Digitization must enable new value creation for customers in BFSI market, delivering on expectations across the value chain.
Digital Transformation in BFSI
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29 Nov 2023
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On November 14, Mr. Pham Thai Son, CEO of NTQ Solution, had the opportunity to share his perspective on digital transformation and the potential of AI at the ASOCIO Digital Summit 2023. Along with other experts, NTQ Solution’s representative expressed the shared belief that digitization and advanced technology are no longer trends but have become indispensable components in the overall development strategies of all organizations and enterprises.
Evidence shows that technology continuously breaks many limits, can handle complex tasks, and even entirely replace certain specific jobs. Consequently, businesses can enhance operations, but at the same time, it creates certain pressures to maintain competitive positions and avoid falling behind.
Through the images below, let’s review some notable points from Mr. Pham Thai Son’s speech at the ASOCIO Digital Summit 2023!
From being merely perceived as a process of transferring manual procedures onto technological platforms, digital transformation is now becoming a pivotal aspect in the long-term development strategies of businesses and governmental organizations. Digital transformation predominates in most social activities, manufacturing, and even influences the emergence of new business models.
According to Deloitte’s report, over 98% of businesses have indicated that they have either begun or are implementing digital transformation strategies, representing a 20% increase from 2019. The report also highlights that this trend has become more robust than ever following the Covid-19 pandemic, especially as the world heavily relies on technology to sustain essential operations during this period. However, digitization has challenges, and in reality, numerous businesses face setbacks along this journey.
Conversely, Deloitte also shows that over 70% of digitalization efforts fail to meet their objectives. The report also cites some common reasons, including businesses developing inadequate strategies, facing challenges during implementation, or investing in overly complex technologies.
Mr. Pham Thai Son believes an effective digitalization strategy should aim at core objectives, including user/service experience enhancement, operational efficiency enhancement, and establishing new business models.”
This is the main theme and assertion emphasized by Mr. Pham Thai Son, CEO of NTQ Solution, in his presentation at the ASOCIO Digital Summit 2023. He stated that the emergence of new technologies has significantly impacted digitization. Specifically, Artificial Intelligence (AI) is considered a crucial factor in future digital transformation strategies.
Evidence from recent surveys and studies demonstrates that AI has become an indispensable application in operational and business activities across most global enterprises. Almost 97.2% of surveyed companies affirm that they are investing in AI to enhance operational framework. Among these, AI finds the most applications within finance, retail, and healthcare industries.
The emergence of new AI tools such as ChatGPT, Midjourney, or robots with learning capabilities and intelligent reasoning has sparked a global “fever.” This also demonstrates that AI is proving its ability to provide real value in many fields, even meeting new demands in the future. According to estimates, AI will contribute over $13 trillion to the global economy by 2030.
Mr. Son also highlighted DentalFlow as a prime example of AI application in the dental field. Through features like FaceID and virtual assistants, DentalFlow autonomously gathers examination data, streamlining operational procedures to enhance dental service quality. Consequently, DentalFlow is acclaimed as a pioneering technological platform in dental management, trusted by over 400 clients nationwide.
To enhance the quality of our service, NTQ Solution has officially launched NxDev – the first “MadeinVietnam” AI Assistant designed for NTQ’s developers. With a rich database and fast information processing capabilities, NxDev promises to not only reshape our working methods but also contribute to enhancing the efficiency of technology project deployment at NTQ Solution.
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