Touting AI as retail banking’s future
Touting AI as retail banking’s future
More than 100 senior leaders and experts from Vietnam’s leading financial institutions last week took part in a seminar on Artificial Intelligence application in Vietnamese retail banking in Hanoi, organised by Trusting Social and the Vietnam Banks Association.
With the attention of leading bankers, investors, and fintech entrepreneurs, as well as the media, Trusting Social CEO Nguyen An Nguyen unveiled the latest Artificial Intelligence (AI) developments in lending and retail banking.
The spotlight of his talk included the current advancement in AI and how this technology brings new credit opportunities, better credit experiences, and drastic changes to retail banking in the country. Nguyen also shared his view on the underlying problem of in-house credit scoring methodologies, which leads to lengthy paperwork and results in unpleasant customer experiences.
After addressing the current challenges for financial institutions to reach out to the untapped billions of “financially-invisible” consumers, Nguyen laid out a new vision to leverage the power of AI for real-time credit scoring and seamless customer experiences.
“AI applications will pave new ways for retail banking. AI-powered banks will significantly benefit from frictionless processes without human errors. We believe AI will provide a transparent on-boarding process,” said Nguyen.
Assembled guests listened to Francois Hribovsek, head of Digital Deployment and Solutions at Visa Southeast Asia, who shared the company’s latest insights on the future of commerce where mobile payments are the key driver.
At the final session, audiences learned first-hand from a panel discussion with distinguished experts who have been pushing innovation in retail banking.
Focused topics included exploration of financial institution perspectives on the current challenges, and how financing organisations can leverage AI to reach out to the unbanked population while creating a compelling lending e xperience.
Trusting Social is an AI-first fintech company that pioneers an alternative credit scoring model using telecoms data and other new data sources. The group is reinventing credit scoring by combining big data technology with social, web, and mobile data.
Founded in 2013 by a group of AI, technology, and financial experts, Trusting Social now reaches out to customers all over the globe while advancing data science to deliver financial access for all. The company has outlined ambitions to build a bridge between lenders and financially-invisible customers not covered by credit bureaus.
