AI Helps the Development of Smart Finance
On June 12, 2018, the 16th China International Software and Information Service Fair (CISIS), as China's one and only state-level software fair approved by the State Council, was launched in Dalian. Qingfa Li, Senior Vice President of iSoftStone Information Technology (Group) Co., Ltd. (iSoftStone), was invited to attend the fair and delivered a keynote speech on June 13, titled "AI Helps the Development of Smart Finance" at the sessions of "China AI Industry Summit", focusing the effects of scientific innovation on financial ecology in AI industry along with important guests from politics, academic, commercial bank, and other sectors.
Li stated that risk management and uncertainty was the core of the finance industry, and "smart finance" was the key for the industry to achieve business transformation. However, there are still some restraints on achieving smart finance. For example, in the face of huge amounts of data, we do not know how to tap value; while risk assessment continues, fraud also evolves in a quite fast speed; and for 65% of whom not covered by the traditional credit system, their high characteristic dimension means thousand dimensions of variables. How should there high-dimensional features be handled?
These factors have brought problems such as low efficiency of decision-making in risk control, high costs and higher bad debt ratios, which are painful for risk control in finance industry in the era of Big Data.
Li believes that the consequences of the above-mentioned problems restrict the development of smart finance, but it also brings opportunities for financial companies. Lots of finance companies, by relying on technologies such as Big Data, Cloud Computing, AI, etc., gain new and unique characteristics which either focus on comprehensive business, professional business, or concentrate on developing technologies.
In this regard, Li introduced iSoftStone's smart finance strategy: the self-developed smart finance system helps finance companies to build smart brain, improve AI applicability and quickly achieve finance intelligence.
iSoftStone Smart System integrates knowledge map construction system and neural network construction system. It can imitate human brain thinking pattern, solve the problems that can not be solved by human and help "empirical decision-making" evolve into "intelligent decision-making". The Finance Brain derived from this System can help finance companies improve their data processing capabilities, solve problems such as data privacy, technical resources and talent barriers, and make data knowledgeable and business intelligent. According to statistics, predictions based on Finance Brain has an error 30-70% lower than those using traditional methods.
The introduction of Finance Brain has benefited from the immense strength accumulated by iSoftStone. After more than ten years of practice, iSoftStone has continuously accumulated experience in innovative technologies such as Big Data, Cloud Computing and AI, etc., and with its deep understanding and insights about the industry, created value for clients in the two major services of software technology and digital transformation of enterprises.
Apart from the finance industry, iSoftStone has also provided digital transformation services to 1,000 foreign and domestic clients from over 10 important industries such as finance, power, real estate, telecommunications, Internet and retailing, to achieve digital transformation, of which more than 90 belong to the Fortune Global 500, contributing to the development of digital economy.
Therefore, on the first day of the 16th CISIS, iSoftStone won the "2017-2018 China Software and Information Service Industry Outstanding Contribution Award", which shows that its serial achievements in helping companies’ orderly digital transformation have once again been approved by the authority.