Humanity is moving towards the age of intelligence. At present, a new generation of artificial intelligence is flourishing worldwide, injecting new momentum into economic and social development and profoundly changing people’s production and lifestyle. The continuous development of artificial intelligence technology is disruptively reshaping the financial industry, giving rise to a series of product and business model innovations in the financial industry.
As a fundamental technological change, AI spillover is highly driven and can drive traditional industries to achieve technological innovation and product upgrade. In the process of digital transformation of the financial industry, AI will also play a “leading goose” driving effect to promote the technological revolution.
The “head goose” drive effect is prominent
Industry experts believe that the mobile Internet, blockchain, cloud computing, big data and other new technology applications are becoming increasingly mature, play their respective advantages, together to lay an important foundation for the intelligent transformation and upgrading of the financial industry.
From the technical level, artificial intelligence (AI) is essentially the ability of machines to make intelligent decisions through a large amount of data training. Based on traditional computing methods, machines can only process information according to pre-written programs, and once there is no pre-determined situation, or the need to combine a large number of contextual judgments, the machine is powerless. Artificial intelligence can give the machine a comprehensible “brain”, so that the machine can interpret the “semantics” contained in the text and data, and obtain the rules of judgment through self-learning.
Therefore, as a fundamental technological change, artificial intelligence spillover drive is very strong, 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 the “head goose” drive effect, to promote the technological revolution.
The industry generally believes that the banking industry as a highly data-driven industry, coupled with clear business rules and objectives, is the best application of artificial intelligence and cloud computing and other data-driven technology scenarios. AI era, the banking industry online business will become mainstream, the volume of data surge, beyond the scope of human experience and processing capacity boundaries. These unstructured, non-financial data are precisely the areas that AI is best at handling.
Specifically, relying on machine learning, deep learning, natural language processing, knowledge mapping and other underlying core technologies, intelligent risk control solutions can provide solutions for multiple scenarios such as pre-credit intra-bank white list, pre-credit access, post-credit warning, revenue scoring, credit card activation promotion, credit card post-credit amount adjustment, and intelligent collection.
In the future, the rapid development of artificial intelligence will enable machines to simulate human functions to a large extent and realize bulk humanized and personalized services to customers, which will definitely have a profound impact on the financial industry, which is at the top of the service value chain.
Scene application deepens gradually
Artificial intelligence is bringing a new round of changes to financial products, service channels, service methods, risk management, credit financing and investment decisions, etc. The application of AI in the financial industry is mainly focused on seven scenarios, including intelligent payment, intelligent claims, intelligent investment, intelligent customer service, intelligent marketing, intelligent investment research and intelligent risk control.
Intelligent customer service in the telephone scene is mainly manifested in machine management and voice question and answer analysis, and there is also a text robot, which is mainly applied in search. Artificial intelligence through deep learning text dialogue, voice dialogue, and then for the online scene to be applied. It is understood that Ping An Bank’s manual replacement rate for this part is more than 80%, that is, more than 80% of voice customer service no longer needs to be handled manually; through AI customer service, Ping An Bank’s service volume has increased two to three times in the past two to three years, and customer service manpower has been reduced by 40%.
Another important application of artificial intelligence is the wind control, which is particularly important for the financial industry. The combination of “artificial intelligence + wind control” is considered to be the most imaginative aspect of artificial intelligence in the financial sector. In the traditional risk control process, there are problems such as information asymmetry, high costs, poor timeliness and low efficiency, which make it difficult to meet the demand for credit growth caused by the boom in personal consumption. The introduction of intelligent technology into risk control makes it possible to improve the quality of fintech products and service efficiency in pre-credit review, monitoring and post-credit management, and intelligent risk control can also promote risk management differentiation and business humanization.
For example, the identification in smart payment depends on the corresponding account as well as the specific scenario, the scenario determines the specific data, and the security of different scenarios is not the same. This security also determines what kind of data is used, some are encryption-free and some require further identification. On the service side, the technology of face recognition and fingerprint recognition has been quite mature, and many banks have already adopted face registration in the login interface of mobile APP, and 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 and abnormal transaction detection, providing solid technical support for the analysis and early warning monitoring of fraud risks in the financial industry.
Will be a disruptive reshaping of 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 maintain national security, intensify active planning, strengthen deployment around core technologies, top talents, standards and norms, and strive to grasp the dominant power in the new round of international scientific and technological competition.
As the next “windfall” of technology innovation, artificial intelligence is not only the hot technology in the field of financial technology at this stage, but also will disruptively reshape the financial industry in the future. Artificial intelligence will become an important tool for banks to communicate with customers and discover their financial needs, thus enhancing their stickiness to customers. Artificial intelligence technology can be used in the front-end to serve customers, in the middle office to support credit, various financial transactions and financial analysis in decision-making, and in the back office for risk prevention, control and supervision, it will significantly change the existing financial landscape, making financial services more personalized and intelligent.
However, artificial intelligence has become a “windfall” at the same time, there are still bottlenecks to be broken. Industry experts said that with the development of artificial intelligence, information silos, infrastructure security, technical controllability and other challenges gradually emerge, the need for the whole industry to deal with.