Financial industry pseudo-AI is in the spotlight, but the ideal of AI finance is still necessary

Insight reported that with the increasing attention paid to artificial intelligence (AI) in 2016, digital financial services have moved from behind the scenes to smart desks, from intelligent search to Amazon.com, the robot Alexa, who manages bank accounts, or Google’s assistant app. Although the avant-garde technicians have realized that certain enthusiasm about AI is a hype in the industry development cycle, they are still tracking the development of this technology and demonstrating the growth potential of the technology in the financial services industry.

According to data from market research firm CB Insights, as of June 2016, the AI ​​industry completed more than 200 venture financing transactions with a transaction volume of US$1.5 billion, making 2016 a record year. According to The Verge's previous report, Google 2016 I/O Developers Conference emphasized the importance of AI. Whether it is true AI or simply a smart solution, AI is rightly sought after in the financial industry.

Some Fintech fintech innovators, such as Earnest in San Francisco, are proud to boast of their data-driven decision-making programs that they can use to create credit scoring models and human underwriting processes. In addition, there is Adam Nash, CEO of Wealthfront, for example, because at the beginning of 2016 it is predicted that AI will become popular in changing financial services in the next decade.

In spite of this, we also need to spend. The so-called AI technology of many electronic financial services today is not true AI. For example, although Wealthfront's newest platform accesses most plug-and-play API integrations and connects to the recently-defunct Lending Club platform, it has not really used AI to create much value for its customers. Many “new” credit decision-making processes that rely on data and models are not so revolutionary, not to mention only evolution. Similarly, the use of chatbots in customer service, liberating humans like driverless cars - has great potential in the long run, but for the moment, it may not be of much use, especially for the most demanding customers. Speaking. Solving semantic understanding is still a big hurdle.

But whether or not true AI is used, technology-driven tools such as Acorns are changing the rules of the game. Acorns is an Android application that can automatically help users to diversify their spare change when they use a credit or debit card to make a diversified investment. The company launched eight rounds of financing to complete Series C financing. Many millennials may not yet have a large number of assets that can be used for financial management, but when they are able to manage their assets with registered investment advisors (RIAs), they use smart phones to access asset management service applications, or banks launch Mobile banking service is a very good start.

In addition to acting as a smart investigator to solve problems of efficiency and high rates, what role does AI play in digital finance? A promising area is to diversify financial professionals. Studies have shown that the banking industry staff is already notorious for their pattern matching, or for the fact that the people hired are too single. Just as the TV series "Silicon Valley" satirically, people's stereotypes about bankers and programmers are very similar - and this is another area where AI can help improve. Reuters has reported that financial institutions such as Goldman Sachs and technology companies like Razorfish have begun to use AI as a tool to pay attention to the clerk's characteristics and behaviors - such as thinking, interpersonal relationships, and emotional intelligence - to cultivate more. Diverse workforce team.

Maybe one day, we don't need to wait for an available customer service agent to pick up your call. You can communicate with the AI ​​Assistant directly and ask your questions. But now, digital financial services may use artificial intelligence more to help you expand interpersonal relationships and lay the foundation for building your future.