Technology Empowered Financial Services are Entering the Era of Artificial Intelligence
Artificial intelligence is gradually integrating into the financial services business, and the next stage for FinTech will be smart finance. Jiong Feng, Senior Vice President and CTO of Niwodai, believes that big data, cloud computing is developing so rapidly that these cutting-edge technologies have now penetrated the traditional financial services business.
Together with the development of artificial intelligence, new technologies will play an increasingly important role in changing our lives and especially our financial system.
On Nov. 28, 2017, Feng made the following remarks at the 2017 Fintech Leadership Summit in Shanghai. At this conference, Feng gave a keynote speech on technology, data, and intelligence. The audience at the summit included CEOs and CTOs of banks, mutual funds, securities firms, and insurance companies.
As for how artificial intelligence can be integrated into the financial services business, Feng highlighted three main aspects: optimizing user experience, assisting transaction decision, and preventing fraud risk.
Optimizing user experience
The intellectualization of service is the inevitable trend of financial development. Customer service based on machine learning and AI-powered deep learning not only reduces the labor cost, but also improves the user experience by providing tailor-made personalized services. For example, at Niwodai, the loan credit system covers a large database, and through machine learning, data is analyzed, and multi-dimensional customer portraits are constructed. All of these help Niwodai provide personalized services to different customers based on their personality, habits, and characteristics.
With the increase of customer volume, the experience and efficiency of customer service is becoming more and more important. With the intelligent customer service technology developed by engineers, Niwodai is able to serve customers in a more timely manner. For example, the facial recognition technology largely cut down the process for identity verification. Also, new intelligent customer service could help the loan collection process by sending out auto-reminders and provide Siri-like timely responses.
Assisting transaction decision - robo-advising services
Recently, Industrial and Commercial Bank of China (ICBC) launched the robo-advising investment product powered by artificial intelligence technology. Feng believes that investment management robo-advice is a breakthrough in formerly exclusive wealth management services, bringing services to a broader audience at lower cost compared to traditional human advice. Such technology also has a very wide application in other fields of the financial industry as well.
Preventing fraud risk
In the online lending business, mass fraud is the main risk faced by all lending platforms. Traditional anti-fraud measures are often easily exploited by scammers.
"Therefore, the platform needs to learn how to identify new fraud practices and establish an anti-fraud system that keeps pace with the times," Feng said. He believes that the intelligent machine learning technology is the key to the risk management system. Right now, through facial recognition, bio-detection, and OCR recognition technology, Niwodai can effectively verify the real identity of the borrowers. At the same time, based on this huge and accurate data, Niwodai has built an anti-fraud model. The models are based on the user's mobile phone, computer browsing history, telephone numbers, and it links all of those factors to a big map. The computers will use this data and models to evaluate and access the future risk level for new borrowers.
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