The growth potential for artificial intelligence (AI) applications in China still appears to be very strong, especially after real estate developer China Vanke recently presented the “Outstanding Newcomer of the Year Award”. Vanke headquarters in 2021” for a virtual debt collector developed internally by the company. This robot software, named Cui Xiaopan, is represented by a lifelike female avatar.
|Image of China Vanke’s virtual debt collector Cui Xiaopan|
In a WeChat post, China Vanke President Yu Liang noted that AI staff have proven to be much more effective than humans in coercing borrowers and prompting them to pay. Cui recorded a “91.4% success rate in collecting receivables and delinquent payments”. Cui is developed by China Vanke’s Longtaitou unit, using Microsoft Corp’s Xiaoice AI system.
The above development becomes a prime example of why China, which plans to lead the world in AI by 2030, is predicted to deploy more virtual workers this year. China Vanke’s virtual debt collection tool is one of the latest AI applications to create a lot of buzz in the mainland in recent years, following the event that Tencent Holdings’ robot reporter “Dreamwriter” can create articles 1,000 words in 60 seconds, and Xinhua’s AI TV news anchor.
According to a report by consulting firm Analysys, there will be “more” virtual employees with both business and technology capabilities among companies equipped with robotic process automation and low-code development platforms. and AI technology. When virtual workers set an example of high performance, other employees also feel encouraged to improve their skills, ultimately helping to drive companies’ digital transformation.”
China Vanke, China’s third-largest real estate developer with about 140,000 employees, is known for its rapid deployment of technology, including robot chefs to prepare lunch, at projects different in mainland to save human resources and maintain the standard level of company’s service. Wang Shi, founder and former chairman of China Vanke, said in 2015 that 40% of the company’s property management services, from sweeping floors to protecting properties, would be performed by robots. within 10 years.
In China’s AI software market, applications for AI robots or virtual people have become one of the most popular, according to technology research firm IDC. It is forecast that the value of this software segment will reach 23 billion yuan (about 3.6 billion USD) by 2030.
Using virtual people is also becoming common in the retail and entertainment sectors in China. “Virtual KOLs (influencers) are extremely popular with young fans, especially Gen-Z consumers (generation born between 1997 and 2012) who are always curious to experiment. something new,” said Mei Chen, head of luxury fashion at Alibaba Group Holding in the UK, Spain and Northern Europe.
According to data from market research firm iiMedia, China’s virtual idol market is expected to reach 12 billion yuan this year, up from 1.2 billion yuan in 2018.