On June 6th, the Russian satellite network entitled "China Artificial Intelligence or Debt Collection Company?" According to reports, the P2P borrowing platform appeared in China about 10 years ago, and the market is growing at a three-digit rate each year. According to statistics, the due debt of the P2P borrowing platform has reached 1.3 trillion yuan, so there is also a demand for some unconventional debt collection methods in the market. Some of them, for example, asked to provide nude photos as collateral, or to send the "dance of the square dance" to the debtor's home to dance in a deafening musical sound, etc., which have attracted the attention of the Chinese law enforcement agencies.
Liu Ying, a researcher at the Chongyang Institute of Finance at Renmin University, said in an interview with the Satellite News Agency that the use of artificial intelligence for debt collection is now a legal means.
Liu Ying said: "The artificial intelligence collection system can perform debt collection and collection at the upstream, middle, and downstream levels, and request repayments by sending e-mails, sending text messages, and making phone calls, but this is only the end. Artificial intelligence collection cannot be limited. Or influence other debtor-related people, such as his relatives and friends, this limit and borders need strict legal intervention.The innovation of financial science and technology requires an accompanying professional supervision system, the need for relevant legislation as a guarantee, should not let intelligence The application of collection has emerged as a result of the fact that because a person’s arrears have not been returned, in addition to his own collection, he also uses the so-called high-tech means to indiscriminately bombard his friends and relatives. This is an illegal act in itself. It cannot be because Recovering arrears and harassing other people related to the debtor, even though in ancient China, there was a saying that the “father’s debt” was returned, it was limited to the “child” generation, not to all those who had a relationship with the debtor. Therefore, the application of high technology also cannot exceed the bottom line of the law."
According to the report, artificial intelligence is used to collect debts, and it is still the Chinese people's traditional pain points that they rely on more often. For example, they feel shy in front of their loved ones. The robot will find the debtor's contacts and personal data on the Internet, find his friend's information on the social network, and call all people and send text messages. Artificial intelligence uses semantic analysis and big data processing methods to draw the portrait of the debtor’s heart to select the most persuasive debt collection strategy and request relatives and friends to influence the familiar debtors.
According to the report, this strategy is very effective and the system has helped nearly 200 creditors recover the debt. According to Shanghai ETS’s data, the efficiency of artificial intelligence is twice as efficient as that of traditional debt collection companies. In May alone, it recovered 41% of debt, and the success rate of debt collection companies was only 20%. %.
Liu Ying pointed out that the success of artificial intelligence lies in the fact that both P2P and microfinance are technical types of financial services, so artificial intelligence can easily be implanted therein.
Liu Ying added: “The reason why artificial intelligence can be applied in the field of collection and is effective because cash financing and other Internet finance itself is a financial technology. Internet finance and technology credit are online, recordable, traceable and linkable. Such features make them able to work well with technologies such as artificial intelligence and blockchain technology to achieve economies of scale and reduce marginal costs. In other words, if artificial intelligence technology is applied to the traditional credit market, it may be Not necessarily so effective."
According to the report, Internet companies and traditional banking institutions are all working hard to develop financial industry technologies. Given the future digital banking system under strict credit restrictions, it can be speculated that the demand for robot debt collection can only increase.