Chinese financial institutions have long enjoyed stable and ample profits thanks to the country's rapid economic growth, he pointed out. Li said banks should use AI, blockchain and biometric to face the challenge of disruptive innovations. AI can be utilized in customer service, wealth management, and risk management, Li pointed out. The use of AI in smart and automated wealth management opinion generation and clients investment management can lower labor cost for financial institutions, he said. The general public can also enjoy better wealth management services such as fraud detection and risk management using big data and AI.

Source: The China Post September 13, 2017 05:37 UTC