The financial industry applies AI, IoT

Information was shared by Associate Professor, Dr. Nguyen Khac Quoc Bao – Vice Rector of the School of Technology and Design, UEH, and Mr. Thomas Hung Tran – Senior Manager, PwC Vietnam Consulting Company at UniPrep seminar no. Saturday, the topic “Financial decoding 4.0”, broadcast on March 31.

Associate Professor, Dr. Nguyen Khac Quoc Bao said that finance 4.0, the full name is the change of the financial industry before the wave of 4.0 technology revolution is taking place strongly and affecting all aspects of life. With the basic pillars of the Internet of Things, artificial intelligence, etc. These technology applications are applied to finance, causing traditional finance to change.

For example, one of the important financial decisions is investment. If in the past, financiers had to analyze and place orders on the trading floor by themselves, today technology, specifically programmed software, can replace investors with self-analysis and self-determination when buy and sell, cut profits…

Another example, today we don’t need to carry wallets or cash, just need an internet connection to be able to use all online payment services, from buying a cup of milk tea to a car, a house…

“Many people say this is nothing new because payment applications have been used for decades. But we have to understand before that everything is an idea, or a fragmented, local application, not a real thing. system like today, because at that time we did not have a 3G network covering all over the world, cheap smartphones …”, Associate Professor, Dr. Nguyen Khac Quoc Bao said.

Sharing the same opinion with Associate Professor Quoc Bao, Mr. Thomas Hung Tran shared, Finance 4.0 is the result of the fourth industrial revolution. The Industrial Revolution is essentially a change in the way people work, labor and tools to support people working. The end of the 18th century was the birth of the steam engine, the beginning of the 20th century was the birth of the 2.0 revolution – the birth of the electric motor and division of labor into professions and departments. By the 3.0 revolution, computing technology, information technology, and semiconductor technology were born with the appearance of computers, the Internet and other types of cashless payments.

In the period 2010-2020, new tools will appear that lead to the combination of the real and virtual worlds such as sensors, communication control… all connected to the Internet. This led to the birth of Industry 4.0. Accordingly, finance 4.0 is part of the result of the industrial revolution 4.0 by bringing virtual reality technologies into the financial industries to create new financial transaction methods that benefit users. for the market and the development of the economy”, emphasized Mr. Thomas Hung Tran.

According to Mr. Thomas Hung Tran, finance 4.0 is different from conventional finance in that virtual reality technology is integrated into all surrounding devices. For example, in the past, people used to hold cash withdrawal cards, now hold their phones because they have virtual wallets, even virtual wallets are connected to the cloud to help banks evaluate customers’ credit scores and analyze them. other useful. “The blurring of virtual boundaries leads to utilities that the old finance does not meet, called finance 4.0,” said senior manager, consulting firm PwC Vietnam.

Sharing more about the impact of finance 4.0 on businesses, Mr. Bao said that in the future, many professions will have to change, even be trained, and many new industries will be born. For example, there are more and more ideas about “Only internet banking” – we will gradually not see branches, transaction offices on the street anymore, because it is not necessary.

“This whole year, I have not been to the delivery rooms because of all needs such as electricity, water, electricity and water bills, tuition fees even savings, participating in life insurance policies, investing in the stock market, all of me. All done via phone,” said Mr. Bao.

Today, businesses can also present projects without the need to send customers to the field which is both far away and costly. Meanwhile, virtual reality technology can help investors feel like they are sitting at the scene, seeing every nook and cranny of the project and closing orders easily.

Facing the constant change of technology, Mr. Bao reminded his students: “Study and research must be ahead of trends, because the world changes very quickly. The best way is for you to equip yourself. thinking, working methods and positive attitude to be able to accept, adapt and be ready for changes”.

Nguyen Phuong