Research institutes predict that personal short-term consumer credit balance will increase by 15% this year.
Fintech empowers consumer finance like this
Our reporter Qian Qingni
The Chinese New Year in the Year of the Ox has just passed a wave of consumption.
Whether it is the record-breaking movie box office, the crowds of restaurants and scenic spots under current restrictions, and the excellent "records" of many e-commerce platforms, they have fully demonstrated people's enthusiasm for consumption and purchasing power.
According to industry insiders, with the new crown pneumonia epidemic under effective control, domestic consumption is gradually recovering, and the role of consumer finance in stimulating domestic demand, promoting consumption upgrades, and serving the real economy will become more obvious.
The integration of financial technology and consumer finance has greatly improved the availability and inclusiveness of financial services.
Continuous improvement of service efficiency
"Every Spring Festival, red envelopes have to be sent out for thousands of yuan, and there are various entertainments. I am a little tight. I originally wanted to buy a new computer, but I felt that I could only postpone it." Chen Xiang, who works at an education and training institution in Chengdu, Tells the feelings of many people.
Every Spring Festival has a lot of good things, but the expenses increase and money is tight, and many things I want to do can only be done.
In order to make "Chinese New Year on the spot" more heartwarming, Bank of Chengdu launched a variety of inclusive financial loans at the right time before the Spring Festival of the Year of the Ox, including the quick approval and flexible deadlines for working-class "distribution" credit card consumption Staging.
Consumers can obtain special funds for daily consumption such as decoration, wedding, tourism, medical treatment, etc., without a mortgage guarantee. The maximum amount can be applied for 300,000 yuan, and the payment period is very flexible, as short as 1 day and as long as 5 years.
Obviously, Bank of Chengdu is not the only financial institution that uses technology to improve the quality and efficiency of consumer financial services. Through the effective use of big data technology, financial institutions can have a clearer understanding of cardholders’ consumption habits and capital flows, so as to provide consumers with more precision Provide financial services.
During the Spring Festival, many financial institutions including Bank of China, Postal Savings Bank of China, Shanghai Pudong Development Bank, Shanghai Rural Commercial Bank, etc. have launched more convenient consumer financial services to accompany people to spend a happy Spring Festival.
The lively scene of the Chinese New Year in the Year of the Ox is a microcosm of the development of consumer finance in my country.
In recent years, my country's consumer finance has developed rapidly, especially in short-term consumer loans.
According to data, as of the end of 2019, the balance of personal short-term consumer loans was 9.9 trillion yuan, a year-on-year increase of 12.7%, an increase of more than 1.4 times from the 4.1 trillion yuan at the end of 2015.
According to statistics from the China Banking Association, as of the end of June 2020, consumer finance companies have assets of 486.15 billion yuan and loan balances of 468.61 billion yuan.
Despite the impact of the epidemic and a temporary decline in the growth rate of consumer loans in 2020, the industry has always had good expectations for the resilience of consumer finance.
The Bank of China Research Institute previously released the "Global Banking Industry Outlook Report" and stated that it is expected that the balance of personal short-term consumer credit in 2021 will increase by about 15% year-on-year.
"Historical and international experience shows that in the process of a country’s economic maturity, the increase in the quantity and quality of residents’ consumption will become an important driving force for economic growth and structural upgrading. In the process of constructing a new development pattern of “dual cycles”, consumer finance It will play an active role in promoting consumption and expanding domestic demand." According to Dong Ximiao, chief researcher of China Merchants Finance, financial technology is the core competitiveness of consumer finance.
He said: "In 2021, the consumer finance industry should deepen the application of financial technology, improve operational efficiency, moderately lower credit interest rates, lower customer costs, and strengthen loan flow monitoring."
"Online and Offline" two-wheel drive
As an important part of consumer finance, consumer finance companies have achieved remarkable development in 2020.
The sudden epidemic is not only a pressure faced by consumer finance companies, but also a touchstone for development.
In this stress test, companies that explored online development as early as possible, and invested in the construction of digital capabilities even withstood the test.
For example, during the epidemic, consumer finance immediately used digital fully closed-loop capabilities and remote cloud office technology to ensure zero interruption in online services and achieve high-quality development against the trend.
In less than 48 hours, the company completed all the deployment of remote office cloud call center, using the "AI + human + robot" human-machine collaboration three-dimensional service innovation model to ensure full-time coverage of financial services, through artificial intelligence, cloud platform And the three major technologies of information security have realized the standardization, automation, and intelligence of remote office services in cloud call centers, and freely open technical resources to help more companies respond to the impact of the epidemic and resume work smoothly.
Also during the epidemic, China Post Consumer Finance opened a green channel for all types of customers affected by the epidemic, and launched the "UMail Cloud Customer Service" to accept customer appeals, return visits to fund use, and online mediation through online video The "contact service" channel provides customers with heart-warming services while alleviating the pressure of customer service.
Many industry insiders told the Economic Daily reporter that the development of "contactless" financial services spawned by the epidemic will accelerate and become one of the prominent features of consumer finance.
The Bank of China Research Institute believes that next consumer finance customer acquisition methods will evolve to diversification, introducing new models such as online live broadcasts, and deepening embedded marketing of Internet platforms and smart homes; products and services are transforming to "digital", and remote interviews will be accelerated. The development of new service models such as "unmanned bank"; strengthening the "non-contact" capability of post-loan management, accelerating the application of "robots" and blockchain technology.
It is worth noting that the digital development of consumer finance has also changed the online and offline collaborative development model.
In the future, scenario finance will enter a new stage of development in which to tap the potential.
In other words, the growth model of consumer finance will move towards an "online and offline" two-wheel-driven development model. Consumer finance companies need to build an ecosystem and financial service system that runs through all channels to fully tap consumers' potential needs.
Technology helps prevent and control risks
"Risk prevention and control capabilities are the cornerstone of the steady development of consumer financial institutions and one of the indicators to measure their compliance level." A person from Home Credit Consumer Finance said.
At the end of 2020, the China Banking and Insurance Regulatory Commission issued the "Notice on Promoting Consumer Finance Companies and Auto Finance Companies to Enhance Sustainable Development Capabilities and Improve the Quality and Efficiency of Financial Services", which requires consumer finance companies to optimize resource allocation and strengthen their own business in accordance with their own development strategies and business positioning. Control capacity building and improve risk identification and response capabilities.
In the recently released "Measures for the Supervision and Rating of Consumer Finance Companies (for Trial Implementation)", risk management weight accounts for the highest proportion, which also confirms this.
In recent years, various consumer finance companies have actively promoted the sinking of channels and developed out of place with traditional financial institutions, which has greatly expanded the coverage of financial services.
In this regard, industry experts said that generally speaking, the sinking customer group lacks credit information data, there is greater uncertainty in the repayment ability, and the society is not strong enough to punish small amounts of dishonesty, and related consumer finance business risk management is difficult. .
This requires precise control and intelligent management of customers. Through the portraits of customers with thousands of faces, the level of risk control is improved and the quality of assets is strictly controlled.
In practice, many consumer finance companies have begun to deploy anti-fraud systems based on artificial intelligence technology to ensure account security, intercept individual fraud and group fraud, and ensure asset quality.
Take China Post Consumer Finance as an example. The company has established a risk model structure covering the entire life cycle, covering major channels and products, completing customized application scoring, behavior scoring, and collection scoring, and has also established revenue prediction models and funds Hunger and thirst models are used for risk management.
Through innovative applications of risk control models, China Merchants Union Consumer Finance has built a multi-dimensional and three-dimensional anti-co-debt system that can identify, warn, and control high-risk customers in advance. It also pioneered the industry’s first "AI Smart Brain", and post-loan management, customer service, etc. Business strategy coupling.
In addition, the use of financial technology to improve the risk control system requires adherence to compliance awareness.
"Given that the essence of financial technology is finance, consumer finance companies should strictly follow regulatory requirements and strike a balance between promoting the development of financial technology and preventing risk accumulation." said Liu Feng, general manager of Suning Consumer Finance Corporation. "Technology is conducive to increasing consumption. The service efficiency and quality of financial companies, but also need to be wary of the excessive use of financial technology that causes market monopoly and unfair competition of some large technology companies, as well as excessive collection of customer data, which violates customer privacy."
Qian Qingni