Technology reinvents the financial world

Technological advances, artificial intelligence (AI) in particular, have reinvented the financial world, according to industry experts at a forum in Shanghai on Saturday.

Given its nature of being data-driven, the financial industry has been among the best scenarios for technological applications, especially in terms of AI, said Xiang Jiangxu, senior vice president and chief technology officer at Chinese financial technology conglomerate Creditease.

Over the past few years, the 15th China International Finance Forum heard, artificial intelligence has become the center of attention in the sector.

Among the industries that have adopted the technology, finance stands out as a very suitable sector as emotionless robots can bring their strengths into full play while helping clients make sound investment decisions, Xiang said.

Thanks to its commitment to AI, Creditease has enhanced the efficiency and degree of precision for its business in inclusive finance and wealth management, including payment technology, marketplace lending and robot-advisers.

Xiang said the company has built an open platform for the insurance industry, covering more than 800,000 agents and over 3,000 insurance plans. With the help of AI, the platform is better able to meet customers’ need and make personalized protection solutions.