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GRGBanking President Introduces AI Results

Friday, February 21, 2020

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Company: GRGBanking Equipment Co., Ltd.

Andy Huang, the president of GRGBanking, took part in an exclusive interview with Shanghai Securities News, comprehensively describing the latest AI results of the company.

GRGBanking has dominated China's ATM market for 11 consecutive years. With rise to the new financial technology revolution, Andy Huang decided to expand the business sectors to finance, transportation, security and convenience retail.

Now, the total assets of GRGBanking has exceeded $19.2 million, 540 times more than the assets at its first establishment. The company's technological results have involved artificial intelligence, blockchain and big data. "Maybe the world's impression of us is still as the ATM manufacturer, but I hope people can change their view of GRGBanking, we are able to provide comprehensive total solutions including both hardware and software for various business sectors. We are aiming at building an AI industrial ecosystem based on the application scenarios of finance, transportation, security and convenience retail." Andy Huang indicated.

Strengthen advantageous business expansion

In the past two years, GRGBanking has extended its product portfolio from intelligent financial equipment to branch transformation. "We apply technologies such as artificial intelligence, big data and Internet of Things to bank service scenarios, transforming the business from various intelligent equipment to an integrated smart branch." Andy Huang said.

In the overseas market, cash payment is still important. The excellent domestic intelligent terminals and comprehensive solutions are able to be replicated and promoted in the overseas market. So far, the company has successfully built plenty of branch transformation projects for many famous banks including Argentina's first digital branch and Vietnam's innovative smart branch. GRGBanking is providing services for more than 80 countries and regions in the world.

Innovate new business sectors

Andy Huang clearly realized that compared with Tencent, Huawei and other industry leaders, the advantages of GRGBanking in AI, blockchain, big data and other core technologies are not obvious. But if the company differentiates its positioning as " AI + Scenarios", it may advance a new chapter.

During the development of intelligent financial equipment, the company gradually masters the AI information technology such as sensing and identification, which allows GRGBanking own core advantages. While promoting the landing of each scenario, the company keeps increasing the invest in R&D to guarantee its independent core technology. GRGBanking invests more than 8% of its operating revenue in R & D. In the first three quarters of 2019, the company's R & D expenses reached $440,000, with a year-on-year increase of 71.85%. Algorithm optimization and cloud computing will be the two major consumption in the future.

The soft power performance of GRGBanking in the recent two years proves Andy's point of view. From banknote verification to face, fingerprint, palm vein, finger vein, iris recognition, GRGBanking has built the bottom layer of AI technology. In terms of patents and standards, it has obtained more than 1500 authorized patents and led / participated in the development of more than 20 Chinese national standard.

Apart from the independent research and development, the introduction of high-quality partners empowers GRGBanking. In May 2018, the company and two partners jointly set up blockchain subsidiary, successfully entered the service market of financial supply chain, intelligent delivery, unmanned retail, etc. 

Future: AI ecosystem

In January, Denali, a subsidiary of GRGBanking, released aiCore Dual Recording Solution for the insurance industry at USA CES 2020. "The solution is a video and audio electronic data checking system independently developed based on the aiCore system. As an enterprise level AI big data platform, aiCore system is one of the most important results in 2019. " Andy Huang introduced.

The positioning of aiCore system is "Intelligent Terminal + Big Data". At present, GRGBanking has developed more than 410 kinds of intelligent terminals in 33 categories for finance, transportation, security, convenience retail and so on. These terminals generate P-Level multimodal data every day. "The aiCore system has mastered all the algorithms, it can integrate the rich data generated in each scenario, so as to form various applications according to the changes of parameters for different industries."

According to Andy Huang's medium and long-term strategic blueprint, the whole industrial chain has become a development goal. "We will take the intelligent terminal deployed in various industries as the data entry, make full efforts in integrating application scenarios, algorithms, and big data. Relying on 5G and other new generation communication technologies, GRGBanking will join hands with ecological industry partners to build strong AI solutions.

 


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