Financial Technology and China's Inclusive Finance

The development of financial technology is in the ascendant compared to the traditional financial services model. Digital competitors, such as P2P companies, online micro loan companies, consumer finance companies and wealth management companies as well as major internet companies are on the rise and threatening the status quo. At present, China is undergoing a vigorous revolution in inclusive finance. This chapter discusses how artificial intelligence (AI) technology empowers the retail credit sector by helping financial institutions to identify accurate risks and improve the efficiency and quality of customer service. AI technology can help effectively identify true customers and eliminate fake and fraudulent applications and can help connect data and solve the problem of missing or fraudulent data. AI can also directly reduce the demand for manpower. The chapter lists some main types of application scenarios in this area.