Lucas GC Limited Partners with Bank of Ningbo to Revolutionize Wealth Management with AI Solutions
Lucas GC Limited, a leading artificial intelligence (AI) technology-driven Platform-as-a-Service (PaaS) company, has announced a strategic partnership with Bank of Ningbo, one of China’s prominent financial institutions. The collaboration aims to develop AI solutions that will enhance Bank of Ningbo’s wealth management business.
With the total size of high net-worth individual investable assets in China reaching RMB 127 trillion in 2024, Bank of Ningbo recognizes wealth management as a key strategic initiative. Lucas’ Large Language Model (LLM) based AI model, combined with industry proprietary data, will improve advisors’ efficiency and productivity, leading to more meaningful client engagement in wealth management.
One of Lucas’ granted patents, titled ‘Artificial Intelligence (AI) Enabled Prescriptive Persuasion Processes Based on Speech Emotion Recognition and Sentiment Analysis’ (U.S. patent 11,295,731), enables better assessment of customer needs and enhances the efficiency of customer service.
Howard Lee, the Chief Executive Officer of Lucas, expressed his satisfaction with the application of their technology in the wealth management vertical. By analyzing industry proprietary data, Lucas’ generative AI and machine learning can deliver the best-action recommendations, benefiting both lead generation and the closing rate of transactions.
Ms. Ya Feng, the head of Wealth Management business of Bank of Ningbo Beijing Branch, highlighted the win-win situation created by improving advisors’ productivity using Lucas’ AI technology. The bank becomes more effective in acquiring new clients and increasing the wallet share of existing clients, while clients receive better-fit recommendations on wealth management products based on their profiles.
Lucas GC Limited holds 17 granted U.S. and Chinese patents and over 74 registered software in AI, data analytics, and blockchain technologies. As an AI technology-driven PaaS company, Lucas has over 638,000 agents working on its platform. Their technologies have been successfully applied to the human resources, insurance, and wealth management industry verticals.
Bank of Ningbo, a Sino-foreign publicly listed bank, is one of China’s 19 systemically important banks. With business operations in retail banking, wealth management, fund management, and financial leasing, the bank employs more than 28,000 professionals. In 2023, Bank of Ningbo ranked 82nd globally in ‘The Top 1,000 Banking Brands’ by The Banker.
This strategic partnership between Lucas GC Limited and Bank of Ningbo holds great promise for revolutionizing wealth management through the power of AI. By leveraging Lucas’ advanced technologies, Bank of Ningbo aims to provide enhanced services and tailored recommendations to its clients, ultimately driving growth and success in the wealth management sector.