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VIB s digitalisation journey begins with AWS powered GenAI

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Introduction

VIB, Vietnam’s largest bank, has taken a significant step forward in the digital transformation of its services with the launch of ViePro, its new generative AI assistant. This innovative tool is designed to revolutionize the way customers interact with the bank, providing a more personalized and efficient experience.

Key Features of ViePro

  • Personalized assistance: ViePro uses machine learning algorithms to learn the customer’s preferences and behavior, allowing it to provide tailored advice and recommendations. 24/7 availability: ViePro is available around the clock, enabling customers to access assistance whenever they need it. Multi-language support: ViePro can understand and respond in multiple languages, making it accessible to a broader range of customers.

    Introduction

    The banking sector in Vietnam has undergone significant transformations in recent years, driven by the country’s rapid economic growth and increasing demand for digital banking services. As a result, banks have been exploring innovative ways to improve their operations, enhance customer experience, and increase efficiency. One such initiative is the use of artificial intelligence (AI) and machine learning (ML) technologies, which has been successfully implemented by VIB, a leading Vietnamese bank.

    The Trial of ViePro

    In September 2022, VIB launched a trial of ViePro, a cutting-edge AI-powered platform designed to enhance operational efficiency and customer experience. The trial was conducted with 12,000 employees across 189 VIB branches in Vietnam. This ambitious project aimed to leverage the power of machine learning to automate routine tasks, provide personalized customer service, and gain valuable insights into customer behavior.

    Key Features of ViePro

  • Automated Task Management: ViePro uses AI to automate routine tasks, such as data entry, document processing, and customer service inquiries. Personalized Customer Service: The platform provides personalized customer service through chatbots and virtual assistants, enabling customers to receive tailored support and recommendations. Predictive Analytics: ViePro uses machine learning algorithms to analyze customer behavior and predict potential issues, allowing VIB to proactively address customer concerns. ## Utilizing Amazon SageMaker**

    • Utilizing Amazon SageMaker

    VIB is utilizing Amazon SageMaker, a fully managed machine learning service, to enhance the operations of ViePro.

    Personalised Recommendations

    The key to unlocking the full potential of ViePro lies in its ability to provide highly personalised recommendations. By leveraging customer data, the system can offer tailored suggestions that cater to individual preferences and needs. This approach not only enhances the customer experience but also presents a significant opportunity for cross-selling and revenue growth.

    Upgrading infrastructure and integrating new systems is a daunting task for large banks.

    The Challenges of Modernisation

    Modernising a core banking system is a complex and challenging task that requires significant investment, expertise, and resources. The process involves upgrading existing infrastructure, migrating data, and integrating new systems with existing ones. This can be a daunting task, especially for large banks with complex systems and numerous stakeholders.

    The Rise of Mobile Banking

    The increasing popularity of mobile banking has led to a surge in demand for secure and efficient digital banking solutions. With the rise of smartphones and mobile devices, banks are now expected to provide seamless and user-friendly experiences for their customers.

    Cloud migration enhances security, scalability, and reliability for VIB.

    The Benefits of Cloud Migration for VIB

    Migrating to the cloud has numerous benefits for VIB, a leading banking institution in Vietnam. By leveraging cutting-edge technology, VIB can enhance its security, scalability, and reliability. In this article, we will explore the advantages of cloud migration for VIB and how it can improve its operations.

    Enhanced Security

    Cloud security offers a range of benefits for VIB, including:

  • Data protection: Cloud providers offer robust data protection mechanisms, such as encryption and access controls, to safeguard sensitive banking operations. Compliance: Cloud security solutions help VIB comply with regulatory requirements, reducing the risk of non-compliance and associated penalties. Incident response: Cloud providers offer incident response services, enabling VIB to quickly respond to security incidents and minimize downtime. ### Scalability and Reliability**

    • Scalability and Reliability

    Cloud migration allows VIB to scale its digital infrastructure to meet changing business needs.

    GenAI is transforming banking by automating tasks, improving customer service, and enhancing security.

    The Rise of GenAI in Banking

    The concept of GenAI, or Generative AI, has been gaining significant attention in recent years. This technology has the potential to revolutionize various industries, including banking. GenAI is a type of AI that can generate new content, such as text, images, and audio, based on patterns and structures learned from existing data. In the context of banking, GenAI can be used to automate tasks, improve customer service, and enhance the overall customer experience.

    Key Benefits of GenAI in Banking

  • Improved Customer Service: GenAI can be used to generate personalized customer service responses, allowing customers to receive tailored support and improving overall satisfaction. Automated Tasks: GenAI can automate routine tasks, such as data entry and document processing, freeing up staff to focus on more complex and high-value tasks. Enhanced Security: GenAI can be used to detect and prevent cyber threats, improving the overall security of banking systems. ## The Partnership between VIB and AWS**

    • The Partnership between VIB and AWS

    VIB, the first bank in Vietnam to offer AWS-Powered Gen AI on Mobile Banking, has partnered with Amazon Web Services (AWS) to bring this innovative technology to the market. The partnership allows VIB to leverage the power of GenAI to enhance its mobile banking services and provide a more personalized experience for its customers.

    How the Partnership Works

  • Data Collection: VIB collects data from its customers, including transaction history and customer preferences. GenAI Training: The collected data is used to train a GenAI model, which is then used to generate personalized customer service responses and automate routine tasks.

    The system is designed to support a wide range of banking services, including deposit accounts, loans, and credit cards. VIB’s core banking system is built on a microservices architecture, which allows for greater flexibility and scalability. The system is also designed to be highly available and fault-tolerant, with multiple layers of redundancy and failover mechanisms in place.

    Architecture Overview

    The VIB core banking system is built on a microservices architecture, which is a design pattern that structures an application as a collection of small, independent services.

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