Big state-owned lender China Construction Bank (CCB) and tech giant Baidu have executed a strategic cooperative agreement that focuses on the application of artificial intelligence to banking operations.
The Agreement will see both parties pursue cooperation in the areas of fintech, smart sales, smart operations, smart governance and mini-programs, according to a report from state-owned media on 4 September.
Cooperation between CCB and Baidu will involve the use of Baidu’s AI technology, infrastructure and operating capability to help the state-owned lender “comprehensively upgrade its smart conversion,” as well as explore new commercial cooperative models.
In terms of specific cooperative projects, CCB will use Baidu’s AI technology to achieve “targeted customer outreach,” as well as better understand its customer base and raise levels of customer retention and activity.
The Agreement will also seek to better combine CCB’s broad network of bank branches with Baidu’s mobile operations, integrating both online and offline resources.
CCB first made fintech one of its three main development strategies in 2018, and has since sought to develop platforms for the use of artificial intelligence, blockchain technology and the Internet of Things.