[SAFF 2020] "Digital Finance, Data and AI Are Key... Existing Formulas Will Completely Change"

Focusing on the Roles of 'Money Accumulation' and 'Optimal Internalization'

The '2020 Seoul Asia Financial Forum (SAFF 2020)' hosted by Asia Economy was held on the 20th at the Western Chosun Hotel in Jung-gu, Seoul. Shin Seung-hyun, CEO of Daily Financial Group, is giving a lecture on revitalizing the data economy. This event, held under the theme 'Post-Corona, Financial Market Stabilization Measures,' aimed to deeply explore innovative strategies to overcome uncertainties in the era of Big Blur in finance and capital markets. This year, to prevent the spread of COVID-19 and ensure the safety of speakers and participants, the event was conducted via online live streaming. Photo by Kim Hyun-min

[Asia Economy Reporter Ki Ha-young] "In the future, institutions providing financial services should focus on 'the role of accumulating money (finance)' and 'the role of optimal internalization (IT)."

Shin Seung-hyun, CEO of Daily Financial Group, stated this during a keynote speech on "Activating the Data Economy" at the "2020 Seoul Asia Financial Forum" held on the 20th at the Westin Chosun Hotel in Sogong-dong, Seoul. CEO Shin said, "The financial industry, which will be innovated based on data and artificial intelligence (AI), will gradually lose the contact points between financial institutions and customers beyond the function of accumulating money," adding, "Instead, finance will be internalized as content within financial services that induce customer behavior."

He identified data and AI as core elements in digital financial innovation. CEO Shin predicted, "We will witness the complete reconstruction of industries through data and AI," and "Data and AI will fundamentally change the existing competitive paradigm, completely altering the core competencies, business strategies, and leadership, thus making the traditional formulas of finance that we knew entirely different."

Although the utilization of data and AI, which will achieve digital financial innovation, has recently improved, it is still in its infancy. CEO Shin explained, "Data is still in the early stages of activation for utilization," and "Only recently have improvements in utilization and infrastructure been rapidly made simultaneously." AI is also rapidly developing, focusing on recognition and prediction technologies. He foresaw, "In the case of AI, issues such as learning dependency, cost, and reliability, which arise alongside technological advancements, will gradually be resolved."

This content was produced with the assistance of AI translation services.