal divided AI and RPA application into three different levels 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%.

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.

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.