Core Insights - The narrative around financial digital innovation has shifted towards "smart digitalization" replacing "digitalization" due to breakthroughs in AI models and the introduction of stablecoin regulations in regions like the US and Hong Kong since 2025 [1] - The excitement surrounding AI and tokenization mirrors the early days of internet finance, emphasizing the need to eliminate intermediaries and enhance customer targeting and risk control [1] - AI and blockchain are tools in financial innovation, and understanding the essence of financial innovation is crucial for effective application [1] Group 1: Financial Innovation Technologies - Financial innovation requires three key technologies: financial technology, institutional technology, and scientific technology [2][3] - Financial technology encompasses broad economic and financial knowledge, emphasizing that financial innovation is fundamentally about finance, not just technology [3] - Institutional technology involves legal and regulatory frameworks that ensure stakeholder rights and risk prevention during financial transactions [4] - Scientific technology plays a supportive role in financial innovation, facilitating breakthroughs and improvements through the application of new and existing technologies [4][5] Group 2: Role of AI and Human Intervention - AI should not be viewed as a complete replacement for human roles; rather, it should enhance human capabilities in financial processes [6][7] - Relying solely on AI for risk control in lending has shown that human intervention can significantly improve loan quality [7] - The pursuit of reducing human labor through AI must be balanced with the need for human oversight to avoid misdirection in innovation [7] Group 3: Technology and Business Compatibility - No single technology can address all aspects of financial business; a combination of technologies is often necessary to meet specific business needs [8][9] - Financial transactions are based on trust and relationships, which cannot be solely managed by technology [9][10] - The complexity of financial services requires a nuanced approach to technology application, ensuring that it aligns with the unique characteristics of financial transactions [10][11] Group 4: Cost-Effectiveness in Financial Innovation - The primary goal of financial innovation is to achieve reasonable returns that cover costs and risks while serving the real economy [14] - Smaller financial institutions face challenges in competing with larger ones regarding technology investment and returns, necessitating strategic resource allocation [14][15] - The application of new technologies should be evaluated based on their cost-effectiveness and overall impact on business operations, rather than simply replacing old technologies [16][17]
刘晓春：金融数智化的本质与误区
3 6 Ke·2026-01-12 11:37