Artificial intelligence has been widely used in all walks of life, bringing great opportunities to the development of the industry. In this context, the development of the financial industry also needs artificial intelligence. At present, the application of artificial intelligence technology in the financial field mainly focuses on simple and repetitive computing tasks, simulating manual customer service, reception and other tasks. The replacement of these jobs is currently focused on relatively simple and superficial matters. In the future, with the continuous development of artificial intelligence technology, its application and development in the financial field will also be more in-depth, bringing greater changes to the development of the financial field . Therefore, understanding artificial intelligence and its development, research and exploration of its impact on the financial industry and future financial industry response strategies have exceedingly positive significance.
1. Overview of Artificial Intelligence
Artificial intelligence refers to making machines have human intelligence so that they can complete tasks that humans can complete. The development of artificial intelligence has a long history. In the initial stage of artificial intelligence development, it is mainly to use primary materials and mechanical knowledge to replace human work. With the rapid development of computer technology, artificial intelligence has also made rapid progress. Artificial intelligence from the initial as an auxiliary tool for people’s work to a large-scale replacement of human work is just what has happened in recent decades. In the financial field, the development of computer knowledge itself has made great progress in its work efficiency. Relying on modeling under computer technology, cloud computing and other technologies not only improve the operating efficiency of the financial industry, but also lower the barriers to entry for the financial industry. . On this basis, relatively simple tasks such as calculation and recording in accounting, finance and other related fields in financial-related industries are gradually replaced by the development of artificial intelligence . With the continuous development of artificial intelligence technology, the replacement rate of jobs in the financial industry is getting higher and higher, which has produced a far-reaching development in the development of the financial industry.
2. The application and impact of artificial intelligence in the financial industry
(1) The application of artificial intelligence in the financial industry
The current application of artificial intelligence in the financial industry is mainly in two aspects. One is service-related work, such as smart phone calling services in banks, and traditional counters that require bank staff to do deposits and withdrawals, account opening, etc. At present, they have been replaced by smart deposit and withdrawal machines used in banks. In addition, almost all banks in my country currently have online banking systems, which are also a type of artificial intelligence system, which can provide users with more convenient services. This type of service that used to be provided by humans in financial institutions is now replaced by systems, machines, etc., which are related to the types of services replaced by artificial intelligence. The other is the financial and accounting-related business work content in the operation of the financial institution itself. Traditional financial institutions will generally be equipped with a large number of financial accounting personnel to calculate and deal with related affairs according to the type of business and capital scale of the financial institution. In the business processing of this part of financial institutions, there are already a large number of artificial intelligence systems to replace. Especially in securities institutions, financial institutions that need to perform a large number of calculations, this kind of repetitive calculation and recording work has been mostly replaced by artificial intelligence systems. In some well-known accounting firms, artificial intelligence has also been testing to replace a large number of accounting work. In the future, this kind of application will become more extensive and more in-depth. It can be said that the application of artificial intelligence in the financial industry is a huge opportunity for the development of the financial industry, and it is also a huge challenge.
(2) The impact of the application of artificial intelligence on the financial industry
The application of artificial intelligence systems in the financial industry has brought great changes to the development of the financial industry. Among them, there are opportunities and challenges. From the perspective of advantages, it is embodied in the following aspects.
Firstly, greatly reduce the labor costs of financial institutions. At present, artificial intelligence systems are commonly used in financial institutions to provide various types of customer services, and contemporary people are more adapted to this convenient and effective service method, especially among young people, the utilization rate of artificial intelligence system services very high. Therefore, this service method has largely replaced the traditional manual service, which greatly reduces the employment cost of financial institutions. Financial institutions can replace traditional manual services through system installation and hardware equipment investment, effectively reducing labor costs. At the same time, the artificial intelligence system itself replaces manual services and does not require training and other processes. After the program is designed, the services can be directly performed. This not only saves the training cost and time of financial institutions, but also provides services for financial institutions. Stability and consistency have also brought great improvements.
Secondly, the application of artificial intelligence has improved the operational efficiency of financial institutions. The related services provided by artificial intelligence have greatly expanded the scope and timeliness of the services provided by financial institutions. Take banks as an example. Through automatic teller machines, people can deposit and withdraw a certain amount of capital at any time. The various forms of services provided in the online banking system also reduce the limitations of traditional bank counter services. A series of self-service services performed by people through the artificial intelligence service system have also greatly improved the service efficiency of the bank. In addition to banks, many financial institutions have developed corresponding smart phone apps, allowing users to obtain various services through apps on smart phones. This smart phone app is also an artificial intelligence system. In addition to providing users with traditional services that can be obtained at the counter of financial institutions, it can also provide users with customized information and services based on the user’s basic data through the background calculations of the artificial intelligence system. These calculations can also make financial institutions more accurate to identify target customers, or provide users with more accurate services, thereby improving the operational efficiency of financial institutions. For example, the securities service system can provide products of corresponding risk categories that meet the needs of customers based on the user’s past investment information through background calculations .
Thirdly, the application of artificial intelligence can reduce the risk of financial institutions’ operations. Artificial intelligence generally provides services by setting certain conditions in the computer system. When the actual conditions do not match the set conditions, it can perform calculations based on the built-in conditions and provide early warnings for potential risks. Compared with the traditional manual early warning, the risk warning proposed by the artificial intelligence system can effectively avoid the risks caused by the negligence of the personnel, and at the same time can avoid the problem of insufficient risk awareness due to the lack of experience of the personnel. Therefore, from these perspectives, the use of artificial intelligence can also greatly reduce the operational risks of financial institutions. From the most basic point of view, the calculation accuracy of artificial intelligence used in financial institutions is much higher than that of artificial calculations, and the corresponding calculations are carried out through the procedures set by artificial intelligence and the mathematical model established. The speed is also much faster than traditional manual calculations, and such calculation results can help financial institutions to more accurately grasp the market trend and adjust their strategies in a more timely manner based on the market.
3. The application strategy of the financial industry under the background of artificial intelligence
The application of artificial intelligence in the financial industry has brought great advantages to the development of the financial industry. On the one hand, it improves the operational efficiency and cost of the financial industry, and on the other hand, it also reduces the operational risk of the financial industry. Therefore, on this basis, the financial industry needs to formulate corresponding strategies to improve the use of artificial intelligence and give full play to the role of artificial intelligence in promoting the development of the financial industry.
Firstly, strengthen investment in artificial intelligence infrastructure. The development of artificial intelligence is rapid. Therefore, the upgrading of artificial intelligence products and systems is also very fast. This requires financial institutions to have a forward-looking vision, choose products that are suitable for their own artificial intelligence systems, and can adapt to the market environment in the near future. Of course, artificial intelligence systems or products in financial institutions generally require financial institutions and related scientific research departments to jointly develop and customize them. Financial institutions should also be able to make R&D investment in artificial intelligence equipment and systems and investment in hardware equipment from a strategic perspective when formulating their own development strategies. Only in this way can we follow up the development of technology in time, arm ourselves with the latest technology, and improve our service level and efficiency. The management of financial institutions must also have a forward-looking vision, and predict its application in financial institutions and future development trends based on the development of artificial intelligence technology.
Secondly, improve the artificial intelligence service system and manual service system of financial institutions. In financial institutions, artificial intelligence services and manual services will exist for a long time. Taking banks as an example, counter service personnel and teller machines will exist for a long time to meet the needs of different user groups. In this process, the bank needs to distinguish between the application of the teller machine and the work of the counter staff. These two services are not in a trade-off relationship. On the contrary, under the current background, financial institutions should give full play to the value of people, deepen and strengthen the work of personnel, distinguish and position two different service modes, and exert greater value. Of course, the staff who cannot improve the value of their work at this stage will only be replaced by artificial intelligence. This is also the crisis that artificial intelligence brings to the staff of financial institutions.
Thirdly, deepen artificial intelligence services to provide users with a better service experience. The services provided by artificial intelligence are also certain. For example, in terms of service attitude, it cannot be compared with traditional manual service. In addition, the effects of artificial intelligence services are also based on the service strategies of financial institutions. For example, financial institutions can use the customer information collected in the artificial intelligence service system to perform accurate service pushes to improve users’ stickiness and loyalty to the artificial intelligence service system of financial institutions. Therefore, in the design of the artificial intelligence service system, it is also necessary to constantly update the user experience feedback, continuously improve the user’s service experience, and make the artificial intelligence service system more perfect, closer to the user, and attract users.
In summary, with the advancement of computer science and technology, artificial intelligence technology has developed rapidly, and has been widely used in various industries and fields. In the financial industry, the application of artificial intelligence is also very extensive. The application of artificial intelligence in the financial industry reduces the employment costs of financial institutions, improves the operational efficiency of financial institutions, and reduces the operational risks of financial institutions. The application of artificial intelligence in the financial industry has a very positive role in promoting the development of the financial industry. In the future, artificial intelligence technology will become more and more advanced. The managers of financial institutions should have advanced vision and awareness, predict its application in the financial industry from the development of technology and make strategic layouts in advance, investment in infrastructure and to prepare for the improvement of personnel skills, deepen the service performance and effects of artificial intelligence, and actively promote the sustainable development of the financial industry.