At present, the world is experiencing new changes in the highly integrated technology and industry. With the in-depth development and comprehensive application of cutting-edge transformation technology, the social production and life cooperation mode is accelerating transformation, and human society is about to enter a new round of innovation and development. Both financial and non-financial enterprises are deeply coupled with digital and network technologies. This will profoundly change the mode of production, the form of industrial organization and the competitive landscape of the global financial industry.
The new industrial and technological revolution led by big data, cloud computing, artificial intelligence, blockchain and mobile Internet will lead to the continuous breaking and restructuring of the boundaries and research paradigms of financial disciplines. Although the essence of finance and the law of economic operation remain unchanged, technology is constantly penetrating every “cell” of finance and changing the DNA of traditional financial business while promoting the development of the financial industry and increasing economic and social well-being.
The technologies involved in fintech are characterized by rapid update and iteration, cross-border and mixed industries, and are the superposition and integration of cutting-edge disruptive technologies such as big data, artificial intelligence and blockchain technology with traditional financial businesses and scenarios. There is a strong disruptive gene in the culture of fintech companies, which constantly try to use technological means to disrupt the current large financial institutions or systems that are not high-tech enough.
Disruptive technology will not only release huge energy, but also superimpose with other technological innovations to bring even more disruptive technological changes. The disruptive innovation promoted by technological changes often becomes a new engine for economic development. With the change in productivity of fintech, the relationship of production needs to adjust accordingly. Therefore, the financial industry empowered by science and technology is bound to experience subversive development. At present, due to the complexity and professionalism of finance, Internet and other technologies, the connotation and extension of fintech are still evolving, but generally speaking, it mainly includes four core parts: big data finance, artificial intelligence finance, blockchain finance and quantitative finance.
Big data finance focuses on the acquisition, storage, processing, analysis and visualization of financial big data.
Ai finance mainly uses AI technology to deal with problems in the financial field, including stock price prediction, underwriting and claims settlement of insurance industry, financial supervision and identification monitoring, etc.
Blockchain technology is a decentralized big data system, a common master ledger of everything valuable in the digital world, and a specific application of distributed cloud computing networks.
Quantitative finance carries out financial business based on financial engineering, financial mathematics, financial measurement and financial statistics. The biggest difference between quantitative finance and traditional finance is that it always emphasizes the use of mathematical means and quantitative statistics knowledge to carry out work quantitatively rather than qualitatively.
Finance is a key area of the digital economy. It belongs to the data-intensive financial industry and is highly dependent on data. How to protect personal information, better data integrity and ensure data security is an important issue that the financial industry must face. In terms of management, financial institutions should establish a hierarchical authorization management system for personal information databases. On the mechanism, strengthen the publicity and education of personal financial information security protection. There are many server backup services in Malaysia for data protection too.
