A Disruptive Future with Large Language Models
Global experts highlight that large language models (LLMs) are central to the AI revolution. Data from the Institute of Scientific and Technological Information shows that the United States and China dominate LLM development, with the US leading in quantity. Analysts predict that advancements in LLMs could increase global GDP by 7%, or nearly USD 7 trillion, over the next decade.
In Vietnam, Techcombank leads in applying data analytics and AI, having migrated most of its data to the cloud to enhance customer value. This technological edge places Techcombank three years ahead of other Vietnamese banks, allowing it to leverage data and AI to drive business value and customer satisfaction.
With over 1,800 IT, technology, and data experts, Techcombank is setting standards and transforming the future of banking through engaging customer experiences. This drive towards becoming a data- and AI-powered bank led to the partnership with AWS to organize the "League of LLMs" competition. The event aims to promote AI and Machine Learning applications within the bank's operations. Skills in LLMs will enable staff to solve practical banking problems like customer identity verification (KYC), anti-money laundering (AML), regulatory compliance, risk management, and the development of new products.
The competition consists of two rounds: an online qualifying round and a live final round. Teams of 2 to 5 members fine-tune LLMs to answer scenario questions in the banking sector. The online round saw participation from 53 teams comprising over 200 employees. The top five teams advanced to the live knockout round at Techcombank's headquarters on July 9th.
Teams were initially provided with a foundation LLama3-8b model. They fine-tuned this model to enhance its performance, with each model undergoing rigorous training and adapting to unique tweaks. The fine-tuned models were then evaluated against the LLama 3-70b model, with the fine-tuned versions outperforming the initial models by an impressive 75%.
Collaboration with AWS and Future Prospects
The "League of LLMs" competition is part of a broader collaboration between Techcombank and AWS to develop and promote creative and digital human resource programs. Techcombank is also exploring AI-generated services like Amazon Q to boost developer productivity. This initiative is the fourth application, alongside three others using Amazon Bedrock technology, to improve customer experience.
Jens Lottner, CEO of Techcombank, expressed confidence in AI's future development and the need for increased competition to enhance understanding of generative AI in banking. He emphasized the integration of AI in future developments and valued the partnership with AWS.
Santhosh Mahendiran, Chief Data and Analytics Officer of Techcombank, shared his vision for everyone to utilize basic analysis through generative AI. He noted the significant participation from employees, reflecting the competition's success.
Eric Yeo, Country Director of AWS Vietnam, expressed pride in supporting Techcombank's digital transformation journey, providing AI services, capabilities, infrastructure, and security needed to leverage AI on a large scale.
Driving Hyper-Personalization of User Experience
At the Techcombank Keynote technology event in June 2024, CEO Jens Lottner highlighted the bank's progress in its five-year strategic transformation (2021-2025), driven by digitization, data, and talent. With data from over 50 core systems connected on AWS's cloud platform, Techcombank can analyze data comprehensively, increasing customer satisfaction and business results.
Techcombank has provided over 52 million personalized financial consultations to more than 4 million customers through its Personal Financial Assistant on Techcombank Mobile. AI and machine learning applications have further solidified Techcombank's position in the asset management sector, with over 100 million consultations in 2023.
The bank was named "Best Bank in Vietnam 2024" by Global Finance and Finance Asia and voted "#1 in Vietnam" by customers in a Forbes magazine survey.
