Finance

Inclusive high-tech finance can better help customers

Published

2 years ago

October 18, 2024

Inclusive high-tech finance can better help customers

[Photo/VCG]

At the end of 2023, the release of ChatGPT, developed by OpenAI, set off a fresh wave of innovations in artificial intelligence technology, transforming industries worldwide. One sector that has undergone profound changes is finance, with AI playing a significant role in advancing inclusive finance.

Inclusive finance aims to extend financial services to every corner of society, ensuring accessible, efficient and affordable financial solutions for individuals and businesses alike. AI is accelerating this journey toward broader and more accessible financial inclusion, bringing convenience to those who need it most.

In remote rural areas, farmers can now access tailored agricultural insurance and financing products through a smartphone. Similarly, those hardworking vendors who sell fruits and vegetables in the local markets can apply for a short-term loan through smartphone thanks to AI. Behind these seemingly effortless interactions lies the power of AI, quietly transforming the way financial services are delivered.

By leveraging big data, AI can create detailed profiles of potential customers, including their income levels, spending habits and creditworthiness. This allows financial institutions to provide personalized services that meet individual needs. For example, banks collect vast amounts of client information through transactions, usage patterns and external data sources such as credit reports, business registrations and tax records. With customer consent, AI analyzes these data using algorithm to identify potential small and medium-sized enterprise borrowers. AI can also predict customer preferences and behaviors, offering fully automated and personalized financial services.

This precision-targeted approach improves customer acquisition while ensuring that services are tailored to suit the right people. AI enables financial institutions to use highly customized marketing strategies, making it possible to recommend the right products to the right customers.

And channels such as text messaging and mobile apps, and social media platforms like WeChat allow banks to reach potential clients more effectively. The result? Broader coverage and deeper penetration of financial services into underserved communities.

Traditional financing services are often burdened by labor-intensive processes, making them costly and slow. SMEs, with their smaller loan sizes, high frequency of transactions and short repayment cycles, are particularly underserved by traditional banking systems due to asymmetric information and poor service delivery. But AI is helping transform how financial institutions operate, moving away from manual, time-consuming processes toward seamless, online solutions.

AI-powered services such as intelligent customer support systems offer round-the-clock assistance, answering customer queries on loan applications, account balances and more. This significantly enhances customer satisfaction, providing instant responses to a wide array of enquiries.

In addition, AI has given rise to a variety of innovative financial products. For instance, AI-driven robot-advisers can prepare personalized investment portfolios based on a user”s financial condition, risk tolerance and investment goals. This democratizes wealth management, making it accessible to even the most inexperienced investor, simplifying complex investment processes, and empowering users to take control of their financial future.

Financial institutions are increasingly relying on AI-driven risk management systems that integrate with every stage of the lending process, from pre-loan assessments to postloan monitoring. By using advanced machine learning algorithms, banks can identify and mitigate risks with remarkable accuracy. Traditional risk management methods, which often depend on manual reviews and in-person checks, are time-consuming and prone to errors. AI, on the other hand, enhances risk control by analyzing vast datasets in a short time, heeding early warning signals, and detecting fraudulent activities.

For banks, incorporating AI into the credit approval process offers significant advantages. Automated systems drastically reduce the time required to evaluate loan applications, while AI models assess multiple factors — such as credit scores and repayment histories — to accurately measure a borrower’s creditworthiness. Fraud detection systems powered by AI further bolster financial security by spotting inconsistencies or suspicious patterns that might otherwise go unnoticed. This provides banks with a robust defense mechanism against bad loans and ensures safer, more efficient financial operations.

The traditional reliance on physical bank branches, rural service centers and in-person outreach teams is giving way to AI-driven digital platforms. AI is enabling financial institutions to shift toward integrated, agile and intelligent service delivery systems, drastically reducing operational costs while expanding the availability of financial services. With AI, institutions can provide 24×7 services nationwide, eliminating the constraints of time and location.

AI-powered systems break down the data silos that once isolated different financial services, allowing for comprehensive integration and data sharing. This seamless access to customer data enables financial institutions to offer more personalized, holistic services.

In the years ahead, we can expect AI to play an even bigger role in driving social and economic development, improving people’s living standards, and fostering greater financial inclusion globally. The potential for AI-powered inclusive finance to uplift underserved communities, stimulate economic growth and enhance people’s quality of life is immense. And this journey is just beginning.

Fang Lifa is general manager of Inclusive Finance Department, Hengfeng Bank Sun Yunchuan is director of International Institute of Big Data in Finance, Beijing Normal University

The views don’t necessarily reflect those of China Daily.

If you have a specific expertise, or would like to share your thought about our stories, then send us your writings at opinion@chinadaily.com.cn, and comment@chinadaily.com.cn.

Finance

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Published

11 hours ago

April 21, 2026

Press Room

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments.

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.”

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.”

Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.

Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

Published

23 hours ago

April 20, 2026

Press Room

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

Switzerland’s reputation as a magnet for the world’s financial elite is nothing new. In 2025, the country recorded the “densest concentration of millionaires” with an estimated 146 per 1,000 adults last year, said The Times. Now home to around 135,000 people, Zug’s canton – also named Zug – used to be the “poorest corner of Switzerland” until it lowered its tax rates in the 1950s. “Now it has corporate tax rates of 16.2% compared with 40% in the US and 33.3% in France.”

“In almost all ways Zug is unremarkable”, with its traditional Swiss architecture and cobbled waterfront lanes. But if its “Alpine lake water is clear”, the financial scene is more “murky”. Many credit Marc Rich and Pincus “Pinky” Green, founders of metals and minerals trading firm Glencore, with the transformation of Zug from a “Swiss backwater” to its status as the “Swiss Monaco”. The multinational is headquartered just outside Zug, and has made the town a “global powerhouse for trading crude and refined oil products”. It should be “no surprise” that the “1% of the world’s 1%” are taking shelter there, and at the same time, hoping to still “keep a hand in the oil business”.

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“Industry estimates suggest that tens of billions of dollars could flow into Switzerland depending on how the current conflict evolves,” said the Outbound Investment Group. The “immediate trigger” for the “surge in interest” from Gulf-based investors is the war in the Middle East. However, Switzerland’s underlying appeal is its unwavering “Swissness”: “political neutrality”, “strong legal frameworks”, and reputation for wealth preservation. It’s a safe bet with no sign of slowing.

‘Availability tightening’

There are some drawbacks, said the FT. For “would-be arrivals”, the appeal of the region for Middle Eastern residents comes with “practical constraints”. Those outside the EU “face a higher bar”. Usually, the condition of residency is “tied” to employment or company formation. For the “very wealthy”, there is the added option of “negotiated lump-sum taxation agreements with cantonal authorities” that allow individuals to “pay a flat annual tax based on living expenses rather than global income”.

Even if they are holders of EU passports, the “main bottleneck” is the availability of property. Competition is “intense” and “rental supply is extremely limited, with properties often snapped up within days”. With Zug’s “availability tightening”, other cantons in the region with similar tax arrangements could benefit, such as Lugano, an Italian-speaking city in the Ticino region.

The uncertainty of the duration of the conflict is one of the most pressing concerns, said Bloomberg. The recent breakdown of ceasefire talks risks “forcing a reckoning for the professional and expat classes considering options after putting down roots in the Middle East”.

The short-term benefits of physical safety from leaving the Gulf are clear, but changing tax residency “takes time” and practicalities such as finding schools and “conforming to national requirements such as opening local bank accounts” is often “complicated and time-consuming”. The region’s ultra-wealthy are facing “uncomfortable decisions on whether to make the move permanent, especially with the end of the school year in sight”.

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Finance

How much will Social Security go up next year? See latest forecast

Published

1 day ago

April 20, 2026

Press Room

How much will Social Security go up next year? See latest forecast

Before Social Security payments are posted this week, many retirees are looking ahead at the potential Cost of Living Adjustment for 2027 with an advocacy group predicting a similar increase to 2026.

On April 10, The Senior Citizens League — a nongovernmental advocacy group for seniors — released its monthly COLA forecast for 2027, saying data showed a 2.8% increase is likely.

“Over the last seven weeks, crude oil prices have soared, and fuel prices have followed suit. Consumers are getting pinched at the pump as gas prices soar, while businesses are paying more for transportation and/or production costs. This energy price shock is beginning to show up in the monthly U.S. inflation report, and it’s having a tangible impact on 2027 COLA forecasts,” The Motley Fool, a financial and investing advice company, and USA TODAY content partner, reported on April 18.

The official announcement will come in October, as it’s based on third-quarter inflation data.

According to Consumer Price Index data published last week, the annual inflation rate reached a two-year high of 3.3%, up 0.9% over the last month. This is largely due to soaring oil prices caused by the war in Iran.

Social Security payments are always scheduled on Wednesdays, with the final wave of this month scheduled for April 22, according to the Social Security Administration. The schedule is based on the birth dates of the recipients — retired, disabled workers or survivors.

Here’s who will get a Social Security check this week and more on the 2027 COLA forecast:

When is the final Social Security in April 2026?

Social Security benefits are sent out based on the recipients’ birth dates. Wednesday, April 22, is the final wave of payments for those with birth dates between the 21st and the 31st of April.

What is the 2027 COLA forecast?

The 2027 COLA increase is forecast to be 2.8% due to continuing inflation prices, according to The Senior Citizens League’s April 10 press release. If the SSA approves that rate of increase, average payment for retired workers would go up by $56 per month in January 2027.

The SCL releases a COLA prediction each month based on the Consumer Price Index, Federal Reserve interest rate and the National Unemployment rate from the U.S. Bureau of Labor Statistics.

Beneficiaries who want to stay updated with the monthly predictions may visit the SCL’s “COLA Watch” webpage that includes the forecast, calculations, historical trends and more.

The official COLA increase for 2027 will be announced in October 2026.

What were the big Social Security changes in 2026?

At the beginning of 2026 recipients received a 2.8% COLA for Social Security and Supplemental Security Income (SSI) payments, according to the SSA’s COLA Fact Sheet and American Association of Retired Persons, increasing payments about $56 per month.

Here are more details on the 2026 COLA increase, per the SSA:

The maximum amount of earnings subject to the Social Security tax increased to $184,500.
The earnings limit for workers who are younger than full retirement age (67 years old) increased to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.)
The earnings limit for people reaching their full retirement age in 2026 increased to $65,160. (There will be a $1 deduction for each $3 earned over $65,160, until the month the worker turns full retirement age.)
There is no limit on earnings for workers who are at full retirement age or older for the entire year.

What should I do if I don’t get my Social Security payment?

According to the SSA, if you don’t receive your payment on the scheduled date, wait three days additional days, then call their office.

Where are the Social Security offices in Michigan?

There are 48 offices in Michigan, and to find an office near you, recipients may use the office locator via the Social Security’s website by entering your zip code for office hours, numbers, available services and more.

How can I replace my Social Security card?

The personal account, “my Social Security” allows recipients to manage their personal records, including a request for a replacement Social Security card and benefit statements for taxes and more. New accounts are created using ID.me or Login.gov as a multifactor authentication.