Leading technology-as-a-service platform provider OneConnect Financial Technology Co., Ltd. (NYSE: OCFT) (“OneConnect” or “the Company”), an associate company of Ping An Group, recently displayed a lineup of impressive fintech solutions at the World Artificial Intelligence Conference 2021 (WAIC 2021) held in Shanghai from July 8-10, 2021, drawing much interest from attendees.
Exhibitors at the event – themed “Intelligent Connectivity, Inspirational Cities” – included several of China’s most well-known companies but one of the key attractions was OneConnect’s Smart Government & Enterprise Platform. The solution enables governments to combine services for matters of state, large manufacturers, financial institutions and small and medium-sized enterprises (SMEs) through one digital platform, providing a venue for SMEs to accurately and efficiently locate resources for their financing needs.
OneConnect Chairman of the Board of Directors and CEO Ye Wangchun said, “With the rapid development of technology today, OneConnect will continue to provide a valuable, customer-centric service experience while playing a key role in the industry’s digital transformation. We believe that the essence to creating more palatable financial technologies that support and enhance human potential, social connectedness, dignity, and self-reliance is to empower the financial industry through technology. We aim to promote digital transformation, support the real economy, facilitate rural revitalization, and create social value.”
In addition, what most impressed visitors to the conference was OneConnect’s ability to provide comprehensive digital solutions allowing the widely diversified needs of financial institutions to be met. Through the integration of multiple products, OneConnect has created 16 product lines across banking, insurance and investment verticals covering both software-as-a-service(SaaS) and infrastructure-as-a-service (IaaS) scenarios, providing financial institutions with full-process and end-to-end technology enablement.
OneConnect’s banking module, intelligent risk management platform, corporate and banking digital transformation service, and intelligent double-entry bookkeeping solution all leverage leading technologies and deep insights into business to provide full-process corporate financial digital solutions and full-scenario AI empowerment, greatly enhancing the quality and efficiency of financial services.
The Company’s intelligent auto insurance claims platform provides insurance companies with a “Software + Services” end-to-end solution, covering the entire process from reporting of the accident, rescue, vehicle damage and human injury assessment, to supply of parts and settlement of claims. Through a large, shared service center, the platform provides resource support including rescue, inspection of the damaged vehicle and maintenance, as well as enhanced management of claims services.
OneConnect’s smart subscription and audit solutions fully demonstrate the advantages of AI collaboration in improving management efficiency in the investment sector. The smart subscription solution relies on multiple types of intelligent tools to automate 90% and standardize 100% of the process, significantly reducing operation and maintenance costs and lowering operational risks while enhancing management effectiveness. The smart audit solution is the industry’s first of its kind to deploy AI.
The Company’s Gamma smart voice platform features intelligent solutions for voice navigation, online customer service, video robot, outbound calling, customer service assistance and quality inspection, among other smart customer service solutions, coupled with a voice robot that genuinely delivers business results.
WAIC 2021 focused on the artificial intelligence-enabled digital transformation of cities. The event discussed the path of innovation in AI and its resultant industrial applications with the aim of conveying the concept and value of urban digital transformation and reaching a global consensus on relevant governance and norms.
The financial technology (fintech) industry serves as a good example. With the growing maturity of key technologies such as cloud computing, big data, blockchain and AI alongside the transition from the internet and mobile web eras into the era of AI, integration of finance and technology has finally been achieved, laying a solid foundation for the next stage of digital development.
During the first quarter of 2021, OneConnect announced its SaaS product lineup upgrade plan, with a focus on the “big picture,” including platform and ecosystem, while adhering to the dual empowerment of “technology + business.” Having established a unique business model, the Company has also been fulfilling its corporate social responsibilities, creating value for society through technology during this period of accelerated evolution of digital finance.
Publicly available data reveal that since its inception, OneConnect has invested more than 3.4 billion yuan in technology R&D. The Company has now established its leadership in the fintech industry in terms of AI, big data and blockchain, with a series of industry-leading intelligent technology products in which it solely holds the intellectual property rights. OneConnect is also expanding rapidly into overseas markets by setting up subsidiaries in Singapore, Hong Kong, Indonesia, Malaysia and the Philippines, embarking on a new journey of global expansion.