Lucas GC Limited Signed a Strategic Agreement with Industrial Securities Co., Limited to Develop AI Solutions to Boost Productivity in Selling Financial Products

Rhea-AI Summary

Lucas GC (NASDAQ: LGCL) has signed a strategic partnership with Industrial Securities Co., to develop AI solutions for boosting financial advisor productivity in selling financial products. The collaboration aims to leverage Lucas' patented AI technology, including its Computer-Aided Persuasion System (CAPS) and Large Language Model (LLM), to improve the accuracy of financial product recommendations.

Industrial Securities, with over RMB 252 billion in assets and 9,000 employees, seeks to enhance its wealth management business in China's high net-worth individual market, estimated at RMB 127 trillion in investable assets. Lucas' AI-driven approach is expected to benefit both financial institutions and customers by improving customer interactions and providing better-fit recommendations based on customer profiles and behaviors.

Positive

• Strategic partnership with Industrial Securities Co., to develop AI solutions for financial product sales
• Potential to tap into China's high net-worth individual market with RMB 127 trillion in investable assets
• Application of patented AI technologies, including CAPS and LLM, to improve financial product recommendation accuracy
• Expansion into the wealth management sector, leveraging AI and data analytics capabilities

Negative

• None.

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Lucas GC Limited (NASDAQ: LGCL) (“Lucas” or the “Company”), an artificial intelligence (the “AI”) technology-driven Platform-as-a-Service (the “PaaS”) company whose technologies have been applied to the human resources, insurance and wealth management industry verticals, announced that it has signed a strategic partnership agreement with Industrial Securities Co., Limited, one of the leading financial institutions in China, to develop AI solutions to boost productivity of financial advisors in selling financial products to customers.

According to Bain & Company, total size of high net-worth individual investable assets in China reaches RMB 127 trillion in 2024. With total assets over RMB 252 billion and over 9,000 employees, Industrial Securities Co., Limited is keen to further gain market share in its leading position in wealth management business.

Lucas’ patent Method And Apparatus For Artificial Intelligence (AI)-Based Computer-Aided Persuasion System (CAPS) (U.S. patent 11,049,510 ) is capable of providing better-fit recommendations based on the customer’s profile and behaviors. Lucas’ Large Language Model (LLM) based AI model, coupled with industry proprietary data, improves accuracy of the financial product recommendations by leveraging its industry-leading machine learning algorithms.

Howard Lee, Chief Executive Officer of Lucas, said “Our patented technologies in AI and data analytics are capable of vastly improving the financial product recommendations accuracy. The most imminent application is in the wealth management business. Our technologies will bring benefits to both the financial institution and the customer as the financial institution is more effective on customer interactions and the customer will get better fit recommendations on wealth management products based on the customer’s profile and behaviors.”

Mr. Min Zhang, Vice General Manager of Industrial Securities Co., Limited Shanghai Branch, said “Industrial Securities believes that enabling financial advisors’ efficiency and productivity, taking personalized advice to the next level will be critical to delivering world-class services to our customers. We’re glad to engage Lucas to develop Generative AI solutions enabling us to make better-fit recommendations and deliver a higher level of service to our customers.”

About Lucas GC Limited

With 18 granted U.S. and Chinese patents and over 74 registered software copyrights in the AI, data analytics and blockchain technologies, Lucas GC Limited is an AI technology-driven Platform as a Service (PaaS) company with over 638,000 agents working on its platform. Lucas’ technologies have been applied to the human resources, insurance and wealth management industry verticals. For more information, please visit: https://www.lucasgc.com/.

About Industrial Securities Co., Limited

Industrial Securities Co., Limited was established in 1991 with the approval of China Securities Regulatory Commission. It’s been listing on the Shanghai Stock Exchange (601377.SH) since 2010. With total assets over RMB 252 billion and 9,000 employees in China and overseas, Industrial Securities Co., Limited’s businesses comprise of securities brokerage, investment banking, derivative trading and financing, investment consulting, and wealth management.

For Media Contact:
https://www.lucasgc.com/
ir@lucasgc.com
T: 818-741-0923

For Investor Inquiries:
Ben Shamsian
Vice President
Lytham Partners, LLC
646-829-9701
shamsian@lythampartners.com

FAQ

What is the purpose of Lucas GC 's partnership with Industrial Securities Co., ?

The partnership aims to develop AI solutions to boost productivity of financial advisors in selling financial products to customers, leveraging Lucas' patented AI technologies to improve the accuracy of financial product recommendations.

How large is the potential market for Lucas GC 's AI solutions in China's wealth management sector?

According to the press release, the total size of high net-worth individual investable assets in China reaches RMB 127 trillion in 2024, representing a significant potential market for Lucas GC 's AI solutions.

What specific AI technologies does Lucas GC (LGCL) plan to use in this partnership?

Lucas GC plans to use its patented Computer-Aided Persuasion System (CAPS) and Large Language Model (LLM) based AI model, coupled with industry proprietary data and machine learning algorithms, to improve financial product recommendation accuracy.

How many patents and software copyrights does Lucas GC (LGCL) hold?

According to the press release, Lucas GC holds 18 granted U.S. and Chinese patents and over 74 registered software copyrights in AI, data analytics, and blockchain technologies.