Lichen China Limited, a financial and taxation service provider in China has launched an AI-powered software, developed using GPT-based technology, to serve as a virtual financial and tax advisor for individuals and enterprises.
The company’s consultant will use the newly launched AI tool - Lichen AI Robot 1.0 – and help reduce the cost of serving clients and improve efficiency in providing solutions.
It is expected to reduce human costs by over 15 percent and offer personalised solutions to financial and tax inquiries.
The software supports interaction via voice and text, ensuring accessibility to users with different preferences.
Currently, the AI robot provides real-time question-and-answer capabilities and can automatically generate financial and tax reports tailored for daily finance personnel.
These reports include financial job descriptions, financial department plans and summaries.
It also offers personalised solutions based on the user's inquiries, including tax planning schemes, financial management strategies, and financial analysis schemes.
Lichen China’s chairman, Li Ya, said that currently most of the AI-powered finance and tax software in China is used intelligently in application areas, including bookkeeping, data analysis, and tax authority Q&A.
There is not yet a truly GPT technology-based AI finance and tax system, which provides an opportunity for the growth of the company, he added.
Utilising GPT’s capabilities
The AI robot utilises GPT's natural language processing capabilities and leverages Lichen's expertise accumulated over twenty years and from over ten thousand customer service cases.
Complying with local laws, the AI robot is said to be built upon national financial and tax regulations.
It has integrated insights from financial journals and papers, institutional documents, and policy interpretations.
The company aims to achieve additional functions for AI robot in the future, including financial status analysis, data prediction, risk reminders, compliance reminders and management proposal generation.
It will realise the connection of financial data of enterprises, analyse the financial status of the enterprises through historical data and real-time data, predict future data trends, prompt existing risks, provide non-compliance alerts, and generate management proposals as needed by the management.
Lichen’s management anticipates nearly one million targeted users by the end of 2024, with a potential conversion rate of 5 percent, translating to approximately 50,000 new customers for the company.
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