What is financial technology?

The English translation of financial technology is Fintech, which is the abbreviation of financial technology. It can be simply understood as finance+technology, which refers to the use of various scientific and technological means to innovate the products and services provided by the traditional financial industry, improve efficiency and effectively reduce operating costs.

According to the definition of the Financial Stability Board (FSB), financial technology is based on a series of technological innovations such as big data, cloud computing, artificial intelligence and blockchain. And it is widely used in six financial fields, such as payment and settlement, loan financing, wealth management, retail banking, insurance and transaction settlement, which is the mainstream trend of the financial industry in the future.

Rise:

The new industrial revolution and technological revolution led by big data, cloud computing, artificial intelligence, blockchain and mobile Internet will lead to the continuous breaking and reconstruction of financial discipline boundaries and research paradigms.

The outbreak of this round of science and technology has led to a subversive impact on the traditional development model of the financial industry in the following two aspects:

On the one hand, the global data accumulation stock has reached the scale and level that set off a new round of industry changes, and the global data is growing rapidly at a rate of about 40% every year. In 20 17, the total global data is 2 1.6ZB( 1 ZBs is equal to 10 trillion bytes), and financial data accounts for a high proportion. In addition, the financial market naturally has a large number of standardized big data, which is suitable for cutting-edge technologies to take root.

On the other hand, the application of cutting-edge technologies such as artificial intelligence in algorithm and computing power, as well as revolutionary breakthroughs in hardware technologies such as GPU, TPU and NPU, have gradually brought Moore's Law, which has been stable for 50 years, to an end.

Science and technology have profoundly changed the financial format and become the commanding heights of future financial development. Financial technology has been actively deployed in various fields of the traditional financial industry and has become a new outlet. ?