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Report: Generative AI has far-reaching impact on financial industry

Report: Generative AI has far-reaching impact on financial industry


At the second Pearl Bay Financial Forum co-sponsored by the China Finance Forty Forum and the China Finance Forty Research Institute on the 17th, the “Pearl Bay Intelligent Financial Development Report (2022)” (referred to as the “Report”) was officially released. The “Report” stated that generative artificial intelligence (AIGC) represented by ChatGPT has a profound impact on the financial industry.

“Pearl Bay Intelligent Financial Development Report (2022)” release site.Photo courtesy of China Financial Forty Forum

Smart finance refers to a new business format that is deeply integrated with artificial intelligence technology and the financial industry. It is a financial model change that uses machines to replace and surpass part of human business and management experience and capabilities. According to the “Report”, the development of smart finance in my country presents the following new trends and characteristics: First, generative artificial intelligence technology has made breakthrough progress; second, the application of large models in the financial field has become a hot topic; third, the depth of smart financial applications has been further expanded ; Fourth, the intelligent financial supervision system has been further improved.

The “Report” believes that the emergence of generative artificial intelligence (AIGC) represented by ChatGPT will undoubtedly have a profound impact on the financial industry. It can affect the financial industry by providing fast and accurate information and automated task processing, promoted by the power of technology. The financial industry reduces costs and increases efficiency, ultimately achieving high-quality development. In addition, ChatGPT’s ability to “make machines understand” further promotes the digital transformation of the financial industry, and large-scale pre-trained models broaden the boundaries of AI applications in the financial industry. In terms of reducing costs and increasing efficiency, improving productivity and user experience, and product and service innovation, large models represented by ChatGPT have brought application value to the financial industry.

However, the “Report” also pointed out that since AIGC technology is still in its infancy, its large-scale application still faces challenges in credibility, business, cost investment and other aspects. There are still certain risks and need to be discussed with caution.

In response to the development of smart finance, the “Report” puts forward five policy recommendations: first, strengthen technological security research and encourage business security practices; second, actively use smart technology to promote financial service innovation; third, strengthen smart financial governance and build a solid foundation of scientific and technological ethics and Social responsibility; the fourth is to improve the level of data openness and sharing, and improve the smart financial innovation ecosystem; the fifth is to strengthen talent training and introduction, and lay a solid foundation for the development of smart finance.

The “Report” emphasizes that the essence of smart finance is finance. The introduction of artificial intelligence technology has improved the efficiency of financial services and innovated financial products and delivery methods. However, it may also amplify original financial risks and introduce new problem risks. Mainly Including considerations of ethical standards in smart finance, smart financial technology risks and system security, financial data security and personal information protection, market behavior and protection of financial consumer rights, and financial risks caused by smart technology.

The “Report” puts forward six policy recommendations on the supervision of smart finance: first, improve the dialogue mechanism and continuously build consensus on smart financial supervision; second, formulate smart financial supervision rules and clarify the boundaries of the rights and responsibilities of each subject; third, develop regulatory technology and use Intelligent supervision should respond to new problems and new challenges; the fourth is to strengthen model governance and strive to solve the pain points and difficulties of intelligent financial supervision; the fifth is to advocate industry self-discipline and play the role of a consultant assistant; the sixth is to strengthen financial education and strive to promote the construction of a consumer financial literacy system.



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