The 2024 Generative AI Application Report for the Financial Industry, jointly compiled by Du Xiaoman and the School of Economics and Management of Tsinghua University, MIT Technology Review China, and the Center for Dynamic Competition and Innovation Strategy of Tsinghua University, was officially released on January 24, which conducted in-depth research on more than 170 domestic and foreign banks, insurance, and asset management institutions, and comprehensively and systematically revealed the innovative application of generative AI technology in the financial industry, the business value generated, and the expectations at the policy level. Practical solutions and recommendations for financial institutions.
Li Jizhen, deputy dean of the School of Economics and Management of Tsinghua University, released a report.
GenerativeaiRespond to recommendations in real-time to meet customer needsDiversity
According to the report, generative AI is redefining the customer experience and is forming new services. Generative AI can be a valuable assistant to respond to recommendations in real time and meet the diverse needs of customers. For example, chatbots applying generative AI that are able to understand the complexity of context in a conversation may eliminate the inaccurate response defects of traditional voice bots, thereby enhancing customer engagement and trust. Generative AI can also lead to new manufacturing by co-innovating with other technologies such as RPA. For example, the large model can analyze a large amount of text data from various sources to provide actionable suggestions for optimizing chain management; Enhance product development by analyzing customer feedback, market trends, and competitor data.
Xu Dongliang, CTO of Du Xiaoman, said: "In the short term, the large model is an extension of digital intelligence, which reduces costs and improves efficiency for enterprises; In the long run, large models will evolve into super-intelligent twins to reconstruct enterprise business processes. ”
Du Xiaoman CTO Xu Dongliang.
Generative AIEmpower banks to digitally transform and reshape the financial industry
The report proposes that generative AI is sweeping the financial industry, unleashing new productivity, empowering the digital transformation of banks, and reshaping the global financial industry landscape in an unprecedented way. How investments are managed and risk is assessed.
Du Xiaoman's "Xuanyuan" has been applied for trial by hundreds of financial institutions
It is expected that within 1-2 years, the first batch of large-scale model enhancement financial institutions will enter the mature application period, and the large-scale application of generative AI in the financial industry will be driven after 3 years.
At the level of industry models, fintech companies such as Du Xiaoman and Ant Group have successively released financial models. In May 2023, Du Xiaoman open-sourced the first 100-billion-level financial model "Xuanyuan" in China, and obtained hundreds of financial institutions to apply for trial. At present, the large model technology has been applied to various business scenarios of Du Xiaoman, from marketing, customer service, risk control, office to research and development, and has achieved initial results. In terms of assistants, the adoption rate of large models can reach 42%, which helps the company's overall R&D efficiency increase by 20%; In the customer service space, the large model drove a 25% increase in service efficiency. In the field of smart office, the current intent recognition accuracy rate of large models has reached 97%. China's banking industry is actively embracing the big model. According to the financial report information, six listed banks have publicly released information on the development and application of large-scale model technology. ICBC is the first in the domestic industry to realize the application of tens of billions of basic large models in multiple scenarios such as knowledge operation assistant and financial market investment research assistant. The chatabc released by the Agricultural Bank of China focuses on the knowledge understanding ability, content generation ability and security Q&A ability of the large model in the financial field. Ping An Bank explores the self-developed BankGPT platform and researches the application of large models in scenarios such as personalized marketing content creation, interactive data analysis, and unstructured data insights. Bank of Beijing released the AIB platform, created 7 Q&A robots such as operation assistant and customer service assistant, and launched "Beijing Bank Investment Advisory GPT".
2023 is the year of the emergence of basic large model intelligence, and in 2024, generative AI will move from the model layer to the application layer. Exploring application scenarios, continuously improving customer adoption and utilization of large models, and better leveraging the potential value of large models will be an important part of the breakthrough development of generative AI in 2024," said Li Jizhen, the main person in charge of the report and deputy dean of the School of Economics and Management at Tsinghua University.
With the gradual in-depth application of generative AI in the financial industry, the business value it unlocks and the potential to reshape the industry landscape are becoming more and more apparent. Du Xiaoman has fully demonstrated its innovation ability in the field of financial technology by open-source China's first 100-billion-level financial model "Xuanyuan" and achieved initial application results in multiple business scenarios.