"Fintech is entering the engine revolution of the second half, and the focus of competition is around core technologies, which will determine who can win the future of new finance." At the 2018 Titanium Media T-EDGE Global Innovation Conference, Jiao Ke, CEO of Zhirong Group, was invited to attend the "New World Summit" on December 16, and delivered a keynote speech "How Artificial Intelligence Redefines the Boundaries of Finance", sharing the thinking and latest technological achievements made by Zhirong Group in the new financial era, which resonated with people in the industry.
Jiao Ke, CEO of Zhirong Group
Jiao Ke, CEO of Zhirong Group, said that although finance is an ancient industry, it is also a pure digital industry. With the rapid development of new technologies such as artificial intelligence and big data, financial business and services are constantly innovating, such as quantitative transactions, intelligent customer service, intelligent investment advisors, etc., and the degree of intelligence and personalization is constantly improving. Whether it is in the processes and links of the financial industry itself, or from the connection between finance and external industries, new technologies are deeply influencing and changing traditional finance.
After experiencing the first half of the competition of Internet finance to move offline assets to online, the second half of the deeper financial technology driven by technology has really opened the curtain.
Redefining the "aesthetic" of the financial industry
Jiao Ke said that in the past, banks mainly relied on the applicant's credit report, social security records, asset certificates, wage flow and other strong characteristics to decide whether to lend and how much to lend. Limited by the level of domestic data construction, this practice also allows financial institutions to lose many users, for example, many private enterprises in China use cash to pay wages, many people have no social security, no fixed assets such as cars and houses, so they do not meet the "aesthetics" of traditional financial institutions, and thus are rejected.
However, Zhirong Group uses artificial intelligence, big data computing and other technologies to mine and utilize, creating a new "aesthetic". Jiao Ke made a vivid interpretation of this: traditional financial institutions made a sieve with their own rules to screen out the irregular apples, but this does not mean that these apples are not good. What Zhirong has done is to use a scale to measure the quality of these apples, so that some good apples that have been missed by the sieve can also stay. This scale is "I.C.E. Artificial Intelligence Risk Control Engine".
“I.C.E。 Artificial intelligence risk control engine "to build competitive advantage."
Zhirong Group independently developed I.C.E. The artificial intelligence risk control engine is closely related to the three key links of "Identification", "Calculation", and "Evaluation".
Zhirong Group has developed the "Conan Feature Engineering" that relies on massive data mining and verification of more than 13,000 dimensional weak features, the "D-AI Machine Learning Model" that can be continuously iteratively optimized through machine learning technology, and the "Anubis Big Data Computing Architecture" that uses high-performance architecture to support rapid iteration of models and make the system run stably. The new "aesthetics" composed of these three parts redefine financial services, helping financial institutions to build technical strength, improve business efficiency, improve service levels, and broaden the boundaries of financial services in terms of customer acquisition, risk control management and information management.
Up to now, Zhirong Group has completed more than 26 million credit transactions, and this figure also means that I.C.E. The AI risk control engine has harvested more than 26 million samples, and these samples with a complete life cycle can be fed back into the system to continuously train and optimize the model.
In Jiao Ke's view, artificial intelligence has a natural advantage in the financial field that precipitates massive amounts of data. First of all, the machine can process massive data, which can greatly improve service efficiency; secondly, the machine learning speed is extremely fast, and the model with artificial intelligence as the core can achieve high-frequency optimization iterations; third, the machine has no moral hazard, and the anti-cheat ability is stronger, which greatly improves the security of the system. Take I.C.E. The artificial intelligence risk control engine drives business development, and Zhirong Group has formed a virtuous circle of scale effect: the massive sample volume and data volume make I .C.E. Risk pricing is more accurate, thereby increasing corporate profitability, and enterprises can then increase market investment and technology research and development investment, further expand the number of users, obtain more samples, and form a virtuous circle of mutual promotion.
The "engine revolution" drives the iterative upgrading of new finance
When it comes to empowering the financial industry with artificial intelligence technology, Jiao Ke believes that what makes Tesla really different from other auto companies is not its shape or operating interface, but its internal engine. "As a financial technology company, Zhirong Group is positioned as the 'Tesla' of the industry. Like Tesla's unique electric engine, our core is to build an engine based on artificial intelligence and applied to the financial field. ”
Looking at the development process of the financial industry in recent years, the integration of new technologies and the financial industry is often concentrated in the field of "trade" (channel) and "industry" (efficiency), although it is cloaked in a layer of "new financial shell", but its internal driving force is still the "fuel of traditional finance" - expert experience and manpower. Once the platform cannot carry a large number of users, industry chaos such as damage to user rights and interests will appear. In the real new financial model, the engine "burns" data and algorithms, which is the new "energy" needed in the new financial era. Entering the new financial era, the internal processes and links of the financial industry and new technologies will produce a deeper integration, the financial processes and links that have not been fundamentally changed in the Internet era will be deeply changed, and the pain points and problems that seem to be unsolvable in the Internet financial era will be fundamentally changed. Jiao Ke said: "Only by truly changing the internal processes and elements of traditional finance can we achieve the essential transformation of the financial industry. ”
In this advent of the "engine revolution", Zhirong Group empowers every link of the financial service ecosystem through independent research and development of new financial technologies with artificial intelligence as the core, promotes the iterative upgrading of the new financial era, and helps the development of inclusive finance. "Our company is called Zhirong Group, and this name comes from our mission, 'Let everyone enjoy smart finance'." At the end of the speech, Jiao Ke shared with everyone the mission and original intention of Zhirong.