Effective AI in Banking and Finance: Essential for Progress
AI offers many benefits in auditing and consulting, but experts warn that these systems can still make errors if not used correctly. Proper application and oversight are critical to ensure AI drives real value in finance.
On May 23, a seminar titled "Redefining Finance in Vietnam with AI: From Global Trends to Local Innovation and the IFC Vision" was held in Ho Chi Minh City. It was organised by the Association of Chartered Certified Accountants (ACCA), the British Chamber of Commerce in Vietnam (BritCham), and the British consulate-general in Ho Chi Minh City. The event brought together global experts and local professionals to discuss how Vietnam’s finance sector can become more digital, inclusive, and globally connected.
AI’s Growing Impact on Finance
Ren Varma, head of ACCA for Mainland Southeast Asia, highlighted AI's expanding role in finance—from algorithmic risk models to real-time decision-making. He emphasised that as Vietnam aims to become an international financial centre, integrating AI responsibly is crucial. This involves not just adopting new technology but also building a skilled, ethical workforce to manage it.
ACCA stresses that professional accountants will remain vital in an AI-driven finance sector. Their ability to ask critical questions, challenge assumptions, maintain trust, and ensure transparency is irreplaceable. AI’s benefits come with responsibility: sound judgment, governance, and ethical use are non-negotiable for success.
UK-Vietnam Collaboration on AI and Finance
Will Lawrenson, British deputy consul general and head of Trade and Investment in Ho Chi Minh City, noted strong UK-Vietnam cooperation in AI across sectors like fintech, healthcare, and cybersecurity. During the UK Southeast Asia Tech Week in March, UK AI firms explored partnerships in transparency, facial recognition, and financial digitalisation.
A notable initiative involves a digital trade finance registry powered by AI, developed with support from Vietnamese and British banks and the State Bank of Vietnam. This platform aims to close Vietnam’s $90 billion trade finance gap, improving access and efficiency in trade financing.
Practical AI Applications in Banking
Luong Ngoc Binh, senior consultant at FPT IS, shared how AI is already transforming banking. Key applications include:
- Risk management
- Anti-money laundering
- Personalised products and services
- Decision support systems
These tools help financial institutions streamline operations, enhance customer experience, and make better business decisions.
Challenges and Priorities for Vietnam’s Financial Centre
Panel experts from KPMG, Apex Group, and BritCham Vietnam discussed what it takes to build Vietnam’s international financial hub. They agreed that success depends on clear policies, regulatory frameworks, and investments in infrastructure, technology, and human capital.
Risks like cybersecurity, data protection, and risk governance must be addressed alongside innovation. Developing a workforce skilled in technology and data analytics is a top priority for sustainable growth.
AI’s Role in Future Finance and Accounting Jobs
Mike Suffield from ACCA Global explained that AI will change finance roles by automating routine tasks and creating new strategic and analytical positions. AI complements human expertise—it doesn’t replace it.
Ethical and responsible AI use is essential. Professionals must understand AI’s capabilities and limitations to fully leverage its potential while avoiding pitfalls.
Maximising AI Benefits for SMEs
Small- and medium-sized enterprises (SMEs) often have limited resources for AI investments. However, collaboration and knowledge-sharing can help them adopt AI solutions effectively.
Organisations like ACCA play a key role in guiding SMEs through AI adoption, helping them improve efficiency and productivity without overextending resources.
For finance professionals looking to expand their AI skills, exploring targeted training can provide practical knowledge to apply AI effectively in their roles. Platforms offering specialised AI courses for finance can be a valuable resource for staying competitive in this evolving landscape.