※This is a machine-translated text of the original article.

Hitachi Ltd, Hitachi Asia (Vietnam) Co Ltd, and VietCredit Finance Company announced that they would start demonstration tests using digital technologies such as AI to provide new financial services.

In recent years, Vietnam’s interest in personal consumption has been rising due to rapid economic development and the expansion of the middle class, and the market size of the consumer finance market is expanding remarkably.

However, financial institutions in Vietnam generally use paper for clerical work at counters and back-end offices, and there are many problems in terms of operational efficiency, such as the return of work due to document deficiencies and the increase in waiting time.

In addition, the volume of individual loans has increased, and more accurate credit screening is required to prevent excessive lending.

Against this backdrop, the 3 companies agreed to cooperate together to upgrade financial services in Vietnam. Based on this agreement, have begun to examine an automated contract service utilizing AI. Specifically, have introduced an automatic subscription system using tablets for general purpose at some stores of VietCredit.

The tested services aim to enable easy application reception and contract of personal loan, and utilize the scoring using Hitachi’s artificial intelligence “Hitachi AI Technology/Prediction of Rare Case(AT/PRC)” which can predict the occurrence of rare events, and utilize it for the loan examination.

Through this demonstration, have identified issues and verified the effects of new financial services that improve customer convenience, such as shortening the period from acceptance of loan applications to conclusion of contracts.

In the future, the company aims to combine automated contract services with AI-based loan screening services to create a service that digitizes the entire process from application processing to identity verification, screening, and contract processing.

Going forward, the company plans to gradually expand the installation of tablet handsets at office buildings and industrial parks in order to create an environment in which more and more people can receive financial services.

Original Text: https://ampmedia.jp/2020/02/10/hitachi-3/