Mankind is moving towards the age of intelligence. At present, a new generation of artificial intelligence is booming around the world, injecting new drivers into economic and social development and profoundly changing the way people work and live. The continuous development of artificial intelligence technology is subversive reshaping of the financial industry, resulting in the innovation of a series of products and business models in the financial industry.
As a fundamental technological change, AI spillover has a strong driving force, which can promote technological innovation and product upgrading in traditional industries. In the process of digital transformation of the financial industry, artificial intelligence will also play a “head goose” driving effect to promote technological revolution.
Mankind is moving towards the age of intelligence. At present, a new generation of artificial intelligence is booming around the world, injecting new drivers into economic and social development and profoundly changing the way people work and live.
2018 has been called the year of the “big bang” for artificial intelligence. The accelerated development of artificial intelligence has presented new features such as deep learning, cross-border integration, human-machine collaboration, open group intelligence, and autonomous control. It has empowered all walks of life and accelerated the transition from digitalization and networking to intelligence in all sectors of the economy and society.
The continuous development of artificial intelligence technology is subversive reshaping of the financial industry, resulting in the innovation of a series of products and business models in the financial industry.
“In the financial industry, both in terms of technology and talent, the conditions for the landing and application of artificial intelligence technology in the financial industry have been mature.” Ping an Bank president special assistant CAI Xinfa thinks so.
“Head goose” driving effect prominent
Industry experts believe that mobile Internet, block chain, cloud computing, big data and other new technology applications are increasingly mature, give play to their respective advantages, and jointly lay an important foundation for the intelligent transformation and upgrading of the financial industry.
On a technical level, artificial intelligence (AI) is essentially the ability of a machine to make intelligent decisions trained with reams of data. In traditional computing, the machine can only process information in a preprogrammed way, and is helpless when there are no presets, or judgments that require a large number of contexts. Artificial intelligence can give machines the “brain” of understanding, allowing them to interpret the “semantics” contained in words and data, and obtain the rules of judgment through self-learning.
Therefore, as a fundamental technological change, AI spillover has a strong driving force, which can promote traditional industries to achieve technological innovation and product upgrading. In the process of digital transformation of the financial industry, artificial intelligence will also play a “head goose” driving effect to promote technological revolution.
“Now, the banking business has entered the ai-centered banking 4.0 era and become ubiquitous.” Mr CAI said.
It is widely believed that banking, as a highly digital industry with clear business rules and objectives, is the best application scenario for data-driven technologies such as artificial intelligence and cloud computing. In the age of AI, online banking will become mainstream, and the amount of data will explode beyond the boundaries of human experience and processing power. Such unstructured, non-financial data is precisely where AI is best at processing it.
Specific view, based on machine learning, deep learning, natural language processing, knowledge map, such as the underlying core technology, intelligent control solution can provide preliminary credit risk inline white list, before credit access, credit scoring, credit card to activate the income from the early warning, actuation, after credit card loan amount, intelligence collection, and many other scenarios solution.
In the future, the rapid development of artificial intelligence will enable machines to simulate human functions to a large extent, and realize batch humanization and personalized service to customers, which will surely bring profound impact on the financial industry at the top of the service value chain.
The scenario application is deepened gradually
Artificial intelligence is bringing a new round of changes to financial products, service channels, service modes, risk management, credit granting and financing, and investment decisions. The application of AI in the financial industry mainly focuses on seven scenarios: intelligent payment, intelligent claim settlement, intelligent investment consulting, intelligent customer service, intelligent marketing, intelligent investment research, and intelligent risk control.
In many aspects of financial services, the application of intelligent customer service is the most extensive. Take Bank of Communications for example. At the end of 2015, the bank launched China’s first intelligent artificial intelligence service robot, “Jiaojiao,” which is now working in branches in Shanghai, Jiangsu, Guangdong and Chongqing. This robot adopts the world’s leading intelligent interaction technology, the interaction accuracy of more than 95%, is a real “listening, speaking, thinking and judgment” intelligent service robot.
Intelligent customer service in the telephone scene is mainly manifested as machine management and voice answer analysis, there is also a text robot, mainly used in search. Artificial intelligence deeply learns conversations and voice conversations in text and then applies them to online situations.
In terms of intelligent investment consulting, at the end of 2016, intelligent investment consulting gradually changed from an experimental technology to a mainstream trend, becoming a standard matching service for banks, securities brokers, insurance and other financial institutions. In the past two years, the bank’s intelligent investment consulting products have expanded rapidly.
Another important application of AI is risk control, which is particularly important for the financial industry. The combination of “AI + risk control” is considered to be the most imaginative part of AI in the financial field. In the traditional risk control link, there are problems such as information asymmetry, high cost, poor timeliness and low efficiency, which are difficult to meet the demand of credit growth caused by the exuberant personal consumption. The introduction of risk control into intelligent technology can improve the quality of fintech products and service efficiency in pre-loan audit, in-loan monitoring and post-loan management, and intelligent risk control can also promote the differentiation of risk management and humanization of business.
For example, the identity identification in intelligent payment depends on the corresponding account and the specific scenario. The specific data is determined by the scenario. The security of different scenarios is different. This security also determines what kind of data is used, some of which is non-secret and some of which requires further authentication. On the server side, face recognition and fingerprint recognition technology has been quite mature. At present, many banks have adopted face login in the login interface of mobile APP. After login, different risk control measures are taken according to different scenarios.
In the future, intelligent risk control will play a full role in credit, anti-fraud, abnormal transaction detection and other fields, providing solid technical support for the analysis and early warning and monitoring of fraud risks in the financial industry.
Will revolutionize the financial industry
At present, the world’s major developed countries have taken the development of artificial intelligence as a major strategy to enhance national competitiveness and safeguard national security. They are stepping up active planning, focusing on core technologies, top talents, standards and norms, and striving to take the lead in the new round of international competition in science and technology.
It is estimated that by 2020, more than 50 billion machines and devices will be connected, and more than 200 billion connected sensors will generate massive amounts of data. Artificial intelligence technology will become the breakthrough point in the transition from the mobile Internet era to the Internet of everything era.
As the next “tuyere” of technological innovation, artificial intelligence is not only a hot technology in the current fintech field, but also a disruptive reshaping of the financial industry in the future. Artificial intelligence will become an important means for banks to communicate with customers and discover their financial needs, thus enhancing banks’ stickness to customers. Artificial intelligence technology can be used to serve customers at the front end, to support credit granting, decision-making in all kinds of financial transactions and financial analysis at the middle desk, and to prevent and control risks and supervise at the back end. It will greatly change the current financial pattern and make financial services more personalized and intelligent.
However, while artificial intelligence is becoming a “tuyere”, there are still bottlenecks to be broken through. Industry experts said that with the development of artificial intelligence, challenges such as information silos, infrastructure security and technology controllability are gradually emerging, which need to be addressed by the whole industry.