How to do a good job of commercialization in the financial industry?

--Original title: 2019 market analysis of China's fintech industry: driving the intelligent change of finance There are two major windfalls of development in the future

1, China's fintech industry's first development plan and top-level design was released

"AI+Finance " is one of the hot topics at the just concluded World Conference on Artificial Intelligence.The 2019 World Conference on Artificial Intelligence has not only attracted technology companies such as Huawei, Tencent, Microsoft, IBM, and Shangtang Technology, but also financial companies such as the Bank of China, the Industrial and Commercial Bank of China, the China Construction Bank, Ping An of China, and Ant Gold Service.

FinTech was hotly debated at the World Conference on Artificial Intelligence (WCAI), a true reflection of China's booming FinTech development.In late August 2019, the central bank issued the Financial Technology (FinTech) Development Plan (2019-2021) ("the Plan"), which is China's FinTech industry's first development plan and top-level design.

Industry participants at the meeting generally agreed that with the issuance of the Plan, China's fintech will see significant development and that "the next windfall of AI is fintech's 2B business."

KPMG, a consulting firm, predicted that China's investment and financing in the fintech sector, will surpass that of the United States by 2020.

2, China's fintech industry has a bright future

It is reported that the U.S. fintech started earlier. The reason for this is that after the financial crisis, the demand for credit for sub-populations and the demand for regulatory technology are increasingly being paid attention to; in addition, since the 21st century, the development of AI and big data has allowed the development of technologies such as big data risk control, smart investment, intelligent investment research and blockchain to show leapfrog development in the United States.

In comparison, China's fintech started late, but with the rapid development of mobile payment in 2013 as the starting point, fintech has been widely used in payment, wealth management, consumer finance, insurance technology, monitoring technology and other fields.

The year 2019 has been hailed as "the year of change for fintech" by the industry, a year that will see a shift from "digitalization", "intelligent finance", "networking", and "networking" based on new technologies such as artificial intelligence.

This year, relying on new technologies such as artificial intelligence, from "digitalization", "intelligent finance" and "networking" to create a new ecosystem of science and technology finance, help the financial industry to improve the level of service, and constantly promote the transformation and upgrading of the financial industry.

According to the data of the report of the Prospect Industry Research Institute, in 2018, the development of the global financial technology investment industry is highly optimistic, and the scale of industry investment has significantly increased. Specifically, in terms of investment scale, from 2013 to 2018, the investment scale of the global financial technology industry fluctuates and rises.In 2018, the global financial technology investment amount hit a record, with an investment amount of 111.8 billion U.S. dollars, which is nearly six times as much as in 2013.

Global FinTech investment amount statistics and growth from 2013-2018

Data source: compiled by the Prospect Industry Research Institute

The scale of China's FinTech investment and financing in 2018 increased dramatically compared to 2017, reaching $20.5 billion, which is slightly equal to the sum of China's FinTech investment and financing in the four-year period from 2014 to 2017. In this year, the fintech companies represented by Ant Gold Service, Jingdong Financial and Du Xiaoman entered a high-speed growth period, and each completed a huge amount of strategic investment. Among them, ant gold service completed the C round of financing of $14 billion, accounting for nearly 25% of the total financing of global fintech in the first half of 2018, jingdong financial completed $2 billion strategic financing, baidu's du xiaoman amount also completed a strategic investment of $1.9 billion, China's fintech industry is very prominent in the capital market.

Total investment in China's financial technology and the number of invested enterprises statistics in 2014-2018

Data source: compiled by the Prospective Industry Research Institute

Chen Sijie, general manager of the first financial, said that in the field of finance and business a profound change has been taking place. A group of new financial institutions from the beginning to rely on technological innovation, financial technology to open up the market, while traditional financial institutions have begun to realize that they must actively layout the business of intelligent finance, including big data, cloud computing, artificial intelligence, blockchain and other technologies, in order to have their own future. New technologies continue to give birth to new species, new models and new industries of financial technology. It is foreseeable that a new ecology of fintech that is richer in profit-making efficiency is being formed.

Policy support has also laid the foundation for a new round of rapid development of the industry.In late August 2019, the central bank issued the Financial Technology (FinTech) Development Plan (2019-2021), which is the first development plan and top-level design for China's FinTech industry, fully recognizing FinTech's promotion of the high-quality development of China's financial industry and also development has pointed out the direction.

According to the goals of the Plan, the next three years will be a critical period for fintech development. Zhu Guang, CEO of Du Xiaoman Finance, previously said that China's financial technology will enter the best era in the next three to five years, while catching up with the rapid development of artificial intelligence technology, artificial intelligence landed in a very large number of scenarios.

Du Xiaoman Financial Vice President Xu Dongliang said at the meeting, in recent years, China's investment in the field of financial technology has shown an explosive upward trend, according to the development of this trend, 3 years later we have the opportunity to surpass the United States at this level. China has a very strong advantage, first, the huge population base and the explosion of consumer demand to breed a lot of development opportunities; second, the development of mobile Internet has also laid a very good foundation for the development of financial technology.

3, China's rapid development of financial technology to drive financial intelligence change

China's rapid development of financial technology to drive financial intelligence change. "In fact, an important prerequisite for the application of artificial intelligence is the digitization and data of the industry, and at present, in the financial and Internet fields, the application of artificial intelligence is more in-depth, the fundamental reason is that the digitization process of these two industries is the most thorough." Li Weidong, vice president of Tongdun Technology Co. said.

Xu Dongliang believes that fintech will carry out intelligent transformation of the financial industry in three aspects: customer acquisition, risk control and service. In terms of intelligent customer acquisition, Xu Dongliang believes that the platform needs three important capabilities, the first is the multi-dimensional real-time reach ability of the user; the second is the ability to build a user portrait, "it is not enough to reach the user, but also to understand the user"; the third is the algorithm, "to be able to match the (user's) needs in a timely manner ".

In terms of risk control and services, Xu Dongliang said, Du Xiaoman Financial in the financial cloud, financial brain "technology base" on the basis of the use of anti-fraud, multi-head prevention and control, credit risk control and other technologies, to help the organization to effectively respond to the risk; relying on the intelligent management, intelligent investment research, intelligent robots (14.650,

0.24, 1.67%) customer service and other technologies to help organizations reduce costs and improve efficiency.

Huang Qianqian, CEO of Shanghai Xinyan Artificial Intelligence Technology Co. focused on the transformation of finance by AI technology in terms of risk control. Huang Qianqian said, "From the data we have, at present, in the domestic intelligent financial application investment and financing market, intelligent wind control accounts for about one-third. From the point of view of the effect of the entire application, intelligent wind control is the most active, the market size accounts for the largest proportion."

Huang Qianqian pointed out that artificial intelligence helps to break the traditional financial risk control technology barriers, "artificial intelligence technology empowered wind control, can be through a large number of data computing after risk pricing, from customer acquisition to credit credit, lending, collection, can realize the whole process of processing. Artificial intelligence technology plays a decisive role in improving efficiency, lending accuracy, and reducing risk."

In addition, Huang Qianqian believes that with the large-scale use of computer vision, image processing, retrieval, reconstruction can greatly improve the efficiency and effectiveness of the entire intelligent wind control. "In the payment process, has begun to massively do some risk control through face recognition in real time. In addition, attempts to use biometric features such as iris and voiceprint for wind control can also improve the effectiveness of anti-fraud."

"In the future, with the large-scale application of blockchain technology and 5G technology, the new generation of AI technology will revolutionize the business operations, risk control, and post-loan related management of the entire financial industry." Huang Qianqian claimed.

4, the future of China's financial technology wind mouth?

Financial intelligent change has become a trend, where is the future direction of development? Li Weidong firmly believes that the next windfall of artificial intelligence is the 2B business of fintech.

Zhu Yi, head of China innovation and fintech products at Deutsche Bank's Global Financial Transaction Business, also believes the direction of development is 2B business. "In fact, most of the foreign banks are not winning in China domestically with their outlets, and the main business we are focusing on is still the 2B business."

"We are looking to package our customers and our fintech partners on a circle to play a bigger role, so that the bank is no longer like a traditional bank, the fintech company is not a traditional fintech company, and the customers will become more digital and intelligent." Zhuyi said.

Zhou Jun, founder and CEO of Beijing Eyes Technology Co., Ltd. is of the view that the financial wind in the banking business, the bank's financial products implanted in the people's lives in various scenes, so that the financial and people's lives are inseparable from the scene, which is the financial enterprises should do.

1)In the view of Xue Hongyan, assistant director of the Suning Institute of Financial Research, the role of financial technology can be measured from two perspectives:

One is the role of financial science and technology, the activation of the vitality of the traditional financial science and technology;

The second is that in the process of integration of science and technology and finance, science and technology itself is slowly independent of the independent solution for the external output and empowerment of science and technology has begun to become a factor of production of the financial industry. become a production factor in the financial industry.

2)Xue Hongyan believes that the future wind mouth of financial technology is reflected in two aspects:

One is the transfer from the C end to the B end of the financial industry within the financial industry to bring the whole of the further development of financial technology wind mouth.

The second is the expansion from finance to industry. In fact, fintech can be used not only in the financial industry, but also in the industrial sector, the construction of smart cities, etc., which is also a big windfall in the future. From the point of view of the expansion of the scene, the entire fintech future wind mouth lies in the scene continues to deepen and expand.

--For more data sources and analysis, please refer to the China Science and Technology Financial Services In-depth Research and Investment Strategy Planning Analysis Report released by the Foresight Industry Research Institute.