The deep integration of artificial intelligence and financial services has become a new engine to promote the transformation of financial institutions and a new weapon to prevent and resolve financial risks. At the 2021 World Artificial Intelligence Conference, “AI + Finance”, as the most important application scenario of artificial intelligence technology, was demonstrated as a case by many companies. The industry believes that, looking forward to the future, as the application of artificial intelligence technology in the financial industry advances in depth and breadth, smart finance will become the core competitiveness of the financial industry.
Intelligent investment advisory, integrated platform for auto insurance claims, multi-modal virtual digital humans…In the exhibition area of the 2021 World Artificial Intelligence Conference, the reporter saw that many “town halls” AI products debuted for the first time, focusing on financial convenience services, digital empowerment, etc. Direction, financial institutions confidently display the latest frontier exploration in artificial intelligence.
OneConnect, a subsidiary of Ping An, brings “Smart Subscription Signing Solution” and “Smart Document Review Solution”, which fully interprets the advantages of AI collaboration in improving management efficiency in the investment field. Among them, the “Smart Subscription Signing Solution” relies on multiple types of smart tools to achieve a 90% process automation rate and a 100% standardization rate; the Bank of Communications exhibition hall has opened up a naked-eye 3D virtual anchor interactive area and an immersive financial service experience area.
“Intelligent finance will become the core competitiveness of the financial industry.” Ren Deqi, chairman of the Bank of Communications, pointed out that finance is inherently in the form of data. In the recent integration of artificial intelligence and entities, finance has a natural data advantage. From the current time point of view It is also a general trend that financial institutions gather to explore artificial intelligence applications.
Scientific research capabilities determine technical strength. In recent years, the financial industry has increased investment in technology research and development. According to data from the China Banking and Insurance Regulatory Commission, the scale of bank IT investment in 2020 will reach 207.8 billion Yuan, a year-on-year growth rate of more than 25%.
Pan Weidong, President of Shanghai Pudong Development Bank, said, “Artificial intelligence is opening a new development cycle from technological innovation to popularization to change. In this era, it is our vision to create a responsible, trustworthy, more universal, and open AI. It is our common mission.”
In addition to the civilianization of AI, the emerging technology of privacy computing is also one of the focus topics of the 2021 World Artificial Intelligence Conference. For a long time, traditional data transmission and sharing methods have not been able to effectively protect data, and it is difficult for data from different financial institutions to be interconnected, which also restricts multi-party cooperation in areas such as risk prevention, anti-fraud, and anti-money laundering. Multi-party secure computing is considered a solution to the problem. It is reported that Shanghai Pudong Development Bank and Ant Group have identified more than 145,000 high-risk customers based on the risk model of multi-party security calculations and have prevented the issuance of high-risk loans worth billions of Yuan. This further improves the quality of bank assets and reduces losses.
Risk control is the core capability and challenge of the financial industry. At present, the development of credible artificial intelligence has become a global consensus. Trusted artificial intelligence is to implement ethical governance requirements from the perspective of technology and engineering practice, and achieve an effective balance between innovation development and risk governance.
“Open finance can not only bring direct business improvement at the level of financial institutions, but also improves its own services through process externalization, but the data value sharing of the open financial ecosystem needs to solve the balance between the three dimensions of accuracy, performance, and security. “Gao Fei, research director of IDC China, an international authoritative data company, said that privacy-preserving computing has emerged in recent years. This type of computing is supported by a series of encryption methods and artificial intelligence computing capabilities to achieve a balanced belt of data value sharing for open finance.
The industry believes that the widespread application of artificial intelligence technology has become an important driving force for commercial banks to serve the real economy, prevent and control financial risks, and deepen financial reforms. McKinsey’s report expects that more and more banking industry leaders are beginning to deploy advanced artificial intelligence through a systematic approach and integrate it into the entire life cycle of digital operations throughout the front and back offices. AI technology is expected to create a global banking industry every year with incremental value of up to $1 trillion.