Report丨2024 China Fintech Industry Development Insight Report

The influence of cutting-edge technologies is also transmitted to the real economy through financial services. Enterprises have not only improved their basic technology application and data governance capabilities in the wave of digital transformation, but also obtained more cost-effective and efficient financial services under the background of technological empowerment of financial institutions.

With the advancement of the digital transformation of financial institutions, the scale of investment in financial technology by domestic financial institutions has increased year by year. In 2019, the growth rate once reached 21%, and the overall scale exceeded 220 billion yuan.

The construction of information technology innovation advocated by the state has promoted the wave of domestic substitution of software and hardware products of financial institutions. The era of technological application based on domestic software and hardware equipment has increased the construction investment of traditional IT systems of financial institutions.

In addition, many fields such as banking and insurance have issued technology investment development plans for 2023-2025, providing quantitative guidance on financial technology investment in the next three years and clarifying the scale of technology team construction and the proportion of investment funds.

On the whole, under the guidance of the development plan, with the increase in investment in information technology and the gradual maturity of cutting-edge technology applications, the domestic financial technology market will exceed 580 billion yuan in 2027 with a compound growth rate of approximately 12%.

At present, the application of deep neural network architecture in the field of artificial intelligence technology has matured. Big models, as machine learning models that bring together large-scale and complex computing structures, have comprehensive application capabilities in multiple business-oriented fields such as natural language processing, computer vision, speech recognition, and recommendation systems. The financial industry, as a core business field with rich scenarios and personalized needs, has received widespread attention from both inside and outside the industry for its demand for big model applications.

Judging from the current state of the industry, financial big models have been put into practical use in financial information, product introductions, content and image text generation, virtual customer service online interaction, etc. With the integration of business and the improvement of technical capabilities, financial big models based on "big data + big computing power + strong algorithms" will bring new technological changes in more segmented financial scenarios.

The following is part of the "2024 China Fintech Industry Development Insight Report":

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