Thursday, November 5, 2020

Hang Seng Electronics: Based on the financial scene, maximize the value of AI

 "In the current financial field, artificial intelligence is a key technology that assists financial institutions in conducting business."

Finance Xiaobai wants to pick a good stock? AI can help. From the smart recommendation of stocks, to the risk control system for financial management, and even the customer service to answer your financial questions, AI is behind them.

Hang Seng Electronics Co., Ltd. ("Hang Seng Electronics" for short), as a financial software and network service provider focusing on the financial industry, is well versed in the combination of AI and financial scenarios.

"In the financial industry, AI is not the icing on the cake, but a necessity for the operation of the industry." Lin Jinshu, a senior technical expert in artificial intelligence of Hang Seng Electronics and head of the NLP (Natural Language Processing) team of Hang Seng Research Institute, joined Hang Seng Electronics five years ago Faced with the increasingly complex data requirements of the financial industry, he took the lead in forming the artificial intelligence team of Hang Seng Electronics and exporting its technology to the entire industry.

Instead of labor, AI is fully penetrating the financial industry

According to Lin Jinshu, AI has already penetrated all fields and links of the financial industry. Securities, futures, funds, trusts, insurance, banks, exchanges, private equity... Where there is data, AI can be effective.

Take a daily application scenario-stock account opening is now operated by mobile phones, and there is no need to go to the trading department to provide identification as a few years ago. Face recognition, voiceprint recognition and other technologies allow investors to "brush face" and "record" to complete identity verification.

"However, the current customer service labor costs are very high. If you encounter a bull market, a large number of customers may flood the platform for consultation in a short time. This will put a lot of pressure on the customer service department and reduce the customer service experience."

Lin Jinshu revealed that in the field of customer service, AI is replacing labor in a large proportion, thereby saving manpower, space, equipment rental and other costs. For example, Tianhong Fund is behind the AI ​​customer service of Hang Seng Electronics providing technical services. In the entire financial industry, AI also plays an important role in process reengineering and promoting the digital upgrade of the industry.

For example, risk control, how to reduce risks? Collecting data and establishing a database of black and white credit risk lists are common practices. In the era of massive information, AI can effectively expand the amount of information in a short time. Through the collection and retrieval of massive data such as online news information, announcements, research reports, etc., the credit evaluation of the target is carried out, the risk judgment is made in advance, and the target is achieved. Real-time monitoring. Once the target has negative public opinion, AI can push relevant information in real time. With the help of AI, the data processed in two hours can now be completed in five minutes.

In the investment banking business, AI can also effectively replace manpower. For example, when submitting an IPO application, under the traditional mode, most of the human review methods are adopted, which is prone to oversight. By reviewing investment bank drafts through NLP technology, this scenario can be transformed. AI can not only check for errors in manuscripts, but also monitor public opinion information related to the subject matter when performing business links.

"In other fields, AI may play an auxiliary role. But in the current financial field, artificial intelligence is a key technology to assist financial institutions in conducting business ."

IT capabilities, algorithms, and business are indispensable

At present, the AI ​​system of Hang Seng Electronics has been extended like a tentacle and firmly embedded in different scenarios in various financial fields.

Hang Seng Electronics, born in 1995, has focused on the development of the financial industry since its establishment. From 8 founding employees to a team of nearly 10,000 people, from self-built office buildings to the upcoming headquarters building of more than 200,000 square meters, Hundsun Electronics has made great strides along the road of corporate development.

For 13 consecutive years, Hang Seng Electronics has been selected as one of the IDC Fintech 100 Global Fintech 100 list. In 2003, the Hang Seng e Shanghai Stock Exchange main board listed code 600570.

In 2017, the tide of artificial intelligence has swept into the financial industry. The country has introduced many artificial intelligence-related policies, and securities and fund institutions have also voiced one after another. AI technology is needed to empower the industry. This allowed Hundsun Electronics to see an opportunity, and they began to accelerate research and development in the field of artificial intelligence.

Lin Jinshu said that it is not easy to lead a department from scratch. There is a shortage of talents, lack of experience... Everything has to be explored by yourself. The biggest difficulty is the lack of understanding of artificial intelligence.

"At first, I thought artificial intelligence was an algorithm problem. But in practice, I discovered that there are many excellent algorithm engineers in the world, but they have not done well with artificial intelligence because they don't understand the business."

"Like Alpha Dog playing chess, the algorithm is fixed like a chess board, but the specific strategy of how to play chess requires a person who can play chess, that is, a person who understands business to specify." Lin Jinshu used "play chess." To explain, "Artificial intelligence requires IT capabilities, algorithms, and business, all three elements are indispensable."

After clarifying the development ideas, Lin Jinshu began to build a framework. Technically, he decided to look at the world on the "shoulders of giants" and invited academic experts such as Zhejiang University and Fudan University to serve as consultants. In terms of business scenarios, Hang Seng Electronics has extensive experience in financial business scenarios. The combination of technology and business has put Hundsun's AI development on the fast lane.

Based on the financial scene, build AI barriers

Lin Jinshu repeatedly emphasized that the development of AI is inseparable from a deep understanding of business scenarios.

He believes that among the three elements of artificial intelligence, business is the most important. On this basis, the depth of business understanding is the key to building a protective wall and defeating competitors.

He still remembers that the first AI project that Hang Seng Electronics landed was a cooperation with a leading brokerage firm. At that time, the reason why Hang Seng Electronics took the lead in the competition with Microsoft and IBM was that it provided a set of solutions based on the financial scene.

He said that the financial field has its own uniqueness. There are many professional terms when trading, and investors often ask many professional questions. This requires intelligent customer service to integrate with the knowledge background to answer.

For example, the four words "transaction failed" have different semantics when entered on e-commerce platforms and investment platforms. "We have tried, and for the same problem, we borrowed the algorithm of the e-commerce platform on the investment platform, and the accuracy is only one percent." Semantic understanding and the special nature of the processing flow make AI in the financial sector a rigid demand.

At the same time, in the current era of information floods, information often appears asymmetry. How to accurately distinguish between individuals and companies? At this time, multi-dimensional data is needed instead of single data judgment, which portrays the credit portrait of individuals and enterprises.

Lin Jinshu believes that the current AI development of the financial industry is still in its infancy, and the future development of AI will focus on a certain vertical scenario. This is an industry that requires long-term planning and many investments. For this reason, Hang Seng Electronics has made preparations. In the next two to three years, the artificial intelligence team under his jurisdiction will usher in rapid expansion.

To maximize the value of AI in the financial sector, this is what Hang Seng Electronics wants to do.

Talk about artificial intelligence

(Q-Daily Business Daily A-Lin Jinshu)

Q: What do you think of the development of Hangzhou's artificial intelligence industry?

A: Talent is the foundation for the development of the AI ​​industry. First-tier cities such as Beijing and Shanghai are easier to attract technical talents in the financial field. However, due to the high cost of living and entrepreneurship in first-tier cities, we have found that more and more talents come to Hangzhou for development in recent years.

Q: What kind of AI talent do you think financial institutions need?

A: For the completion of an AI product or project, the most indispensable are compound talents, including "IT+AI" (algorithm engineer + AI platform R&D engineer), "business + AI" (AI architect) and There are three types of "business + IT" (data engineer).

Q: Under the epidemic, various industries are accelerating digital transformation. Do you think the financial industry has an impact?

A: Actually, the digital transformation of the financial industry is very fast, and it has long been separated from face-to-face transactions. The epidemic has little impact on this. However, the voice of digital transformation has given AI technology a better development space, which is still good for us.

Q: Please talk about the entrepreneurial environment in Hangzhou.

A: Hang Seng Electronics has received strong support from governments at all levels in the development process, especially the Binjiang District Government. We have solved various problems encountered in our development in a timely manner, and helped us solve the park environment, construction site construction, transportation, etc. problem.

Q: What problems do you think the development of AI in the financial field is currently facing?

A: Data accuracy, security and privacy issues are worthy of attention. It is hoped that the government, society, media, and enterprises can jointly accelerate the development of effective data and the sharing of data resources.

No comments:

Post a Comment

Introducing Your Go-To Source for the Latest in AI Technology News

Introducing Your Go-To Source for the Latest in AI Technology News AI technology is rapidly advancing and changing the way we liv...