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AI enters farms, banks to boost real economy 2022-09-05
AI Enters Farms, Banks to Boost Real Economy
Artificial intelligence is making its way to serve rural areas, small retailers, and factories in China, Yicai Global learned by visiting this year's World Artificial Intelligence Conference.
Several financial institutions and fintech firms showcase their solutions at the exhibition area displaying achievements in the 2022 World Artificial Intelligence Conference, held in Shanghai.
Some of the highlights involve agriculture. Ant Group's online lender MyBank is displaying Dashanque at the conference. The system can analyze satellite images by using AI to make relatively precise predictions about crop yield. Consequently, Dashanque plugs in factors such as data about the climate, land registration, and the market to decide on a suitable credit limit and repayment period for farmers. The system has served over 600,000 farms as of Dec. 31, 2021.
MyBank has brought other technologies to the conference too. The lender's risk control system called Bailing uses computer vision and man-machine dialogue to assess small and micro-enterprises' loan applications. It can reduce the bank's manual review processes to evaluate borrowers' assets, operations, and credit demand.
China Construction Bank is also digitizing its services. The major Chinese lender brought its "digital human" to the event to show how the system can serve in multiple roles such as those of sales managers and customer service clerks. The bot uses technologies such as computer vision and language processing to make recommendations and decisions. It is being applied in an increasing number of financial service scenarios.
Citic International Financial Holdings launched its virtual wealth management consultant during the conference yesterday. The consultant can provide customers with banking, securities, trust, and insurance services. It could also host live-streaming events, Yicai Global learned at the booth of Citic Group, a Chinese investment bank.
Source: Yicai
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