General artificial intelligence is surging, how will the financial industry respond?
On September 8, at the Banking Industry Digital Forum at the Bund Conference guided by the China Banking Association and hosted by MYBank, Wu Lianfeng, Vice President and Chief Analyst of IDC China, released the "Five Major Trends in Bank Digital Technology": portable banking, AI risk control , digital workers, edge IoT and cloud native architecture.
The five major trends come from IDC's authoritative case studies and data predictions, providing forward-looking insights for banks' digital and intelligent transformation. The reporter found that among the cutting-edge technology applications that banks are exploring, three are related to AI.
Trend 1: A mobile phone is a bank branch, and more than 90 % of businesses can be done with just one click .
The "2022 China Banking Service Report" shows that the average electronic diversion rate of banks is 97%, and more than 90% of their businesses have been online. A third-party data monitoring platform shows that by the end of June 2023, the number of monthly active users of China’s mobile banking apps exceeded 500 million. In addition to apps, banks have more than 200 mini programs on WeChat and Alipay.
Mobile banking makes banks more and more like “Internet companies”. As of the end of 2022, the ICBC App has 174 million monthly active users, which is comparable to many leading Internet companies. China Merchants Bank has also moved many life services into the App, including catering services, cinema ticket purchasing and travel services.
Trend 2: Artificial intelligence is deeply integrated into the risk control system, and “AI brain ” will become the mainstream choice of banks.
IDC predicts that by 2026, applying artificial intelligence to credit will become a mainstream choice for banks. Due to the application of more complex models and algorithms, bank fraud and money laundering cases will decrease by 12% by the end of 2026.
AI risk control has been explored in the banking industry. For example, the Bailing intelligent interactive risk control system of MYbank applies large-scale artificial intelligence to small and micro finance. It is equivalent to an AI credit approving officer. Users submit contract, invoice and other materials. The AI loan officer uses computer vision, multi-modal recognition, human-computer interaction and other artificial intelligence technologies to review online and complete the credit limit increase. Currently, it has served 8 million small and micro enterprises. Operators.
CITIC Bank's "Sentinel" intelligent anti-fraud risk control system applies machine learning and big data technology to anti-fraud. Throughout 2022, "Sentinel" took the initiative to dissuade more than 800 defrauded customers and intercepted more than 100 million yuan in funds.
Trend 3: 80 % of banks will “ hire ” digital people who can speak well and understand business .
IDC predicts that by 2025, more than 80% of banks will deploy digital people to provide 90% of customer service and financial consulting services. With the implementation of large-scale models, it will become the norm for digital employees to "understand text, understand language, and understand business".
Shanghai Pudong Development Bank was the first bank to “hire” digital employees. 3D digital employee "Xiao Pu" has served in more than 20 positions, including wealth planner, document reviewer, lobby manager, telephone customer service, etc. Jiao Jiao and Xiao Jiao are the "sisters" of Bank of Communications' digital employees. They can both Answering questions for customers has also become the business card of technology brands.
Trend 4: The Internet of Things and edge computing " open up " the last mile of small and micro finance , and farmers can apply for loans through satellites.
IDC predicts that by 2027, 40% of G2000 companies will use low-orbit satellite technology to meet network coverage gaps in remote, rural and high-risk areas. With the help of artificial intelligence, Internet of Things technology and other data, the loan coverage rate for medium, small and micro enterprises in various industries will reach 70%.
Ping An Bank has cooperated to launch three satellites in succession and built the "Nebula IoT Platform". Information such as real operating data of upstream and downstream enterprises in the supply chain can be transmitted back in a more timely and effective manner, thereby granting credit to them. As of the end of June 2023 , the Nebula IoT platform has supported entity enterprises in financing exceeding 800 billion yuan.
MYBank Big Tits Remote Sensing Risk Control System applies satellite remote sensing technology to rural finance, giving farmers precise credit and a reasonable repayment cycle. Big Tit has served a total of 1.2 million commercial farmers. In rural areas where data is relatively sparse, it has found a new technological path to solve the problem of "availability" of financial services.
Trend 5: More than 60 % of banks will adopt cloud-native architecture to support security, controllability and future ecological innovation.
IDC predicts that by 2025, 60% of domestic banks in China will formulate and implement a cloud-native digital core strategy based on current application usage.
In addition to technology banks such as MYbank and WeBank that were early adopters of cloud-native architecture, major state-owned banks, joint-stock banks and city commercial banks are also accelerating their deployment. China Guangfa Bank started building a container cloud platform in 2019 and has tried to access 223 applications. After migrating to the cloud, Guangfa Bank's IT costs have been significantly reduced, with a CPU saving ratio of over 43.54% and a memory saving ratio of over 65.12% . At the same time, the efficiency of new application research and development has been greatly improved. China Construction Bank has even established "CCB Cloud" to get involved in cloud computing business. It launched the first batch of 10 cloud service packages in three categories to provide "out-of-the-box" technical services to small, medium and micro financial institutions.
" The core driving force driving the development of banks is changing. It used to be driven by scale, but now it is driven by new technologies. " Jin Xiaolong, senior vice president of Ant Group and chairman of MYBank, said at the scene that China has formed global competitiveness in the digitalization of banks. , which is of great significance to promoting financial services to the real economy and promoting financial technology innovation.