AI integration the inevitable path ahead

Many firms have begun to embrace artificial intelligence (AI) and the technology has enabled them to outperform their competitors, according to insiders. Pham Quang Vinh, Head of the Enterprise Solutions Division, Viettel Cyberspace Centre, made reference to an Accenture report in June to show that 60 per cent of finance and banking firms were engaging in AI and the technology earned them 50 per cent higher revenues than their rivals. "AI will become an official means of customer-firm interaction, especially for banks," he said. The head of the division also said 42 per cent of specialists working at firms are unaware of the risk that their firms would fall behind the curve shoud they fail to embark on AI. In fact, AI-enabled finance and banking firms have seen their revenues rise steadily since 2019.