After a Vietnam-Australia Artificial Intelligence Forum was held in late October, ministries from both countries have been encouraging companies to join an AI network. The idea is that, by sharing joint experiences and initiatives, Vietnam and Australia will benefit from increased AI technology development.
This will serve the respective domestic markets, boosting particular sectors. But which industries will be affected by the Forum? And how will the agreement impact them positively? Here are three examples that shine a light on the deal.
AI & eCommerce
Amazon is an eCommerce leader, but the trillion-dollar company hasn’t rested on its laurels. Currently, there is a drive to leverage the use of artificial intelligence throughout the company due to the impacts it has on overall revenues. A simple example is that of upselling on its app and website. Upselling makes up a considerable chunk of the brand’s revenues – 35% – and it’s powered by AI, with programs that deal with features such as product recommendations.
In Vietnam, a 29% investment has been made in eCommerce, the biggest across a range of industries, highlighting the need and demand for AI software in Southeast Asia. Still, factors such as poor infrastructure and Big Data techniques mean that challenges continue to inhibit Vietnamese businesses that try to break through. Demonstrating this point is the fact that there are only 10 AI markets in Vietnam.
Thankfully, $9.7 million to develop programs and infrastructure has been made available by Australian companies as a result of the format, showcasing the benefits for Vietnam.
The Betting Scene
Australians love to gamble, with a significant percentage of adults engaging in some form of the activity. However, Australian players have shifted their requirements and now have a desire for a more personalized experience. Enter AI.
AI is appearing in more aspects of life, including betting, as the intelligent software gleans information from users’ habits and reports them to the operators. Once the businesses have the insights, it’s not hard to enhance the customer experience via personalized gaming, taking gameplay to the next level.
Of course, superior AI is necessary for Australian providers to take back the initiative, something the Forum aims to provide. This would greatly benefit Australian online gambling as new casinos would provide strong competition, payment options would evolve, and security concerns wouldn’t be as threatening since AI should theoretically spot issues before they arise.
It’s clear that online gambling in Australia is growing rapidly already, as demonstrated by dedicated casino comparison sites that rank brands by their promotions and user ratings. So, the relationship between Vietnam and Australia may well affect everything from security, to bonus offers to game choice, making the Aussie industry one of the healthiest in the world.
You could argue AI is paying dividends in the finance industry more than in any other sector. After all, it ensures banks and lenders have the tools they need to deal with customer demands. Take credit decisions as examples. Good credit is essential, especially for younger generations who find it hard to get on the property ladder. Thankfully for millennials, AI takes factors into account that traditional underwriters miss. Enova’s Colossus platform does just that.
Alternatively, machine learning is developing risk management models that more accurately predict trends, enabling organizations to minimize risks. Kensho, for instance, supplies massive institutions, including J.P. Morgan, Bank of America, and Morgan Stanley. Sadly, for Australians and Vietnamese, neither of these examples are from the regions. They are both American.
But a better partnership, one that breaks down borders and shares resources, should see banks in Vietnam and Australia provide similar services to their customers. The banking sector’s influence is huge, so it makes sense that a powerful banking system is healthy for any nation.
With its potential impact on eCommerce, betting, and finance, the Vietnam-Australia Artificial Intelligence Forum may be a game-changer for its respective regions.