The term fintech is not clear enough and unified in both the technological and financial circles.

Almost all bankers in the world are aware of the tremendous changes that fintech may bring. In the past two months, global authoritative financial media have made artificial intelligence one of their top topics. But on the other hand, not all technology companies can easily enter the financial industry; at the same time, there are also a large number of Internet financial platform companies that have renamed “finance and technology” to escape regulation.

Bai Guang, vice president of Baidu and general manager of Baidu Financial Service Group (FSG), at the Baidu World Congress held on September 1, 2016, tried to define the financial technology from Baidu and establish a more technological Authoritative benchmarking.

This year's Baidu World Conference revolves around the topic of "artificial intelligence." Baidu CEO Robin Li recommended "Baidu's brain" all the time. Zhu Guang, in the afternoon's Baidu Finance Sub-Forum, continued this topic and proposed that “Baidu’s brain is the best application scenario in finance”.

Zhu Guang expressed that technology is the core competitiveness of Baidu Finance. He thinks this is more important than the combination of “industry-finance” or the distribution of financial services. The next business of Baidu Finance will also be more inclined to technology.

This is not exactly the same as some audience expectations from the financial industry at the conference. However, this is more in line with Baidu's strategy of entering the financial industry, and it is also a financial technology company with a strong focus on technology in China.

In Zhu Guang's speech, he put forward the five major financial and technological orientations that Baidu believes to be driven by artificial intelligence: identity authentication, big data risk control, smart investment advice, quantitative investment, and financial cloud.

At Baidu World Congress Baidu Finance Forum. Zhu Guang first explained the Baidu understanding of financial science and technology and the trend and opportunities for artificial intelligence to change the financial industry. He said: " The path to achieving FinTech is very clear. Baidu Finance is now going to make some assets. Through such a scenario, it is to prove its own risk control model, anti-fraud ability, and ability to image big data; but simply doing it by itself is not enough, we have Many cooperative agencies provide them with financial cloud services, big data analysis capabilities, and intelligent access to customers. It is on their own exploration and in-depth cooperation with institutions. "

Zhu Guang then handed the microphone to Zhang Xuyang and Huang Shuang, two vice presidents who joined Baidu for two months. Zhang Xuyang is in charge of Baidu Financial's asset management business. Before that, he was the general manager of the asset management department of Everbright Bank and was a representative figure in the “great asset management” era in China. Huang Shuang, from the famous Lujin Institute, has more than 20 years of experience in the financial industry. Responsible for Baidu's consumer finance business. Both of them introduced Baidu’s business in asset management and consumer finance, and held a cooperation ceremony with securities companies, fund companies, and credit agencies on the spot.

Obviously, in accordance with Zhu Guang’s statement mentioned above, Baidu Finance will first provide financial institutions with technical tools and services to enhance their market influence in the financial industry.

Afterwards, Baidu Financial Development Co., Ltd. headed by Chen Zhao, introduced Baidu’s technical strengths in providing financial technology services, and emphasized technical reliability. According to briefings, Baidu Finance Cloud will export to financial institutions a full range of financial solutions including artificial intelligence, security protection, intelligent guest acquisition, big data risk control, IT systems, and payment of six technical capabilities.

At the Baidu World Congress Baidu Finance Subforum today, Baidu Financial executive team made its debut. In a sense, it is the debut of Baidu Finance. This debut was also the first time in China that FinTech was supposed to be a technology-based service provider driven by technology. This has great significance in the industry.

As mentioned in the introduction, the emergence of financial technology at the beginning of the country coincided with the frequent occurrence of Internet financial chaos, and the valuation was low. Many Internet finance companies use financial technology as their new concept of packaging, but the actual business is still based on the terminal business such as acquiring orders or selling agents, and the risk control situation is uneven.

This year’s Baidu World Conference takes artificial intelligence as a top priority and is undoubtedly the best opportunity for Baidu Finance. In his speech, Zhu Guang expressed scientific and technological explorations such as artificial intelligence, which not only brought about tremendous improvement in IT efficiency in the financial industry, but also deepened the business to help optimize or even reconstruct the data model. This expression is meaningful. Zhu Guang said that Baidu Finance will first do some assets in training and verification of technological capabilities in the practice of financial technology, but the purpose of financial technology is not to do assets.

In fact, with the deepening of financial technology practice and the development of artificial intelligence technology, the process of the financial business itself will be changed by technology, and when the critical point comes, the technology company will take over most of the processes in the financial business. There may not be another word for "finance and technology" - because all financial institutions are themselves "tech companies."

There are indeed traditional financial institutions in the market with short-sighted areas and slow transitions (most of them are concentrated in sales terminals). Even in today's venues, there are financial practitioners who hope to use Baidu's traffic advantage to boost sales. From a long-term perspective, companies in this type of business will have the greatest impact from technology. When front-end business processes have undergone major changes, front-end sales not only change tools and words, but also redesign services and transactions.

The establishment of a truly financial technology industry by large technology companies, including Baidu, undoubtedly also plans new players for those who are interested in starting their own business in the financial industry.

See the full text of Zhu Guang's speech " Injecting Baidu Technology Gene into Baidu Finance is something we must do in the next three to five years. "

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