How is CITIC Group Utilizing AI?

Introduction

CITIC Group is making significant strides in the realm of artificial intelligence (AI). During the four-day 2024 World AI Conference in Shanghai, the State-owned financial conglomerate announced its ambitious plans to develop over 50 in-depth AI applications tailored for various industries.

AI+ Action Plan

As part of its “AI+” action plan, CITIC’s financial service units will focus on AI applications in intelligent customer service, wealth management, and intelligent risk control. According to Wang Guoquan, the group’s vice-president, these initiatives aim to enhance efficiency and service quality.

Industrial Applications

In the industrial sector, CITIC is exploring AI applications in industrial vision and automation technology. The group is also working on breakthroughs in publishing, internet security, and urban management.

Computing Network

Wang mentioned that CITIC is advancing the construction of its computing network. The group plans to build green, intelligent, and large-capacity computing power in western China for R&D purposes, while the eastern part will focus on business applications.

Major Achievements

On Friday, CITIC unveiled three major AI achievements. One of them, Bond Copilot, developed by CITIC Securities, integrates business opportunity mining, risk management, smart office services, and project operation in the bond sector. The other two models were developed by China CITIC Bank and CITIC Press Group, focusing on corporate solutions and publishing processes, respectively.

Future Outlook

Wu Chaoze, head of the research institute for China Securities, highlighted that AI applications in the financial sector will mature in the next three to four years. However, current applications are limited to non-decision-making processes.

Wu also noted that AI has already reduced copper exploration time in overseas markets and shows potential in pharmaceutical R&D and health management. In the industrial sector, AI can optimize production flow and decision-making, though data quality and accuracy remain challenges.