Hitachi and VietCredit partner to develop AI-based financial loan services
Hitachi, Vietnam-based subsidiary Hitachi Asia, and VietCredit Finance Company have entered a strategic partnership to develop financial services based on AI and other digital technologies, the companies announced.
Under the partnership, the three want to deliver an automatic personal loan contract system for tablets located in a number of VietCredit offices and use Hitachi’s AI called “Hitachi AI Technology/Prediction of Rare Case (AT/PRC)” to score and anticipate events in the loan screening service.
The companies will engage in a demonstration experiment whose goal will be to first identify issues and verify performance in improving customer convenience by reducing loan processing times. Future plans include providing a service that mixes the automatic contract with the AI loan service to turn more procedures digital for effectiveness.
The tablet terminals will be progressively rolled out in other office buildings and industrial parks to make financial services more accessible in Vietnam, following a noticeable increase in personal loans.
By reducing the amount of paper-based work, the companies hope to generate an increase in productivity and credit screening accuracy to prevent fraud, as well as further digitize the financial sector in Vietnam.
The partnership will soon start with an analysis of AI-based automatic contract services to provide a reliable and secure framework that leverages Hitachi’s knowledge and expertise related to automatic contract systems for personal loans. Automatic contract services will optimize paper-based reception operations, such as digitizing handwritten documents and double-checking descriptions.
An operator will provide guidance through a communication function embedded in the tablet terminal to cut down turnaround time. The tablet terminals are portable which allows staff to use it in both the office and outside operations.
Hitachi’s AI “AT/PRC” has been used in Japan for mortgage screening and will now be used in Vietnam for back office work to improve efficiency and accuracy, and reduce turnaround time. Advanced technology will keep being implemented to improve financial services in Vietnam and to ensure they address all customer needs.
Hitachi will use the results gained under the partnership to develop new solutions for loan systems, and add advanced technologies such as biometric authentication technology and voice recognition technology. These efforts will be introduced across other Asian markets to improve financial services.