At the 2019 Observer Financial Summit on Nov 28, Yu Feng, chief architect of MyBank, said that myBank has been exploring new application directions in the field of ARTIFICIAL intelligence, and every loan of myBank is now AN AI loan.
Mybank, China’s first cloud-based bank with no offline branches, has provided loans to more than 20 million small and micro businesses and individual operators. In the recent Double 11, they used 20 people to serve 3 million users and complete 300 billion yuan of loans. What is the technical mystery behind this? Yu believes AI technology has a lot to do with it.
On the one hand, it is to identify the needs of users. Yu Feng said, “Through AI technology, the bank of China will comprehensively consider the customer’s capital needs, scene preferences, price sensitivity and other dimensions, and choose different reach channels, different interaction methods and different pricing at the right time.”
On the other hand, it is to identify the credit status of users. Through the intelligent risk control technology supported by AI technology, the non-performing loan rate of online commercial banks is below 1.5%, which is significantly lower than the average level of the industry. According to the statistics of the Central Bank, the average non-performing loan rate of small and micro enterprises under 5 million is 5.9%.
“100,000 indicators, more than 100 prediction models and more than 3,000 strategies have been created. Such massive calculation and identification must rely on AI technology and powerful computing power to achieve a loan process of three minutes for small and micro enterprises, one second for lending and zero manual intervention.” Yu feng said.
Another application of AI technology is to service interbank transactions. In September, MyBank released a trading robot with the Shanghai Foreign Exchange, which completely replaces the trading work of financial market traders and can better prevent and control credit, price and operational risks. In daily work, traders spend a lot of time on phone calls, inquiries, exchanges, matching, bills of lading, approval and backstage bookkeeping, which are basically replaced by trading robots. After 10 days of launch, it used to take 4 hours to complete 100 transactions, but now it can complete 22 transactions in 44 seconds. The number of interactive agencies has increased from 25 throughout the day to 50 in half a day. A trader in a financial market becomes a true modeler. His job is to develop trading rules, algorithmic strategies, and game strategies, and to train robots to better execute orders.
It is reported that not long ago, the World Bank Group and G20 group awarded the world inclusive finance highest award — global Small, Medium and micro Enterprise Banking Award to netbank, in recognition of its use of science and technology to promote the small and micro enterprises to solve the world-class problem of loans.
In 2018, MyBank announced the launch of the “Fanxing Plan” to open all capabilities and technologies to the industry, including AI technology and so on, and share the “310” mode with financial institutions. In the next three years, it will cooperate with 1,000 financial institutions of all kinds to jointly serve 30 million small and micro enterprises and individual operators. At present, myBank has cooperated with more than 400 financial institutions.