Biz / Tech

AI is reshaping the future of finance

Zhu Shenshen
The increasing use of artificial intelligence is boosting and reshaping the fintech sector.
Zhu Shenshen
AI is reshaping the future of finance
ti gong / Ti Gong

Nobel laureate and economist Finn Erling Kydlan

AI can define and reshape the financial industry through everything from identification, connectivity to credit and risk control. 

Nobel laureate and economist Finn Erling Kydlan told the World Artificial Intelligence Conference of AI’s possible applications to predict economic changes, choose fund-raising projects efficiently and easily monitor risks. 

AI can “predict in advance ... identify issues” and help make-decision making easier and more efficient in the financial sector, Kydlan said during an interview. 

AI can redefine future of finance in connectivity, credit, risk control and transactions by making data fully exchangeable and hedging against risks, said Michael Zhen, founder and CEO of CC Intelligence.

CC Intelligence, a major organizer of the WAIC finance forum, now has 700 million users worldwide.

It also displayed virtual robots during at the WAIC. They have features like contract comparison, fiscal report publishing and opening accounts in banks.

In 2020, China’s fintech industry revenue will hit 12 trillion yuan (US$1.7 billion), fueled by the wide  adoption of AI, said KPMG. 

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