The Intelligent Finance Open Ecological Alliance has been established to eliminate financial information silos. Artificial Intelligence | Finance | Open
On July 6th, at the 2023 World Artificial Intelligence Conference "Intelligent Finance Forum", the Intelligent Finance Open Ecological Alliance was officially established.
In the digital era, the digital transformation of enterprise finance has become a trend. Many enterprises have built various systems such as business, payment, finance, funds, and taxation. However, how to connect and interact with different systems, eliminate "information silos", and achieve data sharing and collaboration is becoming a common challenge in the process of enterprise digital transformation.
The Intelligent Finance Open Ecological Alliance, established in this context, will gather the efforts of various professional institutions such as application enterprises, banks, payment, system service providers, taxation, consulting, and research institutions to build an open, cooperative, and win-win intelligent finance ecological system. The system will be jointly built and shared, optimize data governance, and achieve a first-class ecological system of integration and human-machine collaboration among all parties. The alliance will promote the research and application of the latest technologies in the field of intelligent finance, promote the concept and innovative achievements of intelligent finance, accelerate the improvement of financial personnel capabilities, help enterprises better use intelligent finance to provide decision support for business, and further promote the value creation of intelligent finance.
In the view of Zhou Ye, Chairman and CEO of Huifu Tianxia, connectivity, data, collaboration, and ecology are the key to financial digitization. Currently, various types of software are difficult to connect, API open standards need to be improved, public domain data open rules urgently need to be introduced, and data governance and standardization issues need to be solved. As a new role in the digital ecosystem, digital integrators can solve problems such as tool disconnections and data silos through new tools and methodologies, helping enterprises achieve better system connectivity, data integration, and efficient collaboration. He advocates that the digital ecosystem construction of intelligent finance needs to establish API open standards as soon as possible, formulate open rules for public domain data, guide and support the development of digital integrators, and jointly build an intelligent finance ecosystem alliance.
In recent years, new generation information technologies such as artificial intelligence have developed rapidly, and expert systems, deep learning, knowledge graphs, and natural language processing technologies have been continuously applied in the financial field, bringing infinite possibilities for the development of intelligent finance. Lu Wenbin, Dean and Deputy Secretary of the Party Committee of Shanghai National Accounting College, stated that with the rapid development of artificial intelligence technology, the mature application of intelligent finance has expanded financial functions, improved the acquisition and processing capabilities of business and financial data, and gradually moved towards intelligence in financial decision-making and analysis. On the other hand, it has also helped financial personnel better serve business operations and management innovation, achieve financial value creation for units, and accelerate digital transformation of enterprises. The high-quality development of the Chinese economy requires high-quality financial theories to serve the development of the real economy. The innovation, iteration, and application of artificial intelligence technology provide strong support for the high-quality development of financial work, and have a disruptive impact on the financial management system and operation mechanism of enterprises and institutions. It will also bring a new look to financial practice and the innovation of financial theories.
"Many organizations are currently facing pressure to transform, and financial professionals should play a practical role in this process." ACCA Policy and Insight Director Mike Suffield believes that in the future, financial leaders will be the core of company value creation, and the role of CFOs will shift towards that of Chief Value Officers. Financial digital transformation is an important means to achieve this transformation, so digital skills will become one of the essential core competencies for future financial professionals.