Baidu Spinoff Du Xiaoman Financial Says Artificial Intelligence is the Future of Fintech

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Former Baidu fintech unit Du Xiaoman Financial says that artificial intelligence will lie at the core of upcoming fintech innovations.

Speaking at the Baidu AI Developers Conference on 4 July ,Du Xiaoman CEO Zhu Guang (朱光) said that finance was the most rapid channel for achieving commercialisation of AI technology.

According to Zhu over the past two and half years Du Xiaoman has already applied AI technology to multiple areas including smart client canvassing, personal identification, big data risk control and smart investment and advisory.

“We believe that the application of AI technology in the financial sphere has already left the laboratory phase, and officially entered the standardised application phase,” said Zhu.

In the area of risk control Duman is using online data in combination with central bank credit data, real-time data and conventional methods to greatly raise risk-control efficiency, while the company’s facial recognition technology has achieved a success rate of over 98%, with a response time of just several dozen milliseconds.

Zhu stressed the company’s commitment to pursuing opportunities in the fintech area following its $1.9 billion spinoff from parent company Baidu earlier this year, when it was better known as Baidu Financial Services Group (Baidu FSG).

“Our future position is very clear…we will always strive to endeavour to provide financial technology services.”

The company is currently co-operating with more than 500 financial institutions on new fintech projects, as well as launched an open consumer finance platform, a fintech platform encompassing anti-fraud products, credit products and verification products, and an asset-backed securtisation platform.

“We hope that our opening will bring profitability to our partners via financial co-operation, and give impetus to our partners to continually renew themselves and innovate,” said Zhu.

 

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