Development characteristics of artificial intelligence + financial industry: technology providers mainly provide traditional financial institutions with various technical products and solutions through creation, cooperation and empowerment. At present, the development of the industry is still in the early stage, waiting for the continuous development of technology and the continuous integration with the financial scene.
The future competition pattern of technology enterprises: the competition of technology enterprises will become more mature and rational, and the technology giants with advantages in technology, capital, talents and scenarios, as well as benchmark enterprises in sub-sectors with technological advantages, will achieve long-term development.
The future evolution trend of the financial industry: the financial industry will achieve true inclusiveness. On the one hand, it will enable better financial services to cover small and micro enterprises and more long-tail customers, and on the other hand, it will further reduce the operating costs of financial institutions, and ultimately achieve The improvement of the welfare of the whole society.
The future development direction of financial supervision: my country’s financial supervision can learn from some mature foreign experience, set up a special financial technology regulatory agency based on China’s national conditions, strengthen the research and exploration of new technologies, innovate in supervision methods, and better respond to the industry. future development and challenges.
Industry Overview: Definition of AI + Financial Industry Concept
Artificial intelligence technology helps traditional financial business transformation and upgrading
Artificial intelligence + finance (AI + Finance) and FinTech are significantly different in definition. Fintech mainly refers to the combination of broad emerging technologies (big data, cloud computing, blockchain, artificial intelligence) and the financial industry. iResearch believes that artificial intelligence + finance mainly uses the core technologies of artificial intelligence (machine learning, knowledge graph, natural language processing, computer vision) as the main driving force, empowers all participants and business links in the financial industry, and highlights AI technology. It plays an important role in product innovation, process reengineering and service upgrading in the financial industry. This report conducts research and analysis around the above-defined characteristics of the artificial intelligence + financial industry, and describes the development status and future prospects of the artificial intelligence + financial industry.
The development history of technology application in the financial industry
Technological progress promotes the evolution of the financial industry from informatization to intelligence
Throughout the development history of the financial industry for more than half a century, every technological upgrade and business model change relies on the strong support of technological empowerment and conceptual innovation. According to the characteristics of representative technologies and core business elements in different periods in the development of the financial industry, it can be divided into “IT + finance stage”, “Internet + finance stage” and the ongoing “artificial intelligence + finance stage”, and each stage is superimposed on each other Influence, forming an innovative pattern of integration and rising.
Today’s artificial intelligence + financial development stage is based on the stable and reliable IT information system and the relatively mature Internet development environment. It reshapes the layout of the financial industry chain and the nature of business logic. Technology has significantly changed the industry. At any stage, it will have a profound impact on the future development direction of the financial industry.
AI + Financial Industry Drivers
The government and all parties in the society jointly promote the implementation of artificial intelligence technology in the financial industry
The increase in the balance of non-performing loans has forced financial institutions to take more effective risk control measures
During the eight years from 2011 to 2018, the non-performing loan balance of my country’s commercial banks increased from 427.9 billion yuan to 1,957.1 billion yuan, of which the non-performing loan balance in June 2018 increased by 357% compared with December 2011; the non-performing loan ratio increased from 1%. to 1.86%, showing an overall upward trend. Judging from the trend in recent years, traditional financial institutions have many problems in risk management due to insufficient attention to system and process construction, insufficient ability to monitor default risks in a timely manner, and the lack of a systematic risk early warning mechanism. At the same time, under the environment of the implementation of the central bank’s macro-prudential assessment system (MPA) and the increasingly strict supervision, financial institutions need to change their previous management thinking, and continuously enhance their own active risk management and control capabilities by using artificial intelligence and other new technological means in order to cope with future risks. challenge.
Artificial intelligence + financial industry related technology sorting
The integration of technologies such as artificial intelligence and big data to jointly promote the development of the financial industry
In the artificial intelligence + financial industry, artificial intelligence and big data, cloud computing and blockchain technology are not separated from each other, but are more interdependent. Big data can provide rich nutrients for artificial intelligence technology in machine learning training, algorithm optimization, etc.; cloud computing provides big data with super computing and storage capabilities, significantly reducing operating costs; blockchain solves big data, cloud computing , The security problems of information leakage and tampering in artificial intelligence technology make financial transactions more secure. As the core driving force for the future development of the financial industry, artificial intelligence technology, together with other related technologies, promotes the transformation and upgrading of the financial industry.
Artificial intelligence + financial industry core technology sorting
Artificial intelligence technology helps financial scenarios achieve intelligence
As far as artificial intelligence is concerned, the four technologies of machine learning, knowledge graph, natural language processing and computer vision are widely used in relevant scenarios of the financial industry. As the core of artificial intelligence, machine learning (especially deep learning) plays an extremely important role as a key technology for the realization of various intelligent applications in the financial industry.
In the future financial supervision, China can learn from some mature concepts from abroad, and on this basis, carry out regulatory innovation in combination with China’s national conditions. Establish a dynamic long-term mechanism for scientific and technological supervision, use mechanisms such as the supervision sandbox to effectively manage financial innovation products, and adopt more advanced methods and means to deal with unknown risks and challenges.
