Overview of the development of financial artificial intelligence
Artificial intelligence technology has become a key force to promote the development of financial science and technology and accelerate the transformation of financial digitization because of its strong ability in automatic mining, extraction and processing of all kinds of information such as text, voice and image. The comprehensive integration of Finance and artificial intelligence is gradually empowering the financial business chain, improving the service efficiency of financial institutions, expanding the breadth and depth of financial services, and making artificial intelligence continuously realize value creation in the financial industry.
(I) development background: digital transformation of Finance and comprehensive promotion of industrialization
National macro policies and industry norms have been gradually introduced to promote the digital transformation of finance. The 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035 pointed out that we should improve the modern financial system with high adaptability, competitiveness and inclusiveness, orderly promote financial innovation, steadily develop financial science and technology, and accelerate the digital transformation of financial institutions, This indicates that the scientific and technological innovation and digital construction in the financial field will enter a new stage of multi field and in-depth exploration and practice. At the same time, norms have been gradually introduced in industry segments, and multi scenario applications are in parallel with safety supervision. In the guidance on promoting the high-quality development of the banking and insurance industry issued by the CBRC in December 2019, it is proposed to make full use of artificial intelligence to strengthen business management, improve service quality, reduce cost and increase efficiency, and give full play to the positive role of artificial intelligence in combating illegal fund-raising, anti money laundering and anti fraud. In the key points of work in 2020, China Securities Association pointed out that it is necessary to vigorously promote the application research of artificial intelligence technology in the field of investment banking, and formulate remote work standards for recommendation and underwriting institutions for the normalization of the epidemic.
Local governments have responded positively to the strategic layout of the central government and introduced supporting policies according to local conditions. Under the guidance of the unified macro policies of the central government, all localities, in combination with their own regional characteristics and industrial development, have introduced relevant policies according to local conditions to promote the characteristic development of Intelligent Finance by means of talent subsidies, encouraging innovation, attracting investment and establishing special investment funds. Among them, in the relevant policies issued by Beijing and Shanghai, it is mentioned to play a leading role in the development and innovation of intelligent finance, and make use of their own talent and technical advantages to focus on the technical R & D and innovation pilot of intelligent finance, while the relevant plans issued by Chongqing and Chengdu focus on the use of artificial intelligence to further promote inclusive finance, Reduce the financing cost of small and medium-sized enterprises.
Industry standards and norms are gradually improved to promote the mature development of the market. With the continuous exploration and development of the application of artificial intelligence in the financial field, relevant industry norms and regulatory policies are also constantly improving. On October 28, 2019, the certification rules for financial technology products issued by the people’s Bank of China and the State Administration of market supervision standardized the certification process, supervision mode, certification mark and query system of financial technology products. In 2021, the people’s Bank of China officially issued the specification for financial application evaluation of artificial intelligence algorithms (JR / t0221-2021), which stipulates the basic requirements, evaluation methods and judgment criteria for the application of artificial intelligence algorithms in the financial field. It can be seen that relevant departments are vigorously promoting the standardization reform of the intelligent financial industry, raising the industry access threshold, encouraging compliant enterprises to innovate independently, fully participate in the standardized market competition, and promote the healthy and sustainable development of the industry.
(II) development environment: AI enables financial business and gives full play to value creativity
\u3000\u30001. Demand oriented, highlighting the pain points of traditional business industries
The traditional financial industry is limited by its own industry characteristics, and the industry pain points are prominent. The traditional financial industry, represented by the banking, insurance and securities industries, has typical problems in business, capital, customers, risk control and marketing, such as complex process, long cycle, single process, weak differentiated services, and manual approval methods, especially in the highly competitive market environment, Unable to timely and effectively meet the needs of customers for diversified financial investment services. In short, the pain points of the traditional financial industry focus on three aspects: first, the high labor cost can not effectively cover all customers and can not provide customized financial services for customers; Second, information asymmetry leads to information island, which can not effectively reduce potential risks; Third, it is difficult to obtain customers, low conversion, difficult remote transaction operation and cumbersome process. Combined with the core business links of the financial business chain, different stages correspond to their respective pain points and needs. Product design and marketing, focusing on how to obtain incremental business; In the risk control link, it emphasizes reducing the risk cost; Focus on improving customer satisfaction in customer service; In terms of supporting activities, we hope to improve operating costs.
\u3000\u30002. With intelligence as the goal, improve the level of financial digitization
In view of the practical pain points in the financial industry, such as high risk control requirements, large business volume and many modular repetitive labor, artificial intelligence technology is deeply integrated into the business scenario and plays a great value creativity in realizing business process automation, solving information asymmetry and Building Inclusive Finance.
Realize business process automation and reduce labor cost. The financial industry has a lot of simple and repetitive work such as information entry, verification and submission. Artificial intelligence technology can automate the manual operation process, improve the operation accuracy and reduce the labor cost. Solve the problem of information asymmetry and bridge the data information gap. There are a lot of information asymmetry problems in traditional financial business scenarios. The deep integration of artificial intelligence technology and financial business scenarios largely solves the problems of data island and big data analysis efficiency, and produces great value in the financial field with large number of customers, complex data and high accuracy requirements. Build Inclusive Finance for thousands of customers. Typical services such as intelligent investment consultant and intelligent marketing use artificial intelligence technology to improve the service scope and efficiency of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) users, provide customized personalized services and investment schemes, and create a new development model of enabling digital GSP.
\u3000\u30003. With service as the core, focus on the five core links of business
Based on the general characteristics of subdivided industries, the financial core business chain can be summarized into five links. Based on the business commonalities of banking, insurance and securities industries, the financial core business chain can be summarized into five links, including product design, marketing, risk control, customer service and supporting activities (human resources, finance, it, etc.). Corresponding to the corresponding segments, banking business, focusing on products and solutions, marketing and sales, risk control and audit, customer management and service, the core business chain can be summarized as product development and pricing, fund loan solicitation, marketing and customer service.
