Press Releases
 
Greg Gibb, Lufax: In-depth Analysis The Impact of Big Data and AI in the Future of Finance

HONG KONG, 14 November 2017 -- (ACN Newswire) - "It only takes a few minutes or even seconds to make decision on loan, which in turn will increase the loaning opportunity for each borrower." - Greg pointed out that big data and AI have great impact on the financial sector.

On 4 Nov 2017, Greg Gibb, Co-Chairman and CEO of Lufax Holdings ("Lufax"), gave a keynote speech at the 2nd Annual Conference on "The Chinese Era of Digital Finance" at the Institute of Digital Finance, Peking University, where he specifically analyzed the financial impact of big data and Artificial Intelligence (AI). Greg believed that big data and AI financial management can increase market transparency, and as such the financial institutions could render investors with more pertinent services, and assist their clients to diversify investment risk, improve operation efficiency for financial institutions and sustain the real economic development.

Greg pointed out that big data and AI have great impact on the financial sector, For example, they keep institutions to understand the credit standing of individual borrower from multiple perspectives so that a speedy judgement could be made . "It only takes a few minutes or even seconds to make decision on loan, which in turn will increase the loaning opportunity for each borrower." AI and big data will lead the market to a higher level of transparency and standardization. Therefore, financial institutions could have a faster understanding on corporations, including market changes within the respective industry, corporate position and cash flow status, etc.

Big Data and AI can also help the platform to better understand the specific needs of the investors in order that a better choice of products can be arranged. Greg said, "We found that the accuracy of the traditional (questionnaire) method of assessing the customers' need is relatively low. In the past few years, we found that the data from the clients' end, including their answers to a few psychological issues, we can grasp even more understanding of their ability to withstand risk. Therefore, in the future, not only that AI and big data can enable us to attain a thorough understanding of our clients and companies from the asset end, but also enable us to know if the investors are suitable participants of the market and which investment products are most appropriate from the investment end."

"The development on big data and AI will lead to the emerging of many new product portfolios for clients to invest in diversified sectors; or if adopted dynamically, clients' fund can be allocated to diversified areas, with relevant market trends taken into consideration in order to reduce overall investment risk and to increase overall investment return." The growing popularity of the U.S. Exchange Traded Funds (ETFs) in recent years has served as an evident. ETF was originally a passive investment tool, while with the development of big data, it was then transformed into a more active and less costly way of investment. ETF had been gradually replacing the largest fund market.

The future development of big data and AI will also have a major impact on matching mechanism. "If there are clear rating standards on the asset end and lots of automatic investment tools with detailed understanding of individual investor, the market can actually achieve automatic matching." The automatic matching mechanism can greatly reduce labor costs as well as financial costs and bring about inclusion in financial services.

"In the past five years, we think the internet has only exerted its influence on channel extension, but big data will affect the whole financial market in all aspects in the next five years. Firstly, AI and big data will enhance market transparency and standardization and support development in real economy; secondly, it can help investors to attain more diversified investment strategies, and clients can attain higher returns. This is a relatively big help to the society as a whole, yet a great challenge for the financial sector in itself."

Greg also put forward that there could be induced-risk coming along with big data and AI. Firstly, short-term accuracy does not guarantee the long-term one; secondly, as large number of transactions will be assigned to computerized automation mechanism, this can bring different problems. "We cannot conclude that large data and AI must necessarily be good. We must be careful in controlling risk." Greg added.


Topic: Press release summary
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network

Copyright © 2017 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

# # #


Submitted by ACN Newswire, ACN Newswire on Tuesday, 14 November 2017 at 9:16 PM
Category: Business
 
Related News

A Guide to help You Keep Your Playground
Saturday, 25 Nov 2017

Best Suggestions on How to Pick a Dentist
Saturday, 25 Nov 2017

Global Forex Trading: four Secrets of Forex Trading That can Make You a Master In the event you Know
Saturday, 25 Nov 2017

Know the Various Added benefits of Rock Climbing
Saturday, 25 Nov 2017

Photo Booth Rentals - Recommendations to Best Your Experience
Saturday, 25 Nov 2017

Related Events

European Manufacturing Strategies Summit
Monday, 27 Nov 2017

Advancing Collaborative Project Delivery 2017
Monday, 27 Nov 2017

Gartner IT Infrastructure, Operations Management & Data Center Summit 2017
Monday, 27 Nov 2017

Supply Chain Management Strategies Summit
Monday, 27 Nov 2017

Mines and Money London
Monday, 27 Nov 2017

Latest News

A Guide to help You Keep Your Playground
Saturday, 25 Nov 2017

Grab the Black Friday 2017 Deal Offered By Wow Themes and Get 50% off On All Themes Package
Saturday, 25 Nov 2017

Best Suggestions on How to Pick a Dentist
Saturday, 25 Nov 2017

Global Forex Trading: four Secrets of Forex Trading That can Make You a Master In the event you Know
Saturday, 25 Nov 2017

Know the Various Added benefits of Rock Climbing
Saturday, 25 Nov 2017

 
Want to get your press releases, event listings, and job ads on Scoopasia? Register now for a FREE account or login if you already have one!
Scoopasia v1.0b. Copyright © 2017
Today is Saturday, 25 November 2017

About Scoopasia | FAQ | Privacy Policy | Contact Us

Press Releases
Event Listings
Job Listings
Arts & Entertainment
Architecture & Construction
Automotive & Travel
Business
Consumer Technology
Economy
Education
Enterprise Technology
Food & Fashion
Government & Policy
Health Care & Medical
Legal/Law
News & Media
Religion
Science & Research
Sports & Fitness
Login / Register
Get Scoopasia through RSS Feeds & Email Notifications!


Journalist's Toolbox
Hello journalist, welcome to Scoopasia--a powerful online resource for media information in Asia. Scoopasia has press releases and media events for every beat and industry. All content on Scoopasia is 100% FREE. You don't even need to login!

  • Scoop Line
    (Instant Information Request)
    The easiest way to ask questions and request information from the PR community.


  • Advanced Search
    Drill down, dig deep, for media information the way you want it.

  • Journalist's Resources
    Resources and tools you can't do without.

  • PR Tools
    Scoopasia Blog Search
    Search the largest handpicked collection of Asia's most prominent and influential blogs.


    Resources
  • PR Bookmarks
  • Web 2.0 Bookmarks
  • Media Bookmarks

    More Coming Soon...

  • Upcoming Events
  • 6th International Fluid Academy Days (IFAD)
  • LACA 2017: 5th Latin American Congress on Autoimmunity
  • European Manufacturing Strategies Summit
  • British Association of Urological Nurses Annual Conference 2017
  • Advancing Collaborative Project Delivery 2017

  • Latest Jobs
    Sorry, there are currently no entries posted here.