Nguyen Minh Thoai, CEO of DIGI-TEXX

Nguyen Minh Thoai, CEO of DIGI-TEXX, last weekend shared his insight at Finovate : Product Day 2 - a Jobhoppin’s event themed “Digitalisation and Automation strategy for operations in financial services” in Ho Chi Minh City.

“Finovate: Product Day 2” event shredded lights on how organisations of all industries navigated through uncertainties amidst this period of of hyper-turbulence and change.

Businesses that highlight and successfully optimise automation process at the centre of their transformations will have a competitive advantage through complexity.

While there's little doubt that automation can yield significant benefits for all kinds of sectors, such as financial services, healthcare services, e-commerce, and real estate, to name a few. Robotic Process Automation (RPA) could relieve humans from repetitive hazardous and unpleasant tasks.

“Organisations across the globe are increasingly relying on RPA to carry out routine, rule-based operations. Notwithstanding, many businesses are just at the very beginning of their automation journey, and have yet to realise RPA's full potential,” Thoai said.

However, in terms of automation’s disadvantages, he added, the high initial cost of investment in an automated system and the greater level of maintenance required work against ubiquitous adoption.

“Obviously, when we are talking about investment, different organisations will invest different amounts. But it's not just money you need to adopt tech – it’s a lot of other things such as human resources, knowledge and strategies for collecting data, and data management,” Thoai said.

“From our experience, automation is not an easy task, it requires a very high level of data accuracy. How do we know documents are being accurately processed? Automated systems are also associated with a scoring system, where you can track data points, decision points, so they can be processed based on business rules, logic, common rules and confidence level of combined data,” he shared.

Thoai mentioned an example of automation in the healthcare industry, and he believed that leveraging and collecting more data could generate more accurate information, thus enabling better outcomes. He also believes that ChatGPT, an AI tool with advanced Natural Languages Processing, can enable businesses to improve automated quality control procedures for swift decision-making and help businesses to streamline internal processes and depend less on human resources.

According to the 2022 McKinsey Global Industrial Robotics Survey, automated systems will account for 25 per cent of capital spending over the next five years. Particularly, executives in the industrial sector expect to see benefits in output quality, efficiency, and uptime. However, many remain wary of the challenge, with the hardware cost and a lack of internal experience at the top of their list of concerns.

Among the industrial sectors surveyed, the biggest spender on automation over the next five years is set to be retail and consumer goods, with 23 per cent of respondents from that sector planning to spend more than $500 million. That compares with 15 per cent in food and beverage and 8 per cent in automotive. For logistics and fulfilment players, automation will represent 30 per cent or more of their capital spending in the next five years, the highest share among industrial segments surveyed.

Thoai also highlighted the vast potential of the Vietnamese fintech landscape, citing that Vietnam is among the top 3 countries, with Indonesia and the Philippines, to adopt new technologies such as fintech and metaverse, according to a report by Meta and Bain & Company.

Seven out of 10 digital consumers in Vietnam have used the technology of the metaverse last year, such cryptocurrencies, VR, augmented reality, and non-fungible tokens (NFTs). In particular, Vietnam has the highest rate of VR adoption among Southeast Asian countries.

The report also indicated that 58 per cent of digital consumers in Vietnam used fintech solutions (online banking, e-wallets, money transfer apps, omnipotent digital banking) in 2022.

Additionally, according to Robocash, Vietnam's fintech market has the second-fastest growth rate in the region, after Singapore, with revenue expected to reach $18 billion by 2024.

“However, as fintech grows in popularity, we acknowledge that the backend process outsourcing services still offer lucrative opportunities for the Vietnamese tech sector. That’s why DIGI-TEXX Vietnam is tapping into this segment. While 80 per cent of our revenue comes from international markets such as the EU, the US, and Japan, we are also strengthening our footprint in Vietnam, as we see great promise in the country’s young, digital-savvy population,” Thoai noted.

For document processing, three of the prominent services which DIGI-TEXX offers include DIG-SCAN for data/document capturing, DIGI-XTRACT for AI extracting solutions and DIGI-DMS for digital archiving.

DIGI-TEXX's online verification services support renowned financial services providers from the US, EU and Vietnam, among others, to roll out eKYC services with the highest level of security and accuracy.

For automated operations processing, DIGI-TEXX has partnered up with a wide range of insurance companies to analyse the credit profiles of applications and assess their risk levels for specific claims policies.

DIGI-TEXX's intelligent data process platform integrates AI technologies and has the capacity to process various document types, including passports, birth certificates, invoices, and financial statements in English, German, Japanese, Vietnamese, and French.

Since its first entry in Vietnam 20 years ago, DIGI-TEXX Vietnam has positioned itself as a trusted tech partner offering world-class, digitally based business process outsourcing services.

DIGI-TEXX is a 100 per cent German-invested company specialising in Digital and Business Process Outsourcing Services. With over 1200 well-trained staff, DIGI-TEXX provides 24/7 services to customers around the world and can handle six speaking and 30 processing languages.

Contact:Headquarters: 2^nd Floor Anna Building, Quang Trung Software City, District 12, Ho Chi Minh City

Tell: (+84) 28 3715 5325 ; Email: info@digi-texx.com ; Website: digi-texx.com