Experts have emphasized the importance of big data, computing power, cooperation, and innovation in the full implementation of large artificial intelligence (AI) models in the financial industry.

The new generation of AI technology will reshape existing business processes and accelerate the development of financial digitalization and financial intelligence, while its success requires a holistic transformation spanning multiple layers, experts said in a recent interview with China Finance 40 Forum (CF40), the organizer of the 2023 Bund Summit, ahead of the event.

The financial industry is an area under strong regulatory supervision, with high requirements for precision, controllability and security, said Lyu Zhongtao, chief information officer of the Industrial and Commercial Bank of China (ICBC). 

However, large AI models are not fully mature at present, he said. 

Lyu elaborated on the potential risks, saying that the content generated by large models may have obvious religious bias, gender discrimination and other ethical problems. In addition, there are also hidden risks in data privacy protection, as large model training data comes from the internet and some business data, which may encroach on user privacy.

In the face of these challenges, Nobel laureate Michael Spence emphasized the importance of setting a balanced agenda with respect to AI.

This involves two things: the first is a set of risks and potential misuse cases of the technology; the second is a set of policies designed to make this powerful new technology accessible and usable in its positive applications.

Meanwhile, Spence noted the bottlenecks in building an AI regulatory framework, such as finding the balance between regulation and innovation and whatever other values deemed important in society. And also, in the international arena, international institutions need more cooperation to mediate the process.

In addition, it is necessary to explore the formation of a set of high-standard and low-threshold financial application models for the financial industry, so as to rapidly promote the deepening of AI applications in the financial field, according to Lyu.

"The full implementation of AI in the financial industry needs big data, big computing power, big cooperation, and big innovation," summarized Lyu.

The 2023 Bund Summit, co-organized by CF40 and the China Center for International Economic Exchanges, will begin on September 22 in Shanghai, China's financial hub. 

The summit features multiple sessions with themes surrounding technological innovation and productivity revolution. CGTN is the strategic media partner for this year's summit.