The Asian Banker: Cake Digital Bank engages best AI technology implementation

Overcoming hundreds of applicants, Cake has been highly rated by The Asian Banker for its outstanding development within the past three years and recognised as a self-developed bank with the most effective and innovative AI implementation in Vietnam.

Since its launch, this digital-only bank has enticed 4.4 million users, mobilised more than $308 million, and received hundreds of thousands of credit/ loan applications each month.

Cake possesses a comprehensive range of products to meet the financial needs of individual customers, such as opening accounts, credit cards, savings, and consumer loans.

In particular, Cake has successfully applied big data analysis and AI in all aspects of the bank's activities, from management operations (back office), to risk management (middle office) and customer experience and security (front office).

As such, all transactions on the Cake app are processed online, and all approval activities are completed in just a few minutes, maximising the customer experience by saving them cost and time.

Leveraging these existing advantages, in 2024, Cake aims to become “NEXT GENAI BANK” - Vietnam's leading digital GenAI bank.

Nguyen Huu Quang, CEO of Cake Digital Bank said, “Cake appreciates The Asian Banker's recognition and evaluation toward our process of becoming the first next gen AI bank in Vietnam."

"This award helps us affirm our position in the financial technology market. At Cake, AI is not just a slogan. We have been integrating everything related to AI in every stage of the customer journey to enhance and provide an ‘easy as Cake’ experience for customers.”

In the categories of Financial Technology Innovation Awards, part of the Retail Finance and Financial Technology Innovation Awards 2024 by The Asian Banker, Cake was honoured alongside world-class traditional banks with experience and advantages in technology and innovation in the country, such as BIDV and Kasikornbank Vietnam.

Chris Kapfer, a representative of The Asian Banker said, “Cake has successfully passed all of the organisation's strict assessments for the award category including both technology and deployment efficiency criteria."

"We particularly recognised Cake for their vision, execution capabilities, market-leading financial services, outstanding achievements in technological application methods, and, especially, AI implementation.”

Cake Digital Bank has enticed 4.4 million users after more than three-year launching

On July 16, Cake also became the first digital bank and one of the top 5 banking and finance organisations in Vietnam to receive an international certificate ISO/IEC 30107-3 for facial biometric recognition, recognised by iBeta, a global leader in quality assurance testing.

This solution was built and implemented by Cake's Vietnamese technology engineers team, which is also refined and optimised on a large dataset of Vietnamese people to ensure the most accurate results, enhancing the user's experience when making transactions.

The Asian Banker Excellence in Retail Finance and Technology Innovation Vietnam Awards 2024 is a prestigious programme, recognising the best products as well as business applications in terms of retail banking and financial organisation in Vietnam.

With their scale and worldwide reputation, The Asian Banker ensures strict transparency and integrity in all organisational activities. All applications participating in the competition are evaluated through many rounds of competition, with a review board consisting of industry-leading global experts.

The 2024 vision for digital application, digital productivity, and digital growth Vietnam’s digital technology industry has made encouraging steps of development and maturity over the years.

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