FOREIGN TRADE UNIVERSITY

SCHOOL OF ECONOMICS AND INTERNATIONAL BUSINESS

----------

RESEARCH PROPOSAL

THE IMPACT OF ARTIFICIAL INTELLIGENCE ON THE BUSINESS

PERFORMANCE OF COMMERCIAL BANKS IN VIETNAM

Research Methodology for

Subject:
Economics and Business
Group: 01
Professor: Dr. Pham Thi Cam Anh

Hanoi, June 2023

 Full name ID Role Contribution

Main
Lương Tùng Chi 2212150039 leader 20%

Content
Vũ Đình Tuấn Anh 2212150027 leader 20%

Nguyễn Hà Phương 2211150761 Member 20%

Thân Quang Bảo 2212150032 Member 20%

Nguyễn Vĩnh An 2213150002 Member 20%

 TABLE OF CONTENTS

Abstract........................................................................................................................4
1. Introduction..............................................................................................................4
2. Theoretical basis and research model.....................................................................5
2.1. Theory about Artificial Intelligence and business performance....................5
2.1.1. Artificial Intelligence..................................................................................5
2.1.2. Commercial banks and business performance of commercial banks.....5
2.1.3. Application of Artificial Intelligence in commercial banks......................6
2.1.4. The theory of evaluating the relationship between business
performance and the application of Artificial Intelligence ...............................7
2.2. Literature review...............................................................................................7
2.2.1. International literature review..................................................................7
2.2.2. Literature review within Vietnam.............................................................9
2.3. Hypothesis........................................................................................................10
2.3.1. Customer services.....................................................................................10
2.3.2. Risk management......................................................................................11
2.3.3. Cross-selling..............................................................................................11
2.4. Conceptual framework...................................................................................12
3. Methodology...........................................................................................................12
3.1. Sources of data.................................................................................................12
3.2. Research method.............................................................................................12
References................................................................................................................... 16

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Abstract
This research investigates the impact of Artificial Intelligence (AI) on the business
performance of commercial banks in Vietnam. The study utilizes multivariate
regression models to examine the impact of AI on the business performance of 49
commercial banks in Vietnam during the period from 2018 to 2022. The findings of
this research suggest whether AI has a positive or negative effect on the business
performance of banks and whether it is a powerful tool for improving the performance
of commercial banks in Vietnam.
Keywords: Business performance; Artificial Intelligence; Commercial banks;
Vietnam.
1. Introduction
The Fourth Industrial Revolution has ushered in a remarkable era of technological
advancement, transforming industries and societies alike. At the forefront of this
revolution is the rapid development and integration of Artificial Intelligence (AI)
across various sectors. In the realm of financial enterprises, particularly in banks, AI
has emerged as a powerful tool capable of enhancing efficiency and revolutionizing
traditional practices. With a wide range of existing applications, AI has become
instrumental in automating routine tasks, improving customer experiences, and
optimizing operations. One such example is the Automated Teller Machine (ATM)
system, which utilizes AI algorithms to enable self-service banking, allowing
customers to perform various transactions, such as cash withdrawals, balance
inquiries, and fund transfers, without the need for human intervention. The
deployment of AI in financial enterprises is only the tip of the iceberg, as its potential
to revolutionize the industry is vast and continues to be explored. By harnessing the
power of AI, banks are poised to unlock new levels of efficiency, productivity, and
innovation, driving the future of finance.
The application of technology, especially AI in banks, has brought forth many benefits
and has played a pivotal role in their digital transformation. AI has revolutionized
various aspects of banking operations, leading to improved efficiency, enhanced
customer experiences, and streamlined processes. For instance, AI-powered chatbots
and virtual assistants have transformed customer service by providing quick and
accurate responses to inquiries, reducing customer wait times, and enabling round-the-
clock support. AI algorithms have also proven invaluable in fraud detection and
prevention, analyzing vast amounts of data to identify suspicious transactions and
patterns in real-time, safeguarding customer assets, and bolstering security measures.
Moreover, AI-driven analytics and data processing have empowered banks to make
data-driven decisions, optimize risk management strategies, and develop personalized

4
financial offerings for their clients. While the benefits of AI in banking are evident, it
is essential to note that rapid technological advancement does not automatically
ensure effective technology management, operation, and application. Thus, the
authors want to discover how the implementation of AI may impact the financial
performance of banks and offer workable and practical suggestions to help banks
perform better when applying AI.
Regarding the importance of this study, it is acknowledged that previous research only
focuses on one of the different aspects (customer services, risk management, cross-
selling, etc) that the application of AI has an impact on, leading to an incomprehensive
view of this subject matter. Moreover, little research has explored the relationship
between AI and the business performance of commercial banks. Through conducting
this research with the scope of commercial banks in Vietnam, we aim to not only
bring a clear picture but also become a suggestion for Vietnamese commercial banks
in the progress of applying AI.
By examining the application of AI in almost all key areas, such as customer service,
risk management, and cross-selling, this research seeks to assess the extent to which
the application of AI in such activities influences the financial performance of banks.
The authors decided to use the Multiple linear regression model with data collected
from 49 commercial banks in Vietnam in the period from 2018 to 2022.
2. Theoretical basis and research model
2.1. Theory about Artificial Intelligence and business performance
2.1.1. Artificial Intelligence
Artificial Intelligence (AI) is an interdisciplinary field that focuses on the
development of computer systems capable of performing tasks that typically require
human intelligence. AI encompasses a wide range of subfields, such as machine
learning, natural language processing, computer vision, and robotics. One prominent
theory within AI is the concept of neural networks, which is inspired by the structure
and functioning of the human brain (Goodfellow et al., 2016). Neural networks consist
of interconnected nodes (artificial neurons) that learn from data through training
processes to make predictions or decisions.
2.1.2. Commercial banks and business performance of commercial banks
According to the Vietnam Credit Institutions Law of 2020, a commercial bank is
defined as a credit institution specializing in conducting currency-related activities and
banking operations for the purpose of generating profit.
Commercial banks accept deposits from the public and provide loans, playing a vital
role in credit creation and allocation (Mishkin, 2011). These banks act as

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intermediaries between savers and borrowers, channeling funds from depositors into
productive investments. This process enables the efficient allocation of resources and
supports economic growth. Commercial banks also possess the power to create money
through fractional reserve banking. By lending out a portion of their deposits, banks
effectively expand the money supply, impacting variables like aggregate demand,
inflation, and interest rates.
Furthermore, the theory underscores the significance of commercial banks in
maintaining financial stability. As they face risks related to credit quality, liquidity,
and interest rate fluctuations, disruptions in the banking sector can have systemic
consequences.
The performance of banks is evaluated using various metrics, including different sets
of indicators. These indicators encompass measures of the bank's operational scale
(such as total assets, total capital, loan volume, and savings deposits), revenue
indicators (such as interest income and fee income), as well as risk-related indicators.
Among these, metrics like net income after tax, return on assets (ROA), and return on
equity (ROE) are commonly employed to gauge the bank's business performance.
However, relying solely on net income after tax fails to capture the efficiency of
utilizing bank resources (such as total assets and capital) to generate results.
Moreover, the banking industry's high leverage ratios contribute to a significant
portion of debt in the capital structure, limiting the usefulness of ROE as it primarily
reflects business operations based on equity capital and overlooks the impact of debt
in the bank's overall capital structure. Therefore, in this particular study, the ROA
metric is adopted to assess the financial performance of banks, as it offers a more
comprehensive evaluation of business operations based on total assets.
2.1.3. Application of Artificial Intelligence in commercial banks
The application of Artificial Intelligence (AI) in business performance, specifically
commercial banks, has gained significant attention in recent years. AI technologies
offer various benefits and opportunities for enhancing business activities in the
banking sector. One prominent application of AI in commercial banking is in customer
service and support. Firstly, AI-powered chatbots and virtual assistants can provide
personalized and efficient customer interactions, address queries, provide account
information, and even assist with basic transactions (Sarbabidya and Saha, 2020).
Secondly, AI algorithms can analyze customer data, including transaction histories,
demographic information, and online behavior, to gain insights into individual
preferences and financial goals (Haleem et al., 2022). Banks can offer personalized
product recommendations, targeted marketing campaigns, and tailored financial
advice.

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AI is also utilized in credit risk assessment and underwriting processes. Machine
learning algorithms can analyze a huge amount of data, including financial statements
and credit histories, to evaluate creditworthiness and make more accurate lending
decisions. Moreover, AI enables fraud detection and prevention by identifying patterns
and anomalies in transactions and user behavior, thereby enhancing security measures
in commercial banking (Alhaddad, 2018) and allowing banks to take proactive
measures to prevent financial losses (Phua et al., 2012).
AI technology is also used in optimizing operations and improving efficiency. By
automating routine tasks, AI systems can streamline processes, reduce errors, and
increase operational speed. Overall, the application of AI in commercial banking
enhances customer experience, mitigates risks, increases efficiency, and supports data-
driven decision-making. As technology continues advancing, the integration of AI in
various aspects of banking operations is expected to expand further.
2.1.4. The theory of evaluating the relationship between business performance
and the application of Artificial Intelligence
In order to evaluate the connection between business performance and the
implementation of AI, various dimensions and indicators, such as customer
satisfaction, and risk management need to be taken into account (Perifanis and Kitsios,
2023). Through the analysis of empirical data and rigorous assessments, valuable
insights can be gained regarding the overall impact of adopting AI on business
performance.
Moreover, Orçun (2019) suggests that the use of AI technologies in banks has a
positive effect on profitability by enhancing labor productivity and thus reducing costs
within the banking sector in a structural manner. It is crucial for banks to rapidly
implement AI technologies in order to address persistently weak profitability and
maintain competitiveness.
2.2. Literature review
2.2.1. International literature review
Previous research associated with Artificial Intelligence (AI) was mainly conducted
within a country (Anil and Gopalakrishnan, 2020; Sarbabidya and Saha, 2020) or
illustrates its impacts on only one of the specific aspects of operating commercial
banks, such as customer services using chatbot (Anil and Gopalakrishnan, 2020;
Nguyen et al., 2021), risk management (Alhaddad, 2018; Eletter, 2010), cross-selling
(Boustani et al., 2023) and business performance (Orçun, 2019; Setiawan et al., 2021).
Consequently, the results of the aforementioned research fail to bring a big picture of
the impacts of AI. To be more specific, research by Eletter, 2010; Sarbabidya and
Saha, 2020; Boustani et al., 2023 pen down saying that the application of AI exerts a
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positive impact on the business performance and then on the profit of commercial
banks. By contrast, there is some research showing the possible negative impacts
when applying AI, such as security issues (Ayachit, 2017), which in fact, require
commercial banks’ efforts and money to tackle.
The study by Eletter (2010) created computer software using a neural network to
imitate the physical neuronal processes underlying human learning and intuition
development. A multilayer feed-forward neural network model was employed by the
author. The outcomes showed that artificial neural networks are an effective
technology that may be applied to evaluating loan applications, which may lead to
better business performance of Jordanian commercial banks. Limitations of this
research are the fact that it lacks a comprehensive set of data because this type of data
is considered confidential, as well as it is difficult and takes time to build a neural
network model so errors are unavoidable.
Sarbabidya and Saha, in their 2020 research, aim to investigate Chatbot's significant
function in customer service. The strength of this paper compared to previous ones is
the combination of qualitative and quantitative research methods in approaching the
subject matter. The primary data were collected from a sample size of 125
respondents, including users and employees of digital banking service providers, using
a judgment sampling method through a structured and self-administered questionnaire,
from September 1, 2019, to November 30, 2019, and the secondary data were
collected from the recent research findings. This research points out the advantages of
Chatbot in providing customer services, from which commercial banks can improve
their service-providing capacities and thus hasten their business growth.
Boustani et al. (2023) combine two types of data on customer behaviors in order to
bring empirical evidence. They deploy a deep-learning system to examine
approximately 800.000 credit card transactions. The results demonstrate that such
unique data provides essential information on clients’ consumption patterns and can
greatly enhance the cross-selling model’s forecast accuracy. The main variables
discussed are Number of sub-categories used, Spending in each category, and Number
of shops used, with a special focus on the product - Consumer Loan. In this paper, the
authors set two experiments, with the former aiming to compare the prediction
accuracy of a model using only demographic data  and product ownership to a model
combining both transactional and demographic data, and the latter aiming to prove not
only transaction data has significant predictive power, but there are also some patterns
within the data that can be extracted and used as predictors, adding extra predictive
power to the cross-selling model. Regarding the data collection, a Middle Eastern
bank’s sample of 6127 unique clients was used. This research comes to the conclusion

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that auto-encoders aid in increasing the current business performance and also the
predictive power.
Apart from considering successful implementation and implying positive signs like
research by Sarbabidya and Saha (2020) or Boustani et al. (2023), Nenad et al. (2020)
also take into consideration the potential problems of using AI and suggest some
feasible solutions for a successful application of AI and ML in risk management of
banking industry. The study highlighted difficulties and unanswered issues such
model risk (or "black box" issues), data accessibility, collection, and protection,
transparency, ethics, and the availability of qualified employees to implement and
develop new techinique. The gap of this research lies in the lack of detailed
measurement of the efficiency and the focus on suggestions instead.
Besides, Ayachit (2017) uses secondary data related to Indian commercial banks
collected through many reports, journals, news articles, various bank portals, RBI
portals, and internet sources. This study illustrates challenges that the application of
automation and AI may result in: unemployment, problems associated with
biometrics, security issues, rural areas' digital literacy, etc
In conclusion, apart from positive impacts, the application of AI in running
commercial banks still accompanies various potential risks. Consequently, the cost
that commercial banks have to pay in order to deal with these problems exerts a
negative impact on their business performance.
2.2.2. Literature review within Vietnam
In the paper by Nguyen et al. (2021), the D&M ISS model, the ECM, and the trust
variable were combined to examine the variables affecting consumers' intentions to
continue using banks' chatbot services. The results showed that contentment, trust, and
perceived utility had an impact on users' intent to continue using the banks' chatbot
services, with trust having the most impact. The findings also show that the four
factors of information, system, service, and confirmation of expectations all
significantly influenced the three drivers of continuance intention in various ways.
This study remains a significant gap that it does not cover the relationship between the
intention to continue using chatbots and actual continuance usage. 
Tang and Nguyen (2020) examine the link between AI and the operation of
Vietnamese commercial banks through the use of qualitative research methods. To
conduct the research, the techniques of document analysis, secondary data collection,
and interviewing were chosen. A poll of 60 commercial bank executives from chosen
commercial banks was used to collect the primary data. There were 60 surveys
distributed, and 55 responses were received, yielding a wealth of relevant data. This
research concludes that the positive impacts that AI yields exceed the negative ones,
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with the effects on reducing product and service complexity, preventing fraud, and
improving ATM performance being most appreciated. However, it is noted that the
research article cannot evaluate in-depth the level of application of AI compared to
other countries, having a more objective view of the influence of AI on the operation
of commercial banks, because the secondary data on AI in Vietnam is not transparent. 
Pham et al. (2023) estimate the anomalous returns (AR) of various listed Chinese and
Vietnamese banks using a variety of asset pricing methods. Data envelopment analysis
(DEA) is another tool the authors use to investigate whether financial technology
increases the productivity and profitability of banks. According to the study's findings,
just six banks responded positively, 15 banks negatively, 11 banks mixedly, and 8
banks did not respond at all to news about financial technology in China. On the other
side, the authors discover that Vietnamese banks welcome financial technology, with
the majority of them seeing mixed emotions but with a predominance of positive ones.
By and large, this paper’s results show both negative and positive impacts of Fintech,
and especially, also discover lower efficiency levels and worse profitability in the first
year after early adopters of 10 financial technologies began using it. It is noteworthy
that this paper aims to cover both banks in Vietnam and China, which fails to provide
details about Vietnamese commercial banks under the effects of Fintech.
By analyzing previous research conducted within Vietnam, it is obvious that because
Vietnam is a developing country and the application of AI in the banking
industry is in progress, there has been little research on the link between AI and
commercial banks. Among all sources of research that the authors have access to,
only Pham et al. (2023) do research measuring the impact of AI on the business
performance of both Vietnamese and Chinese commercial banks and there has been
no research digging deeper into only the banking sector in Vietnam. As a result, the
objective of this study is to be amongst the pioneer in exploring how the application
of AI affects the business performance of Vietnamese commercial banks.
2.3. Hypothesis 
2.3.1. Customer services 
Chatbots have made a revolutionary mark in customer service in the banking industry.
With their ability to provide instant responses and personalized assistance, they
enhance the overall customer experience. These AI-powered virtual assistants deal
with a wide range of tasks, such as answering queries about account balances,
transaction history, and interest rates. They can also guide customers through the
application process for various banking services and help with troubleshooting
common issues. Through the automation of repetitive tasks, chatbots enable human
agents to concentrate on intricate inquiries, resulting in quicker response times and

10
enhanced productivity. Moreover, chatbots are available 24/7, ensuring round-the-
clock support for customers, which ultimately enhances customer satisfaction and
loyalty. To summarize, Chatbot is useful for enhancing engagement and thus creating
strong bonds and relationships with different customers (Sarbabidya and Saha, 2020). 
H1: Application of AI in customer services has (+) impact on the business
performance of banks  
2.3.2. Risk management
AI has emerged as a powerful tool and has been considered useful when it comes to
fraud detection for banks. By utilizing sophisticated algorithms and machine learning,
AI systems have the capability to examine extensive volumes of transactional data in
real-time, detecting suspicious patterns and anomalies. These systems can detect
fraudulent activities such as unauthorized account access, identity theft, and unusual
spending patterns. AI models continuously learn and adapt based on new data,
improving their accuracy over time. The use of AI in fraud detection allows banks to
proactively identify and prevent fraudulent activities, protecting both customers and
the institution itself (Alhaddad, 2018). This technology helps reduce financial losses,
maintain customer trust and to be able to increase bank’s profit. 
Moreover, AI plays a crucial role in managing liquidity risk in banks. By analyzing
large volumes of financial data in real-time, AI algorithms can identify potential
liquidity gaps, forecast cash flows, and detect liquidity risk factors. This enables banks
to make informed decisions regarding liquidity management, such as optimizing cash
positions, assessing liquidity stress scenarios, and implementing proactive measures to
mitigate risks. AI also enhances liquidity risk modeling by incorporating various
market and macroeconomic variables, improving accuracy and providing early
warning signals to prevent liquidity crises.
To summarize, well-prepared application of AI can help make significant contribution
to the area of risk management including credit, liquidity, operational risks and other
related areas. (Nenad et al., 2020).
H2: Application of AI in risk management has (+) impact on the business
performance of banks.      
2.3.3. Cross-selling 
AI has significantly transformed the cross-selling efforts in the banking sector. By
analyzing vast amounts of customer data, AI algorithms can identify patterns,
preferences, and behaviors to generate personalized product recommendations. These
recommendations can be tailored to the specific needs and interests of individual
customers, increasing the chances of successful cross-selling. AI can also predict

11
future needs based on customer behavior and market trends, enabling banks to
proactively offer relevant products and services. Additionally, AI-powered chatbots
and virtual assistants can engage customers in personalized conversations, guiding
them through the cross-selling process and addressing any concerns or questions they
may have. This not only improves the efficiency of cross-selling but also enhances the
customer experience and drives revenue growth for banks. (Tang and Nguyen, 2020)
H3: Application of AI in cross-selling has (+) impact on the business performance of
banks.
2.4. Conceptual framework

Customer services GDP growth rate

Risk management Business Inflation rate

performance

Cross-selling Dependent Equity-to-asset

Variable ratio

Independent Control Variables

Variables

3. Methodology
3.1. Sources of data
In total, there are 49 commercial banks operating in Vietnam from 2018 to 2022.
Therefore, data used in this research is secondary data which is obtained from
financial statements, annual reports of 49 commercial banks in Vietnam during the
period between 2018 and 2022, and the World Bank.
3.2. Research method 
We will make use of multiple regression analysis, correlation analysis, and hypothesis
testing to analyze the collected data, which could help identify the causal relationships
between AI and the business performance of banks. 
As analyzed above, ROA will be used as the dependent variable representing the
business performance of banks.

12
Based on the aforementioned three hypotheses, three independent variables including
CE (customer services), RM (risk management) and CS (cross-selling) will be used to
measure the application of AI.  
As annual reports often highlight specific technological initiatives, investments, or
projects undertaken by the company during the reporting period. This could include
the implementation of new software systems, automation tools, AI applications, data
analytics, cloud computing, Internet of Things (IoT) solutions, or other digital
technologies that have positively impacted their business processes, customer
experience, or overall performance. Based on such reports, we can determine whether
banks have made use of AI in customer services, risk management and cross-selling.
In line with the three hypotheses mentioned earlier, three separate factors, namely
customer services (CE), risk management (RM), and cross-selling (CS), will serve as
independent variables to gauge the utilization of AI. These independent variables will
be assigned a value of "1" to indicate the presence of AI applications in their
respective areas. Conversely, they will be assigned a value of "0" if there is no
implementation of AI in those factors. 
According to (Orçun, 2019), macro factors such as Inflation and GDP growth are the
most important contributors to the variation of the business performance (ROA) of a
bank, accounting for 64%. Meanwhile, 29% of the variation of ROA is associated
with banking sector indicators such as equity-to-assets ratio and the rest (7%) is the
application of AI. Therefore, we choose GDP growth, Inflation rate and equity-to-
assets ratio as the control variables. 
We propose the following research model: 

ROA ¿= β 0+ β 1 x CE ¿ + β 2 x RM ¿ + β 3 x CS¿ + β 4 x GDPGrowtht + β 5 x Inflationt + β 6 x EA ¿ + ε ¿

Where:
ROA: Represents the measurement of the financial performance of banks;
CE, RM and CS: Variables representing the implementation of AI in customer
services, risk management and cross-selling, process improvement within the bank,
respectively. Each variable will take a value of 1 if the corresponding implementation
of the activities exists and 0 if it does not;
GDPGrowth, Inflation and EA: represents the GDP growth rate, the Inflation rate and
the equity-to-assets ratio;
i: thei th observed commercial banks;
t: the t th observed times;
β0: the intercept;
β1, β2, β3, β4, β5, β6: Coefficients reflecting the relationships between the variables;
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ε: the residual error.
Table 1: Description of variables used in the model

Variables Notation Previous Measurement Expectation Data

research sources

Dependent Variable

Return on ROA Orçun Net profit/ Total Audited

Asset ratio (2019) asset (measured financial
in percent) statement

Independent Variables

Application CE Anil take a value of 1 (+) Annual

of AI in (2020); if the report
enhancing Sarbabidya corresponding
customer and Saha implementation
experience (2020) of the activities
exists and 0 if it
does not;

Application RM Alhaddad, take a value of 1 (+) Annual

of AI in risk (2018); if the report
management Eletter corresponding
(2010); implementation
Nenad et of the activities
al. (2020) exists and 0 if it
does not;

Application CS Boustani et take a value of 1 (+) Annual

of AI in al. (2023); if the report
cross-selling Tang and corresponding
Nguyen implementation
(2020) of the activities
exists and 0 if it
does not;

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 Control Variables

GDP growth GDPGrowth Orçun The GDP World Bank

rate (2019) growth rate of
Vietnam year t
compared to
year t-1
(measured in
percent)

Inflation rate Inflation Orçun The inflation World Bank

(2019) rate of Vietnam
in year t
(measured in
percent)

Equity-to- EA Orçun Shareholder’s Audited

assets ratio (2019) Equity/ Total financial
Asset statement
(measured in
percent)

15
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