(Original title: What should I do if "intelligent advisors" come to small and medium-sized banks?) Mo Kaiwei column As a "dark horse" in the financial investment community, smart investment advice (smart investment advisory services) has caused an upsurge in the financial sector in recent years. Due to its R&D investment of several hundred million yuan, the hard-to-find small and medium-sized banks feel the pressure of surviving competition in the cracks between the new financial and advantageous institutions. Therefore, small and medium-sized banks are not faced with how to achieve a curve overtaking, but how not. It was eliminated by the trend of financial technology development. (Investor News, June 19) Financial intelligence investment is a new financial product. It uses asset portfolio theory and financial derivative models, and based on customer preferences, it focuses on online financial investment consulting services. It provides investors with investment portfolio optimization and adjusts the financial resources of integrated accounts. Investment and financing model, and its huge market potential. At present, financial intelligence investment has been promoted and applied in some large commercial banks, and it has demonstrated its strong financial viability and financial aggregation effectiveness. Although China's financial intelligence investment in China is still at its infancy, it has already penetrated into all aspects of the gold financing sector in the foreign economically developed countries. For example, current quantitative transactions, smart investment advice and natural language processing technologies are the most widely used fields. And according to PwC's forecast, 30% of the work in the United States will be completely replaced by automated machines and computer programs by 20 to 20 years ago. For the financial sector, another consultancy, O爌im烬s, also made similar predictions. They claim that by 2025, 10% of the functions in financial institutions will be replaced by intelligent programs, and 40% of the replaced parts will be From the field of asset management. This shows that in the future, whoever first increases investment in financial intelligence products to take the initiative, whoever is the winner of gold financing management competition, whoever will share the biggest cake of financial development. In particular, as a small and medium-sized commercial bank, if there is no capital to increase input and development efforts in financial intelligent investment products, it will inevitably be subject to human beings in three ways and be under the disadvantage of financial competition. On the one hand, a single financial service function cannot satisfy the diversity of customers. The demand for “combined products†put forward by financial services may result in the loss of customers and the financial business will become in a contraction state. On the other hand, in the competition with large commercial banks, the cost will be in an increasingly unfavorable position because it cannot be promoted. And the operation of financial intelligence investment advice will only lead to a large amount of business processing through labor, which will greatly increase operating costs and lead to increasingly weak profitability. On the other hand, due to the lack of scientific and technological support for financial intelligence investment products, business processing efficiency, processing quality, etc. will lag far behind large commercial banks. Over time, customers will lose their confidence in the service of small and medium-sized banking institutions and eventually discard small and medium-sized banks. However, when it comes to large commercial banks, it is difficult to escape from the business and fall into an all-encompassing situation. Just now, financial intelligence investment consultants are still "luxury goods" in the current financial industry. Due to their large investment, a large number of small and medium-sized commercial banks may only be "enviable" in terms of financial intelligence investment advice. In the short term, it is difficult to reach, only large commercial banks. Due to its large capital and strong profitability, it has the capital to embrace and occupy the limelight of financial intelligence. So, is it not inevitable that the small and medium-sized commercial banks will go to bed in financial intelligence and investment advice? The answer is, of course, negative. From a realistic point of view, small and medium-sized banks should make full projections of their own strengths. Since they have realized that they have insufficient capacity to invest in R&D, they should start with the overall situation and details, and contact large banks and the same industry to jointly conduct financial intelligence investment. Product development, in order to make up for their own lack of power, accumulate financial intelligent investing power. The first is the development of small and medium-sized banks, which can form an inter-bank financial information exchange platform to share the cost of R&D financial intelligence investment products. Sharing of asset management product sales and channels, leveraging the asset management platform of its peers to make up for the insufficiency of its own products, bridge the gap between supply, and increase the sales scale of its asset management products with the sales force of its peers, enabling small and medium-sized banks to sell their products. The land is abundant and the market competitiveness of small and medium-sized banks is enlarged. Second, Baotuan and the technology companies jointly developed financial intelligence and investment products to reduce their R&D costs. At present, the Guangdong Banking Association and the Shenzhen Banking Association have taken the lead, and Chongguang Technology provides a full set of technical systems to support small and medium-sized banks to quickly equip financial intelligence and investment products through “buying and purchasing†or paying certain systems to maintain usage fees. This kind of practice is worthwhile to be fully promoted by small and medium banks. The third is to cooperate with large-scale commercial banks, entrust them to develop financial intelligence and investment products, and provide capital in proportion, share costs appropriately, and resolve the contradiction of their own lack of power. After financial intelligence investment products are developed, small and medium-sized banks can conduct business cooperation with large-scale commercial banks, allowing large banks to commission their products or entrust their products to large-scale commercial banks for marketing and profit sharing. Small and medium-sized banks do not have as many large-scale bank product issuances as the lack of products naturally leads to the loss of customers, while the sales of other large-scale bank products are still their own. Similarly, small and medium-sized banks have large-scale products. It may be difficult to complete them in short-term by relying solely on their own strengths. They can put their products on a jointly developed financial intelligence investment and consulting platform, allowing each large bank to help with marketing, and it will soon be completed. Only in this way can the small and medium-sized banks continue to break through the development bottlenecks in the distribution of asset management products and limited sales capacity, effectively solve problems such as excessively high labor costs, low business processing efficiency, and low quality of business processes, so that small and medium-sized banks can return to the future. Banks that compete on the same runway will not be eliminated by the trend of financial technology. (The author is a researcher at the China Local Finance Institute) This version of the statement represents only the author's personal point of view