SHANGHAI, Sept. 3, 2019 /PRNewswire/ — Lufax announced its plan to help traditional financial institutions build their digital infrastructure though a Software-as-a-Service (SaaS) model, and accelerate the industry’s adoption of technology at the World Artificial Intelligence Conference (WAIC) 2019.
How Common Digital Infrastructure Can Elevate the Industry
The announcement launches Lufax’s strategic foray into exporting financial technologies and elevating the financial industry through complementary partnerships.
The software infrastructure with which Lufax looks to empower traditional financial institutions is derived from the lu.com platform, which has accumulated eight years of experience serving its 43 million users digitally. It comprises a common layer, where the risk management, cash flow, asset, and operational aspects of financial capabilities are embedded, and a customizable layer, where the data of each tenant institution are compartmentalized. Lufax, as a service provider, offers bespoke development and training services built around the software infrastructure.
By adopting the Lufax software infrastructure through a white label SaaS model, financial institutions will help establish an industry standard that embraces advanced financial technologies, and elevates the user experience to the level that investors in the smartphone age have come to expect. With common industry software, financial institutions, especially small to medium trust companies and brokerages, can focus on creating the best experience on a ready-built and proven platform.
“As a common interface and industry standard, the Lufax software infrastructure will enable great user experience while allowing different financial institutions the freedom to differentiate their individual identities,” said Jinliang Mao, Lufax Chief Technology Officer. “Lufax is helping to build a technological framework applicable to the entire financial sector, because investors throughout the industry benefit when there is a widely-recognized paradigm.”
How an Industry Standard Benefits the Investor Community
Financial services will become smarter and more readily available among institutions that embrace the Lufax software infrastructure, thanks to Lufax’s technological expertise accrued through serving its 43 million users.
“We expect that many institutions will share our vision and embrace the Lufax software infrastructure,” said Mao. “The broader investor community will benefit from the consequent 24/7 availability of financial services and reduced wait time.”
The application of big data in Know Your Customer (KYC) and suitability verification presents a new tool for due diligence; while the use of artificial intelligence in remote video signing allows for better user experience without sacrifices to compliance.
Participating institutions will be able to deliver the kind of user experience that meet their individual standards while retaining control over brand-specific, differentiated services that reflect their respective identities.
Lufax is a world-leading comprehensive online wealth management platform and a provider of turnkey technological solutions for financial institutions and local governments. The company leverages its global financial footprint and technological innovations in building its comprehensive risk management apparatus, and providing institutions, enterprises, and qualified investors with secure, professional, efficient financial services and information.