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Blockchain + fintech =? The committee members have a chat with the enterprise

Time : 12/09/2021 Author : 1bck5w Click : + -
        On the afternoon of October 24, the Political Bureau of the CPC Central Committee held the 18th collective learning on the current situation and trend of blockchain technology development. When presiding over the study, General Secretary Xi emphasized that the integrated application of blockchain technology plays an important role in new technological innovation and industrial change. We should take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction of attack, increase investment, strive to overcome a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation. Blockchain is regarded as the underlying technology of artificial intelligence. In China, fintech enterprises have been exploring blockchain in the financial field for a long time; There are also many thoughts about the opportunities and challenges of the development of the financial technology industry.
 
        To this end, the people's Political Consultative Conference newspaper invited the "head" enterprises of fintech to have a dialogue with members of the National Committee of the Chinese people's Political Consultative Conference on the topic of fintech. I believe their discussions and suggestions can inspire the development of the industry. First, whether it is big data or other Internet technologies, the key to truly do a good job in risk management is to return to the essence of finance. In recent years, there have been some problems in P2P lending. The reason is that there is a problem with risk control. To return to the essence of finance is to follow the basic laws of finance, solve risk management first, and then discuss how to improve the efficiency of information analysis and processing with big data and artificial intelligence technology, so as to reduce transaction costs.
 
        Second, I deeply understand the power of the Internet to financial risk control. Generally speaking, it is easy to issue a credit card, but it is difficult to close the limit of a credit card in time. Maybe it will be closed only when the user is overdue, but the risk has come out by then. It is valuable for banks to adjust users' risk exposure in real time. The application of Internet technology and big data can play a major role in real-time regulation of risk exposure. For example, when a user changes from employment to unemployment, or his business changes from normal operation to shutdown, or his network habits change, when some variables change, our risk control model can detect and close the risk exposure in time.
 
        Therefore, consumer finance realizes real-time risk regulation through the Internet, which greatly reduces financial risks. Fintech enables us to more accurately identify user needs, judge user risk appetite and repayment ability. First, resolve financial risks through strong interest rate control. At present, the practice of "high interest rate covers high risks" is widespread in the industry. Strong interest rate control can enable financial institutions to focus on risk management and truly consolidate their own risk "firewall". Second, it is suggested to implement hierarchical management for small loan companies. It can be treated differently according to risk rating and past asset performance. Let licensed financial institutions with good asset quality and strong risk management and control capabilities cooperate more widely with banks to jointly promote inclusive finance.
 
        A considerable number of fintech companies are involved in insurance business and are in the initial stage. I have three thoughts, or three questions for these enterprises. First of all, fintech companies should do in-depth research and development of some underlying technologies when doing insurance business, and consider doing all risks insurance at the same time. Based on the current development trend of the Chinese market, I think this platform will attract some large insurance companies or reinsurance companies to make use of your low cost to do some transactions in the future. Another example is automotive finance. The insurance of driverless vehicles is indeed a new topic, but the insurance business of fintech enterprises should also take into account the insurance business of new energy vehicles.
 
        In the future, we can develop some insurance projects targeted. For example,. We can consider cooperating with some automobile companies. At present, automobile insurance accounts for 70% to 75% of property insurance. On the premise of obtaining more data, fintech companies can do a good job in risk pricing and improve the efficiency of claims settlement services. Second, there are many insurance asset management products. The fintech platform can consider customizing some products and cooperating with insurance asset management companies to increase transaction volume. Third, improve the awareness of patent protection of fintech companies. You have a traditional concept, which is to pay attention to technology research and development, emphasizing application, but not value. For example, in the insurance module, intellectual property is very valuable. Which company applies it to and which company needs to pay for it for a long time.
 
        In particular, the technology of customer behavior portrait can consider signing a data protection agreement to improve the efficiency of data use, but do not become the so-called "private cloud", which is often referred to as the information island. In my opinion, the construction of "public cloud" in the financial system is a big article, and it is worth doing. Fintech has a history of 100 years in the United States, and has formed several obvious laws: first, fintech depends on market demand to make path planning; Second, if used properly, fintech can significantly improve the efficiency of the financial industry; Third, along this axis, the development of financial technology has accelerated over time. Especially in recent years, intelligent finance has played an increasingly important role in financial technology.
 
        Looking at the development of artificial intelligence, we have reached a consensus with our banking partners that financial technology has gone through three times: 1.0 era, financial technology is the electronic era, and the typical representative is that computers are widely used in banks; In the era of 2.0, financial technology is the era of Internet finance. The typical representatives are the contraction of physical outlets, the era of business lines, the expansion of financial service boundaries and the improvement of efficiency. The typical representatives are the in-depth application of artificial intelligence technology in the field of financial technology. Du Xiaoman was born in Baidu and has two solid foundations: first, Baidu's rich scene ecology; Second, a large number of AI technologies. It can be said that Du Xiaoman is the first to "graduate" from Baidu AI commercialization college and go to the market.
 
        In addition, similar unmanned vehicles and dueros operating systems are still incubating. Combined with the radiation of financial technology intelligence and the core demands of financial enterprises, we have laid out three capabilities and the underlying financial brain. The bottom financial brain consists of two parts, a bit like people's left brain and right brain. One part is the perception engine, which solves perception problems, that is, listening, speaking, reading and writing; The other part is the decision engine, which represents the thinking function, including the ability of data analysis and active learning modeling. These two parts constitute a very important financial brain foundation. The bottom layer of the brain needs a strong knowledge base, including big data and knowledge map as accumulation, which is the core content of the whole layout of fintech.
 
        Based on these core contents, we have three capability scenarios to expand: first, serve financial institutions and help institutions expand service boundaries; Second, reduce the risk of the entire financial enterprise, that is, risk control management, and further improve the level of risk management; Third, reduce the service costs of financial enterprises, that is, reduce costs and improve efficiency. Especially for many labor-intensive jobs, as you can see, robots have greatly replaced some labor-intensive jobs. The research and development of the underlying financial brain is not only to improve the efficiency of operations, but also to provide a barrier for financial institutions to control risks. There are three points worth paying attention to in this regard. The first is the big data portrait.
 
        Based on Baidu's Ecological Perception and cognition of users, we can depict the whole portrait of users, such as the characteristics of users' educational background, occupation and other corresponding financial consumption capabilities. The third is to form a complementary effect with traditional financial data, especially with the credit reporting system of the people's Bank of China. On this basis, we can further control some uncontrollable factors in big data risk control. In the process of dealing with big data risk control, we also face several problems. First, the data is relatively high-dimensional and unstructured; Second, the data is sparse; Third, compared with recommendation and search engines, the sample size of finance is relatively small.
 
        
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