What disruptive innovations will generative AI bring to the financial industry?

McKinsey pointed out in "Today's Technology Reshaping Tomorrow's Finance: Seven Technologies Impacting the Future Pattern of the Global Financial Industry" released not long ago that there are four major trends in financial technology that are particularly worthy of attention:

• Technology is becoming increasingly mature, and applications are deeply penetrated, moving from pilot projects to large-scale applications;
• Emerging technologies are emerging, broadening the technical connotation, Inject new vitality into the financial field;
• The superposition of multiple technologies exerts a multiplier effect and injects innovation momentum into finance;
• Privacy protection has awakened and information security has added value, becoming a new growth point for financial technology.

Based on four major trends, McKinsey combines artificial intelligence, cloud computing, metaverse and comprehensive virtual technology, blockchain and Web3.0, next-generation communications, and next-generation integration These seven technologies, development and trust architecture and digital identity, are listed as new technologies that will reshape the future of the financial industry.

In the "Financial Technology Trend Outlook 2023" released at the beginning of this year, it proposed generative AI, causal inference, graph computing, technological ethics governance, on-chain distributed financial applications, and privacy Ten major technology trends including computing, graph computing, virtual digital technology, automatic machine learning, and cloud capability upgrades.

Generative AI Explosion

While institutions have slightly different views on technology trends, there is no doubt that artificial intelligence technology is at the top of the list. 2023 is the year of the explosion of generative AI. In the financial field, generating different styles of text, voice, and video through instructions, as well as generating content similar to financial asset targets, is the most basic application of generative AI in the financial field. . In financial business practice, generative artificial intelligence has certain auxiliary value because it has a certain creative nature from the perspective of the generated process and results.

Key technologies do not exist in isolation, but are intertwined, embedded, and integrated with each other, thereby releasing powerful energy and triggering industry innovation. At present, these core technology combinations have gradually deepened their practical application in financial subdivisions, and will reflect greater value in the future and affect the market competition pattern of financial technology and even the financial industry.

Zhou Ganghui, member of the Party Committee and Vice President of Xingye Digital, believes that generative AI products such as ChatGPT and Wen Xinyiyan are actually the entrance to a new virtual world.

Lu Dayin, chief information officer of Orient Securities and chairman of Orient Securities Futures, believes that the futures market has only a few hundred thousand customers and has been difficult to scale, mainly because the derivatives market of securities and futures is quite complex. , most investors are confused about the difference between complex concepts such as futures and options. “Generative AI can lower the threshold for programmed trading and bring explosive growth to the customer base.”

Li Chi is the head of the laboratory of Taikang Insurance Artificial Intelligence Research Institute. He is optimistic about the prospects of generative AI and put forward suggestions for future development directions. In his view, generative artificial intelligence currently seems to be a generalist, but to be truly applied in business scenarios, targeted training is required.

How does financial technology innovate?

For the financial industry, embracing technology has become a “compulsory course”. Since its development, the in-depth integration of finance and technology has not only created synergy but also brought about changes. In the future, what new changes will financial technology usher in in terms of policy trends, technological innovation, and achievement transformation? In which financial business scenarios will the new generation of financial technology be implemented and bring new innovation opportunities?

51CTO has specially set up a special topic "Financial Technology Innovation" at the WOT Global Technology Innovation Conference to be held in Beijing from June 16th to 17th to provide financial technology companies and financial Technology R&D personnel provide a more in-depth learning and communication platform.

At that time, Zhang Wei, technical director of Zhongguancun Kejin Financial Division, Li Yifan, financial technology manager of ICBC Software Development Center, Li Xin, CTO of Debang Fund Management Co., Ltd. and other senior technical experts in the financial technology field Will bring wonderful sharing.

To learn more about WOT’s exciting themes, please click to read the original text or scan the QR code below to view event details. The 10% discount period for the WOT Conference is about to end, and there are many discounts for purchasing tickets now.

Zhang Wei will focus on the field of consumer finance, share and interpret the application value and key technologies of conversational AI in remote video banking, relying on technological innovation to achieve Online financial service business expansion, process efficiency improvement and customer experience upgrade.

Li Yifan will take "Exploration and Practice of Industrial and Commercial Bank of China Platform" as the theme to help the audience understand the practical experience of large-scale R&D teams in the financial industry in improving R&D efficiency.

Li Xin will share the dilemmas, challenges and breakthrough points of digital transformation of small and medium-sized financial enterprises, and introduce the technical means used, the results achieved and the problems encountered in the process of exploring digital transformation. Solutions, etc.

WOT Global Technology Innovation Conference is one of the world's top technology summits. It will be held in Beijing from June 16th to 17th. In addition to financial technology innovation, it also covers current technical topics that are both innovative and discuss value and development prospects, including: AIGC, multi-cloud practice, business architecture evolution, AI infrastructure, big front-end, etc. Interested students can scan the QR code below to register.

Read the original text: Producer details | WOT 2023 – Global Technology Innovation Conference - 51CTO.COM - Technology makes dreams come true - China's leading IT technology website

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