Original title: Consumer finance embraces fintech.
Economic ** reporter Wang Baohui.
With the full empowerment of financial technology, the online credit business of consumer finance companies has developed rapidly, continuously promoting the upgrading of residents' consumption, helping to meet the diversified consumer credit needs of users and helping to "expand consumption".
Embracing fintech is the development trend of the consumer finance industry. The People's Bank of China issued the "Fintech Development Plan (2022-2025)", which proposes to inject digital elements into the whole process of financial services, run digital thinking through the whole chain of business operations, pay attention to the technology-driven and data-enabled financial innovation, and promote China's financial technology from "pillars and beams" to a new stage of "accumulation and momentum".
Su Xiaorui, a financial industry researcher at Analysys, said that in this context, licensed financial institutions represented by consumer finance are actively promoting the application of financial technology, focusing on top-level design in terms of strategy-driven transformation, and efficiently promoting the implementation of digital transformation.
At present, residents mainly obtain consumer credit through commercial banks, consumer finance companies, small loan companies and other channels, which have been deeply integrated with financial technology. **Ouyang Rihui, deputy dean of the China Internet Economy Research Institute of the University of Finance and Economics, said that the mechanism of consumer finance companies to use financial technology to invest in consumer credit is to use digital technology and data elements to establish a new type of trust mechanism. Consumer finance companies make full use of various internal and external data, strengthen the collection, classification, processing and sorting of data resources, extract core information to promote data integration and sharing, and portray user portraits based on algorithms, which helps to fill the gap in credit information, establish a new trust relationship between financial institutions and users, effectively alleviate information asymmetry, facilitate credit decision-making, achieve data credibility, and ultimately realize digital trust.
Since 2023, financial institutions such as Zhaolian Financial, Industrial Consumer Finance, and Zhongyuan Consumer Finance have accelerated their digital transformation in terms of customer acquisition and financial product design with the help of financial technology, striving to reduce costs and increase efficiency, and improve the availability and convenience of consumer financial services. Zhou Wenlong, general manager of Centaline Consumer Finance, said that the digital transformation of consumer financial institutions is, in the final analysis, the competition of core digital capabilities such as precise customer acquisition and refined management.
It is worth noting that while using fintech, consumer finance companies should also strengthen risk management in digital transformation to protect the legitimate rights and interests of consumers. "As an important participant in the financial market, consumer financial institutions should not only provide consumers with digital financial services, but also effectively protect consumers' basic rights such as the right to know, the right to choose, and the right to fair trade in financial transactions, and ensure that consumers' personal information and privacy are not leaked or abused. Miao Yingying, head of the consumer protection department of Haier Consumer Finance, said that doing a good job in consumer protection is the social responsibility of consumer financial institutions.
Through the mining and analysis of data such as user consumption behavior and credit history, consumer finance companies launch targeted credit products that meet consumer needs, thereby improving data conversion rate and user satisfaction. Du Yang, a researcher at the Bank of China Research Institute, said that consumer finance companies must comply with relevant regulatory regulations and ensure compliance with regulations when using financial technology. This requires companies to maintain close communication with regulatory authorities to keep abreast of regulatory developments and ensure that fintech innovation meets regulatory requirements.
*:Economy**.