Lichen China Limited (the “Company” or “Lichen China”)(NASDAQ: LICN), a dedicated financial and taxation service provider in China, announced the launch of AI-powered software – Lichen AI Robot, which was developed on GPT-based technology. Lichen AI Robot will serve as the Company’s virtual financial and tax advisor in the future, providing tailored financial and tax solutions for individuals and enterprises.
Built based on national financial and tax regulations, financial journals and papers, institutional documents, and policy interpretations, Lichen AI Robot utilizes GPT’s natural language processing capabilities and leverages Lichen’s deep expertise in the financial field accumulated over the past twenty years and over ten thousand customer service cases. It can understand and answer various financial and tax related questions. Users can interact with the robot through voice, text, and other communication means. The system can provide personalized solutions and recommendations based on user needs and questions, offering one-stop financial and tax services.
Additionally, the Lichen AI Finance and Tax Robot can also be used as a tool for Lichen’s consultants, reducing the cost of serving clients and improving the efficiency for the consultants in providing solutions. It is expected to reduce human costs by more than 15% for the Company.
Lichen AI Robot has the following key features:
1. Efficient and fast: The system can quickly answer various financial and tax questions, improving user productivity.
2. Accurate and reliable: The system, based on GPT technology, can understand and analyze complex financial and tax issues, providing accurate solutions.
3. Personalized service: The system can provide personalized solutions and recommendations based on user needs and questions.
4. Intelligent learning: The system can continuously learn and improve its answers, enhancing service quality.
Mr. Li Ya, Chairman of Lichen China, said, ” Currently, most of the AI-powered finance and tax software in China are used intelligently in application areas, such as bookkeeping, data analysis, and tax authority Q&A. There is not yet a truly GPT technology-based AI finance and tax system, which provides a huge market opportunity for the growth of the Company.
The currently launched version of Lichen AI Robot 1.0 is functioned to answer financial and tax questions and provide financial and tax planning solutions. Specifically, it can achieve real-time Q&A with accurate answers. It can automatically generate financial and tax reports for daily finance personnel, such as financial job descriptions, financial department plans and summaries, while also providing solutions based on the inquirer’s questions, such as tax planning schemes, financial management schemes and financial analysis schemes.
Lichen AI Robot is hoping to achieve more functions in the future, including: financial status analysis, data prediction, risk reminders, compliance reminders, management proposal generation and etc. It will realize the connection of various financial data of enterprises, analyze the financial status of the enterprises through historical data and real-time data, predict future data trends, prompt existing risks, provide non-compliance alert, and generate management proposals as needed by the management at any time.
After the launch of the Lichen AI Robot, it will bring about a leap-forward development in the Company’s future business. Management expects that after the Lichen AI Robot is put into market, there will be nearly one million targeted users by the end of 2024. Assuming a conversion rate of 5%, it can bring nearly 50,000 new customers to the Company.
Source: Company Press Release