AI deeply empowers finance and favors AI innovative talents

Technology changes the world and innovation leads the times.

The 2019 World Artificial Intelligence Conference was held at the Shanghai World Expo Center. Focusing on the theme of "Infinite Possibilities of an Intelligently Connected World", the conference conducted in-depth discussions on cutting-edge technologies, key industries and important topics in the field of artificial intelligence from multiple angles, including technology trends, application implementation, industrial ecology, talent training and public governance.

"Micro-expression recognition", "intelligent risk control and anti-fraud", "AI+industry"... The reporter of International Financial News visited the conference site and found that this conference not only had a wonderful and eye-catching dialogue between the "two Ma" (Jack Ma and Elon Musk), but also had brain-burning and fun technology products, and the realistic and dazzling AI effects were eye-catching; it can not only capture the most cutting-edge AI technology release trends, but also capture the "indissoluble bond" between AI and financial technology. AI is subtly reshaping the financial industry, while continuing to innovate and replace technologies, hoping to "recruit more AI talents".

AI deeply empowers finance

When it comes to financial services, a series of professional terms such as risk control, anti-fraud, and big data immediately come to mind, but these are too obscure and difficult to understand for ordinary people. Now, at the Pudong World Expo Exhibition Hall of this year's Artificial Intelligence Conference, financial technology companies provide a more exciting experience, in a more "fun" way, effectively shortening the "last mile" between us and finance.

The exhibition hall was crowded with people. On the morning of August 29, the reporter came to the Ping An OneConnect booth and saw an interesting technology - micro-expression recognition.

"Micro-expression recognition technology can identify seven major types of human emotions: happiness, anger, disgust, fear, sadness, surprise and expressionless face. It has the ability to recognize a total of 54 emotions and 39 facial action units, and can recognize more than 90% of expression changes." At the exhibition site, a technical staff member of Financial One Account introduced.

It is understood that this micro-expression recognition technology has won the world's first place in the International Facial Action Unit Recognition Competition, and is widely used in loan review processes to help reviewers alert to loan fraud risks.

"Not only facial expressions, but the machine can even recognize emotions in text." On-site staff said that when the user opens the "Gamma O" open platform, there are various artificial intelligence technologies, one of which is text emotion recognition. As long as the user enters a paragraph, the machine can intelligently recognize the emotion of the text entered by the user.

It is worth noting that the application of AI technology in the financial field is not limited to the To B (industry) field, but can also be used in other To C (individual) financial service fields, such as customer service.

At the conference, OneConnect also demonstrated technologies such as multi-round dialogue and semantic understanding. No matter what the user says or writes, the smart machine can understand it and analyze the required results through corresponding logic. Relevant staff introduced to the user that multi-round dialogue and semantic understanding technologies can be applied to intelligent outbound call robots , and basic work can be completed by building AI robots instead of humans. In intelligent outbound call robots, adding emotion recognition technology can also perceive the emotional changes of customers, reduce manual complaints, and find business breakthroughs. This service can be applied to multiple financial business scenarios, including existing customer management, new product recommendations, repayment reminders, customer return surveys, etc. Robots can replace a large number of manual customer service, thereby greatly reducing the labor costs of call centers and improving service efficiency.

With the rapid development of artificial intelligence technology, AI technology, which is known as the "no man's land" of financial technology, is becoming an important innovation direction in the wealth management industry, and it is also a "battlefield". During the conference, Lufax announced that it is using the technology and experience of financial technology to empower the trust industry with technology, helping the traditional trust industry solve the five major pain points of difficult asset risk control, low operational efficiency, poor customer experience, difficult market reach, and high customer acquisition costs.

At the same time, Lufax officially unveiled the "4KY" system, which means that Lufax will integrate AI technology into all wealth management scenarios, comprehensively upgrade the smart financial management interactive experience, provide users with personalized wealth management services, and reshape the wealth management industry.

At present, Lufax platform has begun to try to use intelligent financial management robots to communicate with users in natural language and open dialogue, and provide users with various financial services including account inquiries, product consultations, market analysis, and investor education. By using artificial intelligence for customer service, Lufax strives to solve the problem of matching users with products and solve the large number of financial service needs that have not been met by more users, hoping to reverse the stereotype that financial services only serve some top-level people and make financial services accessible to the general public.

Data shows that with the help of AI, the frequency of user service interactions on the Lufax platform has increased five times compared to before, greatly improving the scope of user services and response speed. At the same time, the problem-solving rate of AI customer service has increased by two times, greatly improving user service efficiency.

In fact, the intelligent and humanized customer service is driven by AI, big data, cloud computing and other technological forces. According to the user survey of the "New Customer Service Industry White Paper" jointly launched by Ant Financial and Accenture, 80% of users hope that customer service can understand them better; 71% of users said that they hope to solve problems by themselves rather than communicating with people. Consumers have higher requirements for the inclusiveness, technology, customization, insight and self-service of customer service.

In August 2017, Alipay proposed the concept of "new customer service" and, with the help of AI and other means, transformed the traditional passive and waiting service model into one that actively explores users' potential needs and provides users with more inclusive services. In the past two years, with the development of artificial intelligence technology, big data and other technologies, the new customer service has been further upgraded to a complete industry solution. While serving a large number of Alipay users, the system technology capabilities of the new customer service can also be exported to the industry, improving the efficiency of the entire industry and reducing the operation and maintenance costs of the call center.

Ant Financial's data shows that compared with 2016, the overall business volume in 2018 increased by 120%, but the manpower only increased by 11%, and the satisfaction rate reached 80%, greatly improving service efficiency. Through data analysis and artificial intelligence, customers' entire behavior can be scanned more accurately, and customer service needs can be predicted and identified, making the allocation and use of call center resources more precise.

The “productivity” at the top of the wave

Behind these magical and amazing technologies is AI, which is subtly changing the financial industry.

In an interview with reporters, Zhu Mingjie, CEO of Krypton, said that he was fortunate to stand at the forefront of the information wave and China's rise, and that AI has become the "productivity" of financial technology.

It is worth mentioning that during the two-day interview process of the Artificial Intelligence Conference, the reporter found that in the AI ​​era, after having the AI ​​"hammer", finance has become a very suitable "nail" in everyone's mind.

Kai-Fu Lee, founder and CEO of Sinovation Ventures, said in an interview that there are great opportunities for the application of AI technology in the financial sector. Of course, finance involves personal and corporate property, so it is necessary to be very cautious and comply with laws and regulations. In theory, in the future of finance, fewer people and more AI can help us get more efficient returns. This is not only in the banking sector, but also in the investment and insurance sectors. We can see the improvement of efficiency and returns and the reduction of costs.

Wu Zhong, General Manager of DATAVISOR China, also mentioned in an interview that AI technology is used in many places. When AI was the hottest, everyone was imagining the scenarios where it could be truly implemented. Finance is not like robotics, recognition and other fields, which can give the public a very external impression. But in the financial field, AI can be implemented and produce actual results.

At present, the application of AI technology in the financial field has been imagined by the outside world, but in fact, in addition to the financial field, autonomous driving, medical treatment, voice recognition, image recognition and other fields are also important tracks for AI. So why has finance become the more eye-catching "lucky one"?

Specifically, Zhu Mingjie analyzed that the industries that can successfully apply AI have some common points: