JD Finance is stepping up big data efforts

JD Finance, the financial subsidiary of China's second biggest e-commerce player JD.com Inc, is ramping up efforts to leverage its big data, cloud computing and artificial intelligence to better serve financial institutions.

Liu Qiangdong, founder and CEO of JD.com, said AI is a kind of technology and a way of thinking, as well as a core force to make innovations in various industries in the next 20 years, adding that the financial sector is an important application field for AI.

"We define JD Finance as a partner, but not a subverter, to the financial institutions. We help banks improve their efficiencies in credit authorization by more than 10 times and reduce the costs by 70 percent, and by virtue of our AI technologies, the ratio of bad loans and capital loss rate is about 50 percent lower than the industry average," said Liu.