Recently, the fourth paradigm of the world's leading provider of artificial intelligence technologies and service providers announced the acquisition of a joint strategic investment from three state-owned banks including ICBC, Bank of China and China Construction Bank.
'This is the first state-owned bank to jointly invest in pioneering artificial intelligence companies, the fourth paradigm has the honor to become the three powerful state-owned banks in the area of artificial intelligence common and sole choice.' Fourth Normal founder and CEO Dai Wenyuan at In an interview with Economic Observer, the three banks said they had the best financial scenario and credit in China, and the products and solutions experienced in these three institutions are viable for the fourth paradigm Strategic investment will promote closer cooperation between the fourth paradigm and banks in the future.
This is by no means an ordinary strategic investment, but even more behind the new strategic layout of the AI and other science and technology by the three big state-owned banks. In recent years, science and technology have entered the financial sector. Wind-control models, credit logic and even currency manifestations are taking place Changes, the correlation between institutions and the complexity of the financial system far outweighed the digital storm, which is now sweeping the globe. China has undoubtedly become one of the stormy eyes. The new competitive landscape of banking has been rebuilt. Digital finance is relying on mobile phones, etc. Intelligent terminal equipment quickly pounce on the market.
Internet companies such as BATJ (Baidu, Ali, Tencent, Jingdong) swept through areas such as payment and consumer finance with digital technology. Interest-bearing banks' survival spreads narrowed, their business environment became increasingly harsh, and Internet financial institutions quickly seized customers. Internal and external problems ", banks or with Internet companies to carry out cooperation, such as workers and peasants in the construction and other banks and Jingdong, Baidu, Tencent, Ali signed a strategic cooperation agreement; or by way of venture capital or private placement of financial technology, such as CDB through China National Open Financial Investment opens Xinjinjinfu; or directly opens a science and technology subsidiary to explore new formats of 'finance + internet' such as Ping An Group's cooperation with Ping An Technologies, Everbright Group's investment in China Everbright Bank, CITIC Bank opened in the 100 Bank.
Nowadays, the bank has started to enhance the core competitiveness of the bank through strategic investment in AI institutions with AI-enabled and fully upgraded methods, which may be one of the major ways in which the next wave of financial institutions will deploy financial technology. BOCI has always been actively supporting the development of technology companies and will continue to invest in suitable projects. "BOCI told reporters.
Intelligent finance is coming
Rome was not built in a day, and the intelligent transformation of the bank was by no means accomplished in a single action.
Financial industry has entered the new phase of integration of finance and science and technology with Baidu Finance and Accenture recently. The report titled "Jointly with AI, Wins the Future - Joint Report of Intelligent Finance" According to ABCD, artificial intelligence (AI), blockchain (cloud), cloud computing Computing (Cloud Computing) and Big Data (Big Data) four technologies.
There are three major differences in smart finance: the first is zero distance, the development of smart finance should reach a zero-distance status, the second is fairness, and a fairly fair pattern should be formed from the fairness of the past and some aspects. Third, low cost. The development of smart finance not only reduces operating costs, more importantly, reduce the cost of risk. Once the cost reduction, will inevitably feedback on the bank's service prices. 'Li Lihui, former governor of the Bank of China said that once the whole community because of The development of smart finance into a low-cost state, the financial can be more popular.
Although financial technology originated in the United States, the domestic development in recent years has been at the forefront of the world.Whether financial institutions represented by banks or science and technology institutions represented by the Internet giants are accelerating the development of China's financial science and technology. Of financial institutions in 2017 reached a strategic cooperation with technology companies such as ABC and Baidu to build the financial brain, Bank of China and Tencent cooperation to set up joint laboratories for science and technology, CCB in hand Ali and ant gold clothes, ICBC joint Jingdong. Since the Pudong Development Bank in banking Since the earliest launch of smart investment consulting service 'Choi Chi Robot', nine banking financial institutions, including China Merchants Bank, China Guangfa Bank, Industrial and Commercial Bank of China and CITIC Bank, have launched their smart investment consulting business.
In terms of the Internet, Alibaba's Anta Gold service infiltrated Alipay into all areas of the financial sector; Tencent launched its first online banking bank, Micro Bancassucao; while Jingdong Finance's white band opened up the domestic internet consumer finance market, while in 2017, Public Security Online (HK: 06060), Simple Technology (NYSE: JT) and other institutions successfully landed in the capital market.
'The speed of digital transformation of China's financial services industry is among the highest in the world and the scale and prospects for the development of financial technology can not be underestimated.' 'Said Chen Wenhui, managing director of financial services division Greater China in Accenture, experiencing a' fast in internet finance ' Development, China is entering a new phase of more in-depth application of finance technology or it may be called the 'smart finance' phase.
Today, the fourth paradigm of joint strategic investment among three state-owned banks and their subordinated funds, such as Industrial and Commercial Bank of China, Bank of China and China Construction Bank, has opened new ways for new financial technologies. "This strategic investment will promote the future between the Fourth Paradigm and the Bank Closer cooperation. "Dai Wenyuan said that on the one hand, the financial industry contains a lot of natural AI scenarios that can be significantly enhanced core capabilities through the empowerment of the 'data intelligence core', a move toward smart banking and inclusive financial solidity The fourth paradigm is also trying to get finance and technology together to help upgrade and revolutionize other industries through joint services.
Why did the three big state-owned banks choose to inject capital at the same time? Dai believes that banks are partly based on a 'shift in the real demand of the industry' - as the deeper integration between AI and banks is becoming a trend, AI The banking sector will be helped by the "face" to develop in depth, the bank is no longer satisfied with the purchase of technical solutions to solve the temporary needs, began to attach importance to their ability to grasp AI, overall and fundamentally enhance the AI ability.This is the fourth paradigm different from Other AI service providers.It is understood that ICBC and other banks and the fourth paradigm of early contact with the hope that with its own ICBC independent AI development capabilities, after more than the general commercial capital more in-depth and meticulous investment due diligence, the final Made investment decisions.In the process of exhaustion, tested more than six different business scenarios of the fourth normal system, basically achieved more than 100% efficiency or accuracy improvement.
Speed up the layout
Intelligent finance has become the focus of market competition. Commercial banks can actively deploy and leveraging through various forms of acquisition, investment and strategic cooperation.
The Ernst & Young Global Survey found that 50% of executives surveyed by the Bank of China said they plan to establish new joint ventures and partnerships in emerging markets and acquire assets in emerging strategic markets by 2018. 'Compared with many other regions, Asia Pacific figures and The penetration rate of mobile technology is much higher. "Jan Bel-lens, Ernst & Young's vice president of global banking and capital markets, said banks in the Asia Pacific region have a clear understanding of the urgency of digitalization.
The 2018 Global Banking Outlook, released by EY, shows that 85% of global banks are implementing digital transformation initiatives as their business priorities by 2018, investing in technology to drive efficiencies, grow and manage evolving risks that are considered The key to continuous success.
China's financial technology industry not only gained advantages in areas such as scale and technology, but also attracted global industrial funds in the area of financing.
Data show that in 2016, global financial technology companies got 504 total investment of 117.7 billion U.S. dollars, of which China's financial technology companies with about 91.8 billion U.S. dollars of financing, accounting for 78% of the total global financing, the first time overtaking the United States ranked first in the world , The only area where the total amount of financial technology financing in the world increased in the same year. As the most powerful landing site for artificial intelligence, China's financial technology investment has achieved a compound growth rate of 119% since 2012, with a steady increase in the number of investments. In the financial science and technology, China is quite innovative. China has developed some different ways from the West and has done so very successfully. It has become the envy of the West. China's electricity supplier, consumer credit and supply chain other than credit Finance has done a lot of innovation and become more efficient. 'Chinese Academy of Sciences, winner of the Turing Award Yao Chi said that compared with the United States, China's financial technology development is facing the core problem of wind control, how to create a Very well synergistic trust system.
Peking University Digital Finance Research Center believes that China's financial science and technology currently has some leading edge is mainly based on three aspects: a large market gap, rapid technological development and regulatory tolerance. Big data analysis technology in the development of the United States FinTech played a key role, but Many Fin-Tech companies do not have big data analytics, are bound by 'fair credit' clauses, and are afraid to put some data that may be suspected of discrimination for credit analysis, such as age, gender, college, etc. Without the support of big data analytics Some of FinTech's competitive advantages are limited to operational processes or market positioning.
China's financial regulation is paying close attention to the risks brought by financial technology.As the year of compliance of the internet finance industry, all kinds of heavy regulatory documents of the financial regulator in 2017 have been issued intensively, and many fields such as payment, net loan and asset management have been issued Regulatory policies and increasingly sophisticated regulatory systems are under way. "Now that such a sound system has been developed and high-tech instruments have been used as tools for financial services, the need for financial regulation to judge risk points and risk points needs to be considered, Not just simply functional supervision, behavior supervision, supervision of the placement may have to be applied to. "CBRC former vice chairman Cai Ersheng said that when the credit problems, risk issues, the problem of efficiency can be the most basic inside the organization, in each Inside the company has a deep impression and awareness, the financial ecology will have a great change.
'Technology and finance are becoming more and more closely integrated, no matter what ways they are used to carry out financial technology, and all are financial innovations under strict supervision.' Xia Lvwu, vice chairman and president of Everbright Co., paid a special visit to the Economic Observer Said that after the integration of financial technology in the scene, user experience and risk control have the advantage in the field, thereby reducing the cost of capital, build a new financial ecology, improve financial services to the real economy.
Under strict supervision, financial institutions that stand out as innovative ones can only gain market access through more technology, market segments and other innovations.
'Market competition needs to outperform rivals and the biggest long-term profit-making way is innovation.' "Chen Yulu, deputy governor of the People's Bank of China, wrote in his book The World's Ministry of Financial History that in order to stay ahead of rivals, Stop innovation. Innovation is not to be different, but have to break the routine awareness and recognize their ability, and on this basis out of the most suitable for their own way.