Financial Street Forum Observation: “AI+Finance” has been implemented and blossomed in multiple business fields
Author：Eve Cole
Update Time：2024-11-23 14:48:01
China-Singapore Jingwei, October 20 (Li Ziman) The integration of AI and finance is becoming an important force in promoting the transformation and upgrading of digital finance. During the 2024 Financial Street Forum Annual Meeting, a number of experts, scholars, and company executives from the financial and technological fields conducted in-depth discussions on topics related to "AI + Finance." Gao Feng, chief information officer of the China Banking Association, said that artificial intelligence is profoundly changing the operating model of the financial industry. By optimizing processes, improving customer experience and strengthening compliance management, AI technology has brought significant value to the banking industry. Gao Feng mentioned that large models have been fully implemented in the initial stage of banking applications, but they need to be used with caution, focusing on employee assistants, anti-money laundering, anti-fraud and other scenarios that do not have direct contact with customers. Shen Jianguang, vice president and chief economist of JD.com, elaborated on the impact of AI on finance from the perspective of cross-border integration. He believes that the combination of new generation technology and the supply chain system represented by the real economy can enable many attempts and innovations in the financial field. JD.com has used supply chain scenarios to develop a variety of financial services including mobile payments, achieving a deep integration of financial technology and the real economy. Shang Fulin, former chairman of the China Banking Regulatory Commission, pointed out that according to predictions from the International Data Corporation, global sales of software, hardware and services for artificial intelligence systems will reach US$400 billion by 2027. Among them, the financial industry's expenditure in this area will reach 97 billion US dollars, with a compound annual growth rate of 29%, making it one of the fastest growing industries. "Against this background, the financial technology field will surely usher in a new round of technological revolution and promote the digital transformation of finance to a new stage of intelligence." Shang Fulin said. Talking about how to promote the application of AI in the financial industry, many participants said that promoting the application of large AI models in the banking industry needs to start with internal scenarios such as employee assistants. Strengthen top-level design, obtain approval from regulatory authorities, and promote data interaction among small and medium-sized institutions. In financial services, AI has been applied in intelligent investment research, compliance quality inspection, intelligent risk control, intelligent customer service, market analysis, insurance claims, etc. For example, the ICBC AI large model system has been promoted on a large scale in various business fields, covering more than 20 application fields and more than 100 business scenarios. China Mobile provides AI compliance quality inspection services to banks, which greatly improves quality inspection efficiency. Intelligent investment research applications help financial institutions carry out investment research work efficiently. While enjoying the dividends of technology, financial institutions are also paying attention to potential risks and challenges. Xing Xing, chief information officer of CITIC Securities, pointed out that there are still problems such as shortage of computing power for large models in the financial field, low model accuracy, data protection and security, and difficulty in integrating technology and business. Gao Feng believes that large AI models have cognitive biases and black box problems, and large and small models need to be used collaboratively. In addition, AI governance issues and security are also important challenges. He Zhujun, member of the Party Committee and Vice President of the Insurance Asset Management Association of China, pointed out that the application of AI in the financial management industry faces problems such as data privacy protection, model opacity, and unpredictable risks. He called for greater regulatory cooperation to jointly address these challenges. Shen Jianguang believes that the rise of AI technology requires a large amount of capital support, and financial markets need to increase risk tolerance. Li Yang, a member of the Chinese Academy of Social Sciences and chairman of the National Finance and Development Laboratory, pointed out that the gradual integration of AI and financial technology has changed the traditional digital finance and financial technology methods. Society needs to re-examine the purpose of technological progress and promote it to become a tool to promote public interests rather than just a means to make profits. While technology advances, relevant companies need to pay attention to social policies, such as education, skills training, system design, supervision, etc.
