After the collision of crisis and opportunity to redefining the artificial intelligence in finance: the new intelligent finance era

Guo, H.; Polak, P.

Artificial Intelligence (AI) is the core driving factor for the financial industry to achieve intelligence. AI and big data, cloud computing, and blockchain provide technical support for transforming and upgrading the financial industry. Big data provides essential resources, cloud computing as infrastructure, and blockchain establishes a fundamental mechanism. New intelligent finance uses AI as the main driving force to empower all participants and business links in the financial industry, playing the critical role of AI technology in product innovation, process reengineering, and service upgrade in the financial industry. This chapter analyzes the development of different application scenarios in the new environment (intelligent risk management, intelligent payment, intelligent customer service, intelligent marketing, intelligent investment research, Robo-Advisor, intelligent claims, and intelligent treasury management). From the perspective of each scenario’s development level, intelligent risk management is relatively mature, intelligent payment is developing rapidly, and intelligent marketing and customer service have broad development space in the future. New intelligent finance technology providers mainly provide various technical products and solutions for traditional financial institutions through the establishment, cooperation, and empowerment. This chapter uses IBM Watson as a technical case to analyze how the technology provider can effectively exert its strength in the new environment (under pandemic). Outlook to say, in the new intelligent finance, the financial industry will achieve inclusiveness, allowing high-quality financial services to cover enterprises, further reduce the operating costs of financial institutions. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2021.