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The Application and Trend of AI

in Financial System Management
Li-An Lai
[email protected]
Universidad del Pacífico, Department of Natural Medicine
Residencial Lomas del Valle, 50 metros al oeste, 20 varas al norte, Managua 14154, Nicaragua

Editor: David C.H. Liang

[email protected]
Universidad del Pacífico, President & Professor
Residencial Lomas del Valle, 50 metros al oeste, 20 varas al norte, Managua 14154, Nicaragua

https://journals.unip.edu.ni/index.php/ijiasset

ABSTRACT
AI can keep your money, and it is currently at the end of the epidemic; due to
changes in the current situation; so home office and online transactions are frequent; it
is highlighting the necessity of AI in the banking and financial system of the era. The
dramatic increase in cloud data applications and the maturity of artificial intelligence
calculation methods have enabled the financial system to use AI-related technologies in
practical management applications to flourish. We use AI for identity verification,
simplify manual work, replace it with AI service robots, improve the credit scoring
system, increase transaction risk identification, fraud detection, smooth financial
management, and precise and differentiated marketing; so the future financial
management system It is a trend to give AI control.
In terms of methods, we use trend charts to analyze and understand that in recent
years, the investment amount of AI in the management of the financial system has
soared; and high-tech biotechnology has become popular in the stock market;
transactions in the Taiwan stock market are booming; More dependent on AI. There are
frequent transactions on online platforms, and the transactions are all thanks to AI. As a
result, labor costs have been reduced in recent years, work efficiency has been
improved, risk control has been improved, overall operating costs have been reduced,
and customer experience has been optimized. Talents grab the wind, prompting the
company to strengthen talent cultivation and other trend results. The conclusions let us
know that the language model ranks among the top 1 financial AI applications. The
international mainstream is to integrate cloud technology into the local database to

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ensure data security and compliance. There is also the portable nature of the data, etc.
Therefore, 2023 is also known as the "first year of generative AI" and it is well
deserved!

Keywords: AI, financial system, management application, trend, biotechnology,

cloud data application

I. Introduction
The AI financial market will reach $18 billion by 2023, with an average annual
growth rate of 8% from 2016 to 2023. The new products are all integrated with the most
advanced AI technology. It has strong explosive power in the vertical field of finance
and banking. The main factor driving the international AI economic and financial
industry is the increase in the number of applications of AI in various remote and
end-user vertical fields. Applications are rapidly and increasingly used to improve the
consumption model of artificial services. Due to the development of IT infrastructure,
the popularization of smartphones and smart wearable devices, especially in countries
such as Taiwan and China. Natural language processing (NLP) is still a very important
part of the AI market and is expected to maintain the largest market share and consumer
end in 2023. The continuous improvement of AI technology will primarily drive the
improvement of the financial industry's management of consumer services and become
the main driver of growth. In addition, NLP can also be applied to: bank AI service
robots and AI-enabled smartphones. AI artificial intelligence will continue to grow to
the highest point in the financial insurance and stock market industries from 2016 to
2023. The market for AI application in the end-user industry of financial industry
management applications will show the highest growth rate, which is expected to reach
US$1.2 billion in 2023 from US$700 million in 2016, with an average annual growth
rate of 58%. Due to the extensive use of AI big data in bancassurance and the stock
market, the ability to improve service consumption and platform payment results, the
lack of manpower, and talent cultivation and scrambling for talents, all banks have to
have strategies for attacking talents, reducing costs, and developing important
industries. There are very uncertain risks in sophisticated AI, cross-field partnerships,
and increased investment in risk. Therefore, being fully controlled by AI can eliminate
this uncertainty; so the current AI in 2023 will become a master of control[1].

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 In 2023, precise marketing will include behavioral analysis of buyers' consumption.
What are the characteristics of customers and community behavior? Provide modular
and differentiated new products and services through AI big data analysis and
comprehensive hybrid cloud computing. The main core values of new financial products
and services are pricing (interest rate and handling fee) [2], credit (loan amount) and
risk management. It is necessary to be able to comprehensively check and calculate,
execute, check and manage, as well as medium and long-term planning strategies. A
large amount of AI data analysis is required, as an indicator for various precise
marketing and business management decisions. To achieve flawless marketing, a large
amount of diverse and high-quality data is required, such as transaction type data and
financial bank transaction information such as credit card usage[3]. Card payment,
deposit, loan, check refund, payment, shopping payment, medical treatment, etc.), in
order to use various types of analysis technologies such as data mining, data
warehousing, big data and artificial intelligence robot service learning, etc., to discover
and gain insight into the characteristics of various types of customers , and can use data
to develop future models, as a system model for a large number of processing credit
limits, risk management, and new product pricing and promotion, and can also plan
differentiated strategies based on different results, and consumers who provide
customized service systems model. It is indeed the trend of the comprehensive
combination mode that is indispensable now and in the future[4].

II. Research object and method

What I am talking about is the training of talents in the banking system and the
cultivation of current talents. What is needed is not education and training, but learning
and development; the management and application of the financial system industry is no
longer unilateral but to teach you what is needed. What is needed is two-way interaction,
Understanding what customers need and how to empower talents has become an
unprecedented challenge. Collaborative co-creation is the competitive strategy of talent
strategy in the AI era. According to Taiwan's traditional talent training method, it is
only effective for 15% of the employees[5]. The original majors have not been learned,
but new skills have emerged. What's more, in addition to hard skills, other things like
empathy, sincerity, and resilience... this The soft power of the class, the past education
and training methods of the financial system industry, there is no way to teach it, but it
also leads to the low willingness of employees to learn.... so what should I do now?

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Therefore, create a set of learning methods to establish an "AI connection"[6], one plus
one is greater than two, so that the AI talent team will become stronger and stronger,
and form an internal support force. In the past, learning that emphasized personal
knowledge, you will raise a group of very powerful talents. But sometimes you have to
be very good at acting as a counselor... What is needed now is not just learning, but
communication tools, especially sharing learning, so that cross-departments can have
different perspectives and build commonality through mutual learning[7]. Language, let
everyone be on the same boat for AI talent cultivation. The banking system is also using
this approach internally to promote cross-departmental learning. In 2023, through
repeated talent training, the AI manpower training team will start to move in the same
direction with the same frequency and focus. Also because of the exchange of
knowledge and mind, this kind of learning experience cannot be replaced no matter how
AI evolves. Cultivating a group of talents can also help supervisors grasp the centripetal
force most needed for cultivating a team of talents and cohesive transformation. When a
connection is established, a group of people will be willing to give to each other, and a
team will be formed. Do you want to create talents that will not be replaced by AI and
form a like-minded team? It's not difficult, just start now[8].
Taking Taiwan as an example, we really need AI software talents. In fact, to build a
No-Code AI platform, we really need software talents and the threshold is quite high.
Not only do you need to understand software, but you also need to understand AI
algorithms, and you must also consider various actual application scenarios, including
how users will use them and many other unpredictable situations. Therefore, not only
must you know what an algorithm is, but you must also be able to do structural
development, you must know the application status and trends of the financial system
management industry[9], and you must understand user experience in order to make a
good new AI product. In the future, the pursuit of excellent AI algorithm development
talents will be a block; it will require a large number of software or AI algorithm
engineers to invest in it. A small AI country with a big strategy to create a world-class
AI research and development cluster, because the Ministry of Science and Technology
is also the driving force behind the cultivation of important talents for the development
of AI in China. Since 2017, the Ministry of Science and Technology has adopted the "AI
small country big strategy" thinking to promote the construction of AI research and
development platforms[10], the establishment of AI innovation research centers, the
creation of smart robot innovation bases, the launch of semiconductor moon shooting

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projects, and the creation of technology competitions. Let Taiwan be small and broad,
maximize the benefits of existing advantages, develop localized applications and
services, and drive the next wave of economic transformation momentum. Among these
five major strategies[11], the Ministry of Science and Technology will build a national
AI cloud service and high-speed computing platform to allow the domestic industry,
academia and research circles to share and share the high-speed computing environment,
and strengthen the cultivation of talents to create a world-class AI research and
development cluster[12]. With Nanke, there is already an innovation and
self-manufacturing base for smart robots, which provides a hands-on practice stage for
young R&D personnel. In addition, the Ministry of Science and Technology of Taiwan
also held a technology competition, with a total bonus of NT$100 million as an
incentive. Setting challenge topics and attracting domestic and foreign teams to
participate not only discover talents and technologies, but also stimulate more
creativity[13]. The cradle of AI talent cultivation in Taiwan Artificial Intelligence
School belongs to Taiwan Artificial Intelligence School; it is one of the important
cradles for private AI talent cultivation. It has more than 1,500 companies participating
in two years since its establishment, and more than 6,000 alumni, up to two With 100
lecturers and more than 1.2 million hours of teaching, it is currently the largest AI
group in Taiwan. The Taiwan Artificial Intelligence School is co-sponsored by the
Science and Technology Ecological Development Public Welfare Foundation and the
Taiwan Data Science Association, and with the support of Formosa Plastics, MediaTek,
Inventec and other companies in the high-tech biotechnology industry, it was officially
established at the end of 2017 , with the goal of cultivating AI technology leaders and
managers, and the training is in full swing; therefore, the cultivation and training of AI
talents in 2023 is really a future trend worthy of vigorous promotion[14].

III. Results
In order to understand the opportunities and challenges of using AI and digital technology
in the financial industry, this study analyzes the research methods of the entire financial and
banking industry in high-tech investment transactions, and compares them through financial
analysis. Financial benefit conditions such as resources, human resource layout, development
characteristics and strategic layout of banks to develop AI technology, as well as risk conditions
such as training of financial technology talents and digital financial transactions, are used to
analyze the opportunities and challenges of AI technology to the financial industry. There are

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three results in this study. First, the impact of AI policies on the development of AI technology
in the financial industry is compared with the amount of investment in high-tech biotechnology
industries (Figure 1). 2. Bank resources affect the performance of the development of AI
technology. 3. Challenges for banks to develop AI technology Focus on digital financial
technology talents and transaction risks to understand talent strategy analysis and training
(Figure 2). Therefore, with the rapid development of digital financial technology and the
development of financial tools in a more diversified direction, risk control and information
security have become important topics and trends in the development of AI technology
management and application in the financial industry. As far as the results are concerned, the
achievements of this study on the development of digital finance are as follows: 1. Strengthen
the integration and development of knowledge-based organization management mechanism and
AI technology under the trend of digital finance. 2. In the gradually open AI digital policy, find a
business strategy and value that balances the traditional banking industry and manpower.

Figure 1: From 2017 to 2021, the transaction amount of high-tech companies investing
in Taiwan’s financial and banking system (100 million yuan)

AI smart city is affected by the changes in consumer behavior in the financial

transaction system management market, remote and home office, etc., AI digital
banking services and technology and cloud technology; currently it has become a
standard precision marketing mold for banks in Taiwan's financial system. The
high-tech industry and the biotechnology industry have invested in the banking system

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to make profits. From 2017 to 2021, the total profit amount will be 683 trillion yuan
(Figure 1). There is an urgent need to strengthen AI digital artificial intelligence
technology and the integration of reality and virtuality; to enhance the real experience
and understanding of guests' service. In addition to the high-tech biotechnology
industry and the financial and banking industry actively carrying out AI digital
transformation to enhance their competitiveness, on the one hand, attention must also be
paid to organizational management models, talent cultivation, and corporate innovation
culture, so that the financial system managers’ AI computing and analysis models can
be Become a transaction on the high value-added financial banking services provided;
even consumer insurance and banking transactions will be replaced by AI robots in the
future. Trend changes until 2023 get the answer for the latest research findings.

Figure 2. the trend of the service effect of existing talents in the application of financial
system management and the high challenge of AI in the organization

In order for the investment bankers to have the wealth of funds, the status and
power of the management bankers will turn a blind eye to deal with the fuzzy area,
especially when the financial system management introduces AI to assist manual
operations, the work or service capabilities of professionals + AI It will greatly jump to
a state that the existing managers cannot understand and master, unless the managers
also have the same same ability. The trend of AI-based high-challenge service effects in

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the application of financial system management and existing talents in the organization;
as shown in Figure 2.; will lead to the situation and trend of human resource wars and
robbing talents. AI makes it possible for the future to eliminate the need for "human"
management. Management becomes a service and is replaced by AI. The results of the
service and related data are left to the president to judge and decide on the strategy.
Leadership skills are becoming more and more important. Communication, coaching,
conflict, exception handling, value judgment, customer orientation, strategic thinking,
talent training, vision and values, etc., will become the skills and abilities that the new
generation of managers must highlight. The advantage of seniority will be completely
defeated, and it is more likely that old age will become an obstacle, unless it can keep
up with the overall learning speed of the enterprise and the pace of using new
technologies. The human resource department actively uses the new AI technology to
serve customers inside, helping to generate high value in spirit and ability. It is also
necessary to jointly formulate digital and intelligent milestones for various departments
in the financial industry, and manage them through progress control. Counseling and
construction of the required learning content, assisting colleagues at different growth
stages to acquire technical and communication skills, when the overall financial system
industry is highly intelligent, the comprehensive effect that can be produced will be
very good.

Using AI artificial intelligence to solve various problems has various benefits as shown
in Figure 3.

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 With the cultivation, R&D and application of the three-talented boy and the
national education manpower, he also leads the AI financial system management team
with a reform and opening up attitude, and strengthens the interactive relationship
between Taiwanese talents and the international community. How to understand the
cultural background of Taiwan, and how to make Taiwan's AI talents with strong AI
skills have an open global and international thinking, and interact with key figures in
various target markets is also what Taiwan's AI elites have been working hard on. In
2023, the "Artificial Intelligence and Finance and Information Technology Top
Research Award Program" will be launched. Today, more than 100 young students in
Taiwan have been sponsored, and they can participate in the three top international
academic seminars on machine learning and artificial intelligence during their studies:
Topic neural information system NeurIPS, machine learning research ICML, deep
learning conference ICLR, etc., or international academic seminars such as top
computer vision conferences CVPR and ICCV with artificial intelligence as the main
application, top natural language processing conference ACL, etc. Support college
professors to invest in AI teaching and research, paving the way for the long-term
development of artificial intelligence in Taiwan. In the Appier AI symposium in 2023,
the topics shared by the students include the latest research fields such as self-training,
deep learning framework, 3D computer vision, etc. Taiwan's hardware industry has a
very large industrial chain and is ranked first , capable of affecting many areas of the
globe. Therefore, Taiwan will be able to establish the same international influence in
the AI financial system management application software industry in the future. The
investment of Taiwan's elites can really be a starting point. Using AI artificial
intelligence to solve various problems has various benefits as shown in Figure 3. That's
why it will be used in the cultivation and cultivation of talents, which is worthy of our
Taiwan government's urgency to catch up.

IV. Discussion
The automation technology using AI is the first project to be implemented on the
international stage and local banks in Taiwan. Through the strengthening of business
strategy operations, AI can help increase annual profits by at least 30%, and AI can also
help reduce annual costs by at least 30%. Among them, in terms of optimizing
operations, 46% of respondents believe that the effect of AI in enhancing user
experience is very obvious, and the rest are improving process efficiency (35%).

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Taiwan's National Financial Holding Group has begun to try to apply AI to anti-money
laundering, know-your-customer KYC, and automation of repetitive processes[15].
Through AI and identity authentication technology, we help customers reduce the
process of filling in information to improve experience. Security protection and identity
recognition Through biometric technology, including biological characteristics such as
face, iris, voice print, veins, and fingerprints, it is the main mode of identity recognition
for financial transactions and security protection in specific fields. Remote
identification and identification can also be carried out through mobile phones, tablets
and computers, greatly reducing time and cost. For example, Taiwan's Citibank
pioneered the "Voiceprint Recognition" customer service center, using the customer's
unique voiceprint (including more than 130 characteristics such as wavelength,
intensity, rhythm, and frequency) to replace the original password, and it only takes a
dozen seconds to complete For identity authentication[16], compared with the original
need to ask a lot of questions, voiceprint recognition can greatly shorten the
authentication time. In addition, China Trust Bank has also fully upgraded ATM
automatic teller machines to finger vein cash withdrawal. By identifying the blood
flowing in the human finger and absorbing light of a specific wavelength to form a vein
distribution image, identification can be performed, because the distribution of finger
veins is different for each person and cannot be easily copied. In 2015, China's Alipay
developed the "face payment" technology using machine vision and deep learning
technology. [17]
In further discussion, it is difficult to find AI talents, which is still a problem for
the industry[18]. Although AI has many benefits, the challenge comes from the
recruitment and cultivation of talents, so that AI technology can have a place. 38% of
the financial industry believe that AI talents are hard to find, including data scientists
and econometric statisticians. Especially now that the AI competition in various
industries is still going on, how to find the right talents and define the right problems
will be a common topic that financial industry should generally think about. The
recognition of the value of AI by financial industry executives has also reached a record
high. 64% of C-Level executives believe in the potential of AI, an increase of 77% from
the previous year. 58% of senior executives also believe AI will be the key to their
organization's future success, up 48% from last year. Therefore, the poaching and
training of talents will be a key issue that everyone in the financial industry needs to
solve[19].

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 AI artificial intelligence assists in the prediction, monitoring and management of
credit scoring and risk, market risk, operation and operation risk, etc. Taking credit
scoring cards commonly used for personal credit and credit cards as an example, the
credit scoring systems of most banks in Taiwan currently rely on credit-related data
from the Joint Credit Reference Center as the main scoring parameters. Payment
behavior, this kind of credit-based scoring method, has insufficient ability to identify
many customer groups (such as students, customers who do not have credit cards or
customers who have less contact with banks), and at the same time have limited
understanding of general customer consumption information For example, a customer
bought a tablet computer at Carrefour with a credit card of 15,000 yuan. The bank's
credit card authorization system only knows that the customer spent 15,000 yuan at
Carrefour, but it doesn't know what to buy. If we can further understand the customer's
consumption content, we should have a different look at the relationship between the
customer's consumption pattern and credit risk. These can be achieved through artificial
intelligence and big data. Therefore, banks can think about how to seek cooperation
with other data owners such as third-party payment providers, ticket payment
companies, telecommunications companies, utility companies, hypermarkets, shopping
malls, and communities on the premise of obtaining customer authorization and
personal information protection. For example, Facebook, LINE and other social media,
hospitals and other information, combined with the credit information of the United
Credit Information Center, can develop a comprehensive credit scoring system, which
will be of substantial help to the promotion of various businesses[20].
Further, I deeply understand that AI-like neural network technology can be applied
to analyze non-fixed format certification documents, and the financial industry can
often be used to process non-fixed format certification document image files. Through
the Convolutional Neural Networks (CNN) of deep neural network technology, such as:
financial certificates, medical diagnosis certificates, etc., detect the position of key
information in the graph, and convert unstructured certificate documents to In order to
apply the structured fields that the system can handle, it can effectively make up for the
breakpoints caused by manual work on the automated process. Using this technology,
financial institutions can further deduce the meaning between the lines of the medical
certificate into complex concepts, so as to speed up the speed of insurance claims.
Technology" to speed up the review of insurance medical claims. The next thing to
discuss is multi-lingual and visual ability technology. Whether it is through the Mobile

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App on the consumer's mobile phone, or the AI device placed on the consumer side in
combination with other industries, the financial industry will adopt more and more
conversational methods in management applications. The interface interacts with
consumers and integrates into their daily life. However, the most important task is to
recognize every word spoken by consumers and understand its meaning. Therefore, this
application is very frequent and must be deeply understood; because it will be a trend in
the future[21].

V. Conclusion
In terms of AI's management and control experience in the financial system, we
need smart customer service to use Paper robots as welcome specialists to provide
services such as greetings, games, and information inquiries. Provide accurate
marketing information, not just guessing, singing, greeting customers, or even knowing
who the customers are. In addition, in the past, the call center usually only played the
role of customer service. With the increase in the number of incoming customer service
calls, the call center can also take on the task of sales after completing customer service
matters. After the telephone voice system (IVR, Interactive Voice Response) has passed
the identification, the customer-related information is uploaded to the computer screen
of the customer service staff through the CTI (Computer Telephone Integration) system,
and the customer service staff can clearly understand the customer's basic information,
consumption records, Products suggested after artificial intelligence and big data
analysis[22], sales skills corresponding to customers, and a fully automatic online
bidding and trading system. Due to the simple procedures, customers only need to
answer yes or no, and the entire transaction can be completed online immediately, so
there will be a very good transaction rate, so customers' loyalty under the management
of the financial system has been raised to a high level. Therefore, precision marketing
includes purchasing behavior analysis, customer characteristics, community behavior
analysis, and provides modular differentiated products and services through big data
analysis and cloud computing. The main cores of financial products and services are
pricing (interest rate and handling fee) [23], credit (loan amount) and risk management.
In order to be able to plan, implement, check and manage in a complete and
comprehensive manner, a large amount of data analysis is required as a basis for various
marketing and Business management decision-making requires a large amount of
diverse and high-quality data in order to achieve precise marketing, such as customer

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basic information (gender, age, family, place of residence, occupation, seniority, income,
etc.), transaction type data, financial transaction information such as credit card usage
behavior, deposits, loans, check refunds, payment, payment, shopping payment, medical
care, etc.) [24], in order to use various types of analysis technologies such as data
mining, data warehousing, big data and artificial intelligence machine learning, etc., to
discover and gain insight into various Customer characteristics, and use data to develop
forecasting models as a system tool for a large number of processing credit limits, risk
management, product pricing and promotions, plan differentiated strategies based on
different forecast results, and provide customized services. Further, Taiwan's financial
supervision technology (RegTech) artificial intelligence can also be used in financial
supervision technology[25], which is the so-called RegTech (Regulation Technology)
related management. In response to the increasingly complex market environment due
to the rise of financial technology, the control of financial supervision and compliance
with laws and regulations has become increasingly cumbersome. In view of this,
through specific keyword searches, regular filtering and inspection can quickly confirm
whether there are violations of relevant operations Compared with the traditional mode
of monitoring audio tapes or monitoring video tapes one by one by many operators, it
can save a lot of manpower and time, and can carry out complicated and cumbersome
financial supervision and management work in a precise and efficient manner. So 2023
is indeed the new era of AI control[26]!

VI. Acknowledgements
Thanks to President Liang Zhenxiang of Nicaragua Pacific University for his
support and enlightenment, which made the research on economics and technology
more solid; and other professors Liao CHien-Hua for their help and proofreading, so
that this paper and journal can be successfully published; I would like to thank you
here.

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