AI drives transformative shift for business and consumers

A representative of Visa makes a speech at a seminar discussing the role of AI in the payment sector. — Photo courtesy of Visa Vietnam

HCM CITY — Generative artificial intelligence (AI) will drive a transformative shift for businesses and consumers, resulting in a smoother shopping and payment experience for consumers, experts said.

At a recent seminar on Việt Nam’s payment landscape by Visa Vietnam, experts highlighted that banks and financial institutions can gain a competitive edge by utilising artificial intelligence (AI) to acquire more customers, enhance customer engagement, and optimise operational efficiency.

Việt Nam’s payment landscape is set to undergo significant transformation through the use of generative artificial intelligence, they said.

“The AI revolution is here, and the payments sector is at the forefront of this transformation,” said Manideep Gupta, VP, Visa Consulting & Analytics, Asia Pacific. 

AI facilitates quicker credit assessment for consumers and businesses, which is critical in enabling simpler and more reliable underwriting and collections. 

The technology can also expedite fraud detection and protection, improve dispute management processes, and automate financial advisory services. This leads to a better user experience and allows the provision of intelligent financial services, such as hyper-personalised recommendations and offers. 

Generative AI is currently revolutionising numerous industries, including financial services, healthcare, and education. By improving services and productivity, it is transforming business growth strategies. This technology is also set to power many consumer experiences, such as embedded finance.

Embedded finance, which involves integrating payment options into non-financial platforms, is becoming an everyday part of Vietnamese consumers’ lives.

Whether booking a ride-share service or ordering takeaway food from an app, consumers are benefiting from more seamless customer journeys. Businesses can leverage embedded finance technology to develop integrated solution offerings, simplifying the payment process for merchants.

Meanwhile, Việt Nam is in an excellent position to utilise AI to enhance the payment experience for both consumers and businesses, due to its status as the fastest-growing digital economy in Southeast Asia for the second year running. 

The country’s digital economy is expected to continue growing at a compound annual growth rate of 20 per cent.

At the seminar, Visa showed its advantages being at the forefront of using AI for fraud and payments risk protection for over 30 years. It was the first network to deploy AI-based technology for risk and fraud management, pioneering the use of AI models in payment security. 

The company has recently launched its new AI Advisory Practice, built to focus on empowering its clients with actionable insights and recommendations to harness the potential of artificial intelligence, including generative AI.

“At Visa, we recognise the tremendous potential of AI and embedded finance,” said Dung Dang, Visa Country Manager for Việt Nam and Laos. “We are working with our partners to facilitate increasingly frictionless and secure digital payments in Việt Nam. As a trusted brand working with players in the payment ecosystem, Visa is well-positioned to shape this space and innovate for the future.” — VNS