Li Shuo, Vice President of Baidu: The digital transformation of the financial industry has entered system planning from point application

As a pioneer in the development of the digital economy, the financial industry has a comprehensive digital and intelligent foundation, and has taken the lead in entering a new stage of "results first".

"Everyone's cognition and understanding of new technologies and application scenarios are more mature, and in the application roadmap, many institutions have formed their own complete plans for digital transformation and intelligent upgrading during the '14th Five-Year Plan' period." From dot applications to system planning, this is a very big change we're seeing in the industry. On November 26, at the 2021 Digital Finance Summit, Baidu Vice President Li Shuo said in an interview with First Finance and other media.

On the same day, Baidu released three new cloud-intelligence integrated financial products, including the full-cycle AI marketing brand "Hurricane", the new generation of intelligent work platform "Ruliu" and the digital consulting full-stack solution.

Li Shuo said that the application of new technologies represented by AI in the financial industry has entered a new stage of "results first" from the early tentative attitude.

The "White Paper on China's Fintech Ecology" released by the China Academy of Information and Communications Technology mentions that on the one hand, the initiative of traditional financial institutions in the field of science and technology has been significantly enhanced, and its strategic positioning of financial technology is gradually transforming from "technology empowerment" to "technology leadership"; on the other hand, the financial technology business of large Internet platform companies pays more attention to the isolation of technology services and quasi-financial business in the regulatory policy environment, and the quasi-financial business accelerates the pace of obtaining financial licenses and continuously strengthens its own scientific and technological attributes.

Li Shuo said that in the cooperation between Baidu and financial institutions, banks and other financial institutions rely on Baidu's technical understanding and technical implementation, and Baidu takes this opportunity to better understand the industry's needs for technology applications.

In terms of specific business, Baidu provides private cloud or private cloud services in cooperation involving the core financial systems and data systems of large financial institutions.

At the same time, hybrid cloud services are offered when it comes to operational activities for C-end customers. Li Shuo told FIRST Finance, "Baidu mainly provides cloud elastic computing for financial customers. They may need some temporary resources when they do some operational activities, and these activities will not involve the core business, core data, and we provide computing power and resources to customers in an elastic hybrid cloud. ”

He mentioned that Baidu is also exploring how to better establish a financial industry cloud, "it may be that Baidu and some manufacturers with scientific and technological strength in the industry jointly build an industry cloud that is in line with the use of the financial industry." ”

Large institutions have strong funds and mature IT systems and talents, and waist institutions and small and medium-sized institutions also have their characteristics. Li Shuo said that on the one hand, they are more inclined to adopt large banks that have been verified and have mature cases in the industry; on the other hand, some waist financial institutions do not necessarily follow the footsteps of large banks. "We have now established a model of direct cooperation with some very dynamic urban commercial banks and rural commercial banks, they have stronger local operation capabilities, they can use artificial intelligence technology to complete their local operations, and their understanding of the local market far exceeds that of many large institutions in local branches."