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Open Access

Toward Intelligent Financial Advisors for Identifying Potential Clients: A Multitask Perspective

Department of Anhui Province Key Laboratory of Big Data Analysis and Application (BDAA), School of Computer Science and Technology, University of Science and Technology of China, Hefei 230027, China
Department of College of Management and Economics, Tianjin University, Tianjin 300072, China
School of Management, Hefei University of Technology, Hefei 230009, China
Department of Information Technology, China Merchants Bank, Shenzhen 518000, China
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Abstract

Intelligent Financial Advisors (IFAs) in online financial applications (apps) have brought new life to personal investment by providing appropriate and high-quality portfolios for users. In real-world scenarios, identifying potential clients is a crucial issue for IFAs, i.e., identifying users who are willing to purchase the portfolios. Thus, extracting useful information from various characteristics of users and further predicting their purchase inclination are urgent. However, two critical problems encountered in real practice make this prediction task challenging, i.e., sample selection bias and data sparsity. In this study, we formalize a potential conversion relationship, i.e., user → activated user → client and decompose this relationship into three related tasks. Then, we propose a Multitask Feature Extraction Model (MFEM), which can leverage useful information contained in these related tasks and learn them jointly, thereby solving the two problems simultaneously. In addition, we design a two-stage feature selection algorithm to select highly relevant user features efficiently and accurately from an incredibly huge number of user feature fields. Finally, we conduct extensive experiments on a real-world dataset provided by a famous fintech bank. Experimental results clearly demonstrate the effectiveness of MFEM.

Keywords

Intelligent Financial Advisor (IFA)potential client identificationMultiTask Learning (MTL)feature selection

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Big Data Mining and Analytics
Volume 5 Issue 1,
March 2022
Pages 64-78
DOI: 10.26599/BDMA.2021.9020021
Cite this article:
Shao Q, Yu R, Zhao H, et al. Toward Intelligent Financial Advisors for Identifying Potential Clients: A Multitask Perspective. Big Data Mining and Analytics, 2022, 5(1): 64-78. https://doi.org/10.26599/BDMA.2021.9020021

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Received: 20 October 2021
Accepted: 03 November 2021
Published: 27 December 2021
© The author(s) 2022.

The articles published in this open access journal are distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/).
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