Baidu to use its chatbot to assist financial services

Search and artificial intelligence giant Baidu plans to introduce its artificial intelligence chatbot service into a wide range of financial services, which industry experts believe will help the financial industry be better prepared with smart technologies for future transformation.

Lu Dayin, chief information officer at Orient Securities, said on Thursday that he expects AI-generated content to have a significant impact on the futures market, which could facilitate programmed trading.

He was speaking at the Baidu Digital Smart Finance Summit in Shanghai.

Li Chi, head of Taikang Insurance's AI Research Lab, said AI will make the insurance industry more efficient by providing smart sales and training functions. He also mentioned that AI functions require targeted training before being used in businesses.

According to China Industrial Bank Fintech Co Ltd Vice President Zhou Ganghui, AIGC provides a virtual interface for financial services, and the Industrial Bank is already prepared to leverage the AI model for functions such as customer service, risk management, operations, and marketing promotions.

Baidu's equivalent of ChatGPT, Ernie Bot, would be used by the financial industry to perform smart search, an investment advisory assistant, and smart customer service at leading domestic institutions, which could offer breakthrough development for the industry, according to Baidu Vice President Li Shuo.

Baidu announced earlier this month that it would complete internal testing of Ernie Bot in March before making the service public.

Over 400 institutions, including leading players from the Internet, automobiles, financial services, and enterprise software, have reached initial tie-up deals with the chatbot service.

Baidu's co-founder, chairman and CEO, Robin Li, said after the release of the fourth quarter earnings report that AI technology has reached a tipping point and all industries will inevitably undergo transformation.

"The Chinese AI market is on the verge of experiencing an explosive growth in demand, releasing unprecedented and exponential commercial value," he said.