Industry Dynamics | AIGC Helps Financial Precision Marketing

Reporter Su Jie

At present, the era of digital economy has arrived. The "14th Five Year Plan for the Development of Digital Economy" issued by the State Council clearly points out that the digital economy is an important manifestation of the comprehensive strength of the country in the digital era and an important engine for building a modern economic system. It is a consensus among practitioners to promote high-quality development of finance through the "five major articles". The traditional financial industry has gone out of its traditional offline hall waiting model and actively embraced the trend of online development. Financial institutions such as banks, insurance, and securities are using digital transformation as a means to promote deep integration between the digital economy and the real economy.

On January 24, 2024, the "AIGC Boosting High Quality Development of Technology Finance Seminar" was held, hosted by Beijing Xinke Financial Development Research Institute and organized by Factor Cloud Technology. At the meeting, guests had extensive exchanges and in-depth discussions on the application opportunities of AIGC technology in the financial field, as well as how to reshape the industrial value chain through the integration of "technology+scenarios" and achieve a new pattern of win-win industrial development.

○ Development opportunities ○

Gan Yutao, Executive Director of Beijing Xinke Financial Development Research Institute, stated that the financial industry is one of the earliest landing scenarios for AIGC, and it is bound to reshape the financial industry in the future. The widespread integration of large models is expected to solve the problems of high cost of customized financial services and rapid changes in customer demand. For the financial industry with massive financial data and rich application scenarios, introducing industry-leading large models and adopting fine-tuning methods to form professional task models is an important way to quickly empower business and improve operational efficiency. After integrating big language models represented by ChatGPT, financial institutions can provide a wider range of data support for financial services and better solve the problem of uneven customer service levels through massive knowledge learning.

At the same time, Gan Yutao believes that from compliant and efficient utilization of data sources to overall scheduling of computing power, and promoting mutual cooperation between financial institutions and technology companies, it is the foundation for improving resource efficiency and achieving overall agile transformation of institutions in the next stage.

Luo Cheng, founder and CEO of Mega Intelligence, shared "Practice and Reflection on Large Model Development and Scenario Application". He stated that large models can achieve precise prediction, personalized decision support, and precise marketing in financial services. Luo Cheng also demonstrated the judicial language model of the era of big models and introduced that the application of such models in the field of financial law can significantly improve the efficiency of legal document analysis and the accuracy of compliance checks, while assisting financial institutions in legal risk assessment and decision-making.

Guo Xiaoyu, Vice President of Factor Cloud, analyzed the development potential of commercial health insurance in the context of an aging population and a sound multi-level medical security system. Guo Xiaoyu stated that combining innovative insurance products with health and medical management services is crucial, which requires new products that can connect insurance with the entire health ecosystem. This type of product should target the existing market demand, promote the close integration of health management and insurance services, and provide consumers with more comprehensive and personalized health protection solutions.

Guo Xiaoyu introduced the latest digital therapy algorithm model developed by Factor Cloud, which uses advanced data analysis and artificial intelligence technology to more accurately assess individual health status and potential risks. Through this model, health insurance companies can provide more accurate personalized health advice and insurance plans, greatly improving service quality and customer satisfaction.

○ Capital is optimistic ○

Capital has given high attention to the landing opportunities in the field of large models. In the view of Luo Yuhang, Assistant Chairman and Investment Director of Jin Changchuan Capital, the big model represented by ChatGPT has opened the prelude to general artificial intelligence. Large models in vertical fields can focus on specific industries, fields, or scenarios, better meeting the needs of users in specific situations. Coupled with the data advantages and professionalism of the financial industry itself, the application of large models in the financial industry will usher in a blue ocean.

Meanwhile, Luo Yuhang emphasized that finding a balance between data value and security compliance is an important challenge in applying big models. The particularity of bank data determines that banks must maintain a cautious attitude when applying third-party technologies. Especially for the massive data required for training large models, banks need to do a good job in data filtering and closed-loop management to ensure data quality and privacy security. The application of their large models needs to consider localized and private deployment modes. "AIGC will create huge investment opportunities in helping banks' digital transformation," said Luo Yuhang.

The above content is sourced from the Bank of China Insurance Report