The president of VBOX AI Foudation talk on the profound impact of AI in the financial industry

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The president of VBOX AI Foudation talk on the profound impact of AI in the financial industry

August 22
00:26 2020

Human beings are stepping into the era of intelligence. At present, the new generation of artificial intelligence has covered the world and is developing at a vigorous speed. It not only injects new vitality into the economic and social development, but also profoundly changes people’s production and life style to a great extent. The continuous development of artificial intelligence technology is also a subversive remodeling of the financial industry, which leads to the innovation of a series of products and business models in the financial industry.

Artificial intelligence, as a fundamental technological change, plays a leading role in promoting the realization of technological innovation and product upgrading of traditional industries. In the process of digital transformation of the financial industry, artificial intelligence also plays its role as a “engine” to produce the driving effect, to achieve the promotion of technological.

At present, our experience tells us that human society is facing a comprehensive change by artificial intelligence. The accelerated development of artificial intelligence presents a number of new features, including deep learning, cross-border integration, human machine cooperation, wisdom of group cooperation, autonomous control, etc., enabling all walks of life to accelerate the upgrading of economic and social fields from digitalization and networking to intelligentization.

As an expert in artificial intelligence and application, Dr. Jonathan Lin , chief scientist and executive president of Vbox Ai Foundation, once said when talking about this topic, “in the financial industry, the landing and application of artificial intelligence technology in the financial industry is at a mature stage, both in terms of technology and talents.

A number of experts in AI industry hold the view that mobile Internet, blockchain, cloud computing, big data and other new technology applications are becoming more and more mature, and give full play to their respective advantages, laying an important foundation for the intelligent transformation and upgrading of the financial industry.

From the technical point of view, the essence of artificial intelligence (AI) is the ability of machines to make intelligent decisions after a lot of data training. Based on the traditional computing method, the machine can only carry out information processing according to the pre-write program. Once there is no preset or need to combine a large number of contexts to judge, the machine can no longer play its role. Artificial intelligence gives machines the same understanding as “brain”. Nowadays, it takes up a lot of energy and time in the daily work of investment institutions and investment banks, involving trivial work such as report writing, data analysis and data collection. However, machines have their unique advantages in processing massive data. Through natural language processing technology, the inherent laws of market changes can be explored. Dr. Jonathan Lin takes the COSMOS solution management system led and developed by himself as an example from the perspective of machine consensus, the COSMOS solution management system is rapidly becoming the most transparent and informative platform for all users to provide analysis data for them to observe and analyze, and help them become autonomous traders. In the past, it took a long time to complete the tedious report analysis and data comparison, but now users only need to use COSMOS AI of VBox instead of the intervention of fund managers to carry out scientific investment analysis and management.

“At present, the banking business has entered the era of bank 4.0 with AI as the core, providing convenience for people everywhere.” Dr Lin said.

It is generally believed that banking, as a highly data-based industry, together with business rules and clear objectives, is the best application scenario for data-driven technologies such as artificial intelligence and cloud computing. Under the background of AI era, online banking business will become the mainstream. The surge of data volume is beyond the scope of human experience and beyond the boundary of processing capacity. These unstructured, non-financial data is exactly what AI is good at.

From a specific point of view, relying on various underlying core technologies, including machine learning, deep learning, natural language processing, knowledge mapping, etc., the intelligent risk control solution can provide solutions for multiple scenarios in the pre-credit line, including white list, pre-loan admission, post-loan warning, income score, etc, taking AI advisor as an example, AI provides investment advice through AI advisor and combines investor preferences with modern portfolio theory, which has the advantages of transparent information and low commission. Dr. Lin said that VBox has collected big data from the most active trading markets and exchanges in the past four years (wall street, NASDAQ and Hong Kong stock exchanges, and even the weather forecast collection, because natural disasters such as typhoon have been proved to be an important factor affecting the value of the stock market. Up to now, VBox has been collecting market data on active cryptocurrency exchanges like, etc.). In short, AI advisor has realized the popularization of high-end brokerage services and online intelligence, providing ordinary investors with the possibility to enjoy high-end services.

From 1956 to 2020, it is only 60 years since the birth of artificial intelligence. The concept of “deep neural network” was proposed in 2006. “From an academic point of view, the gap between domestic and foreign countries is not obvious, and the difference mainly lies in the application level in the future.” During the four years from 2016 to 2019, Dr. Lin mainly focused on COSMOS big data collection, financial big data collection, COSMOS in-depth collection and accumulation of a large number of trading market big data, stock market big data, gambling industry big data, logistics big data to devote to COSMOS development. For these specific areas, COSMOS has surpassed humans in terms of perception. With the combination of deep neural network and big data, The recognition error rate of machine transaction data of COSMOS is only about 0.01%, which is a level that humans struggle to achieve.

Dr. Lin said that speaking of big data, taking Google as an example, after the acquisition of DeepMind in 2013, Google has also made continuous investment in the field of artificial intelligence, and so far has not obtained any commercial investment return. However, the DeepMind team announced in February last year that the ability of artificial intelligence in playing games has surpassed that of human beings. AlphaGo, developed in March this year, defeated Li Shishi in the game chess of “Go”. These achievements have attracted worldwide attention as soon as they are published. “Only by investing boldly for the future can we be called great.” “Google’s test of driverless cars has reached millions of kilometers. Their goal is to subvert the entire transportation system. No company in China has put forward such a bold idea or tried to do so.

The combination of artificial intelligence and distributed machine consensus give us the possibility to copy data on the whole network nodes, and maintain the structure of data correctness state through the fair and open characteristics of machine consensus. As long as the authenticity and correctness of data on more than one third of Byzantine nodes can be guaranteed, the security of data consensus can be achieved. We hope that the big data of COSMOS platform and the release of AI can provide the public with the opportunity to join, to create and witness the historic milestone of AI industry together.

In the future, the rapid development of artificial intelligence will enable machines to simulate human functions to a large extent, and have the ability to provide mass humanized and personalized services to customers, which will have a profound impact on the financial industry at the top of the service value chain.

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Company Name: VBox Ai Foundation
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