Generative AI and practical AI apps have become a major issue of businesses all over the world, especially BFSI (banking, financial services and insurance).

A report by Norton Rose Fulbright showed that 76 percent of surveyed finance companies are considering or have used AI and machine learning, while 94 percent will use more AI solutions in the next three years.

Unlike traditional AI, Generative AI can create reactions based on LLMs (large language models). BFSI can apply Generative AI to automatically create conversations with clients and internal conversations like natural communications. 

In general, financial and banking data are complicated, but can be exchanged in a simple way like dialogues thanks to the computer’s capability of learning and answering questions.

Generative AI also can raise ideas and create marketing content with simple commands from users.

Michael Abbott from Accenture commented that if banks cannot take full advantage of the potential of AI, they will be at a disadvantage in competing with rivals.

“Traditional AI is good at analyzing and discovering abnormal things, while Generative AI is good at creating content, raising ideas, answering questions in a natural way,” Ngo Xuan Bach from FPT Smart Cloud said.

In October 2023, FPT Smart Cloud, one of the pioneers in AI application for businesses, launched an app integrated with Generative AI, named FPT GenAI, belonging to the FPT.AI ecosystem.

One of the GenAI apps most commonly used by BFSI is customer consulting service using chatbots. Businesses can put information about legal documents, regulations, products and services into the systems, and AI will read and understand the data, and give advice to customers.

FPT Smart Cloud said GenAI can help shorten the time to ‘train’ chatbots, thus helping  to launch new products to the market.

The AI Chabot is estimated to help businesses increase productivity and cut operation costs by 30-45 percent.

Based on customer reactions, Gen AI analyzes and classifies data to draw up well-informed reports about customers, thus helping businesses understand customers’ tastes, and makes recommendations for specific cases.

FPT Smart Cloud CEO Le Hong Viet said in the future, the most important resources will be ‘worker + AI’. Excellent workers will help create the highest value, while repeated value will be created and improved by AI.

Trong Dat