In recent years, China's inclusive finance has entered a stage of rapid development, and various financial products and services have shown a trend of great variety and increasingly complex structure, which has made the importance of the protection of the rights and interests of financial consumers increasingly prominent.
In today's wave of digital transformation, fintech companies are taking high technology as the core driving force, comprehensively upgrading the consumer rights protection system, deeply integrating cutting-edge technology and consumer rights protection, and creating a new generation of financial service ecology that is both innovative and safe.
Financial inclusion is gaining momentum
At present, promoting consumption has become one of the important measures to promote economic growth. In order to expand domestic demand more effectively, consumer credit has played an important supporting role. Especially in the context of the current complex and volatile global economic situation, consumer credit can not only help release residents' consumption demand and promote consumption upgrading, but also tap and stimulate market potential at a deeper level and inject lasting impetus into economic growth.
Recently, data released by the People's Bank of China showed that China's household loans will increase by 4 in 202333 trillion yuan, an increase of 364.8 billion yuan year-on-year. Among them, household consumer loans increased by 175 trillion yuan, an increase of 942.6 billion yuan year-on-year.
At the same time, the rapid growth of operating loans and inclusive small and micro loans not only reflects the activity and vitality of China's private economy, but also reflects the continuous enhancement of the financial system's support and response speed to the weak links in the development of the real economy.
Statistics released by the People's Bank of China show that at the end of 2023, the balance of household operating loans in China will be 2215 trillion yuan, a year-on-year increase of 172%, 07 percentage points; An increase of 3 for the year23 trillion yuan, an increase of 546.6 billion yuan year-on-year. By the end of 2023, the balance of inclusive small and micro loans increased by 235%。
However, the in-depth access of these funds to consumers and small and micro enterprises requires not only the efforts of traditional financial institutions such as banks, but also the matching and operation of fintech companies.
Fintech companies represented by Qifu Technology, Du Xiaoman, Xiaoying Technology, Xinye Technology, Yiren Jinke, Samoyed Cloud, etc., have further optimized the allocation of financial resources for individual consumers and weak links in the real economy, such as small and micro enterprises, start-ups and agricultural industries, through in-depth linkage with various traditional financial institutions, precise policy implementation, innovative credit products, lowering financing thresholds, simplifying the approval process, etc., providing more convenient financial services that meet the actual needs of these fields.
It can be said that the rapid development of inclusive finance, especially the rapid growth of consumer credit and inclusive small and micro loans, has strongly supported the implementation of policies to expand domestic demand and provided a strong driving force for economic growth. However, while financial inclusion has reached consumers and small and micro enterprises, it has also exposed some challenges caused by fraud. These illegal acts not only damage the public interest, bring property losses to financial consumers, but also damage the reputation of the credit industry, so it is particularly urgent to strengthen the protection of the rights and interests of financial consumers.
Consumer protection becomes mission-critical
On March 1 last year, the Administrative Measures for the Protection of Consumer Rights and Interests of Banking and Insurance Institutions came into effect, and with the overall responsibility of the State Administration of Financial Supervision and Administration for the protection of financial consumers, financial consumer protection has become a key task for major financial institutions.
Therefore, in the past 2023, the protection of financial consumer rights and interests has been raised to an unprecedented height, and throughout the year. Under the guidance of regulators, a number of leading fintech companies are paying attention to and strengthening consumer protection efforts to an unprecedented degree.
At present, most of the enterprises such as Qifu Technology, Du Xiaoman, Xiaoying Technology, Xinye Technology, Yiren Jinke, Samoyed Cloud and other enterprises have established internal consumer rights protection systems, and with technical support, many substantive consumer rights protection systems have been implemented, so that the protection of consumer rights and interests has truly gotten rid of the state of "marginalization".
According to the observation of Business Fan, a number of leading fintech companies have made good progress in consumer protection at multiple levels such as systems, products, services and technologies.
To achieve the effective implementation of consumer rights protection at the institutional level, the primary task is to integrate consumer protection into the company's governance system, corporate culture and daily business activities, build a comprehensive consumer rights protection mechanism, and effectively penetrate it into all aspects of the business process. It can be said that this is the cornerstone and starting point for fintech companies to promote consumer protection.
In 2023, we will continue to strengthen the construction of consumer protection systems and mechanisms, improve consumer rights protection measures, optimize internal governance and increase resource support, incorporate consumer protection into the company's ESG sustainable development strategy, comprehensively promote it at the company-level strategic level, and build the first "excessive borrowing rescue mechanism" in the fintech industry. Driven by online and offline dual engines, it popularized financial knowledge through multiple channels, reaching more than 40 million people in total.
In May last year, Xinye Technology established a consumer rights protection committee to comprehensively coordinate the consumer rights protection work of the group and its various business lines with the goal of "being socially responsible and being kind to users". In July, the Chinese National Weightlifting Team served as the public welfare ambassador of Xinye Technology for consumer rights protection, and carried out in-depth cooperation in the fields of improving the consumer rights protection literacy of the whole people, public welfare to help farmers, and serving small and micro enterprises.
After Yiren Jinke joined the Alliance to Combat Black Industry in the Financial Sector (AIF), Yixianghua, a subsidiary of Yixianghua, also formally established a consumer rights protection committee in the second quarter of last year, which is responsible for the top-level design and governance structure of consumer rights protection.
Samoyed Cloud continues to strengthen internal consumer protection training, strengthen the awareness of consumer protection of all employees, and carry out creative activities from online and offline propaganda to "script killing", and has long been committed to building a strong "firewall" against fraud.
At the product level, major fintech companies have strengthened the protection of consumer rights and interests at the source, and ensured that consumers make fully informed decisions by optimizing product design, clarifying information disclosure, and strengthening risk warnings.
For example, we have implemented the principle of informed consent for the collection of consumer information, and collected consumer information in strict accordance with the principle of minimum and necessity. Establish a personal information protection list on the product side, and display a description of personal information collection and sharing lists; Optimize the privacy policy and protocol invocation method, and provide a full version of the mobile terminal ** function; Provide users with self-opening and closing pop-up windows, text messages, and marketing services.
Xwin Technology integrates the concept of consumer protection into the whole life cycle management of products, strictly controls the matching degree between product risk level and user risk tolerance, and uses intelligent tools for real-time monitoring to effectively prevent potential damage to consumer rights and interests.
At the service level, fintech companies are constantly upgrading their service levels and using technological innovation to improve the effectiveness and timeliness of consumer rights protection.
With the continuous improvement of regulatory requirements and the deepening of financial institutions' awareness of consumer rights protection, fintech companies have made significant progress in consumer protection in 2023, striving to protect the legitimate rights and interests of financial consumers to the greatest extent while developing their business. This series of efforts has undoubtedly contributed an important force to the construction of a harmonious and stable financial market environment.
The high-tech era of consumer protection
With the rapid development of technology and the digital transformation of financial services, financial consumer protection has also entered a new stage of development - the high-tech era. In this context, fintech has not only reshaped the financial service model, but also provided unprecedented technical support for the protection of the rights and interests of financial consumers.
Relying on advanced technologies such as big data, AI, and blockchain, fintech companies have established an intelligent risk prevention and control system. Through real-time monitoring, in-depth analysis and accurate analysis of massive transaction data, it can effectively prevent financial fraud, illegal fundraising and other behaviors from infringing on consumer rights and interests, and realize all-round risk management of pre-warning, in-process control and post-event tracking.
In 2023, through the accumulation of independent core technologies and special research and development, Xwin Technology will build a "five-in-one" consumer rights protection system with five important functions: fraud prevention and black industry prevention, building data security, efficient customer service, innovative technology empowerment, and practicing user consumer protection education, which can carry out full-process, multi-node user reminder dissuasion and intelligent interception for potential fraud on the platform.
Last year, Du Xiaoman used AI innovation to improve service quality and efficiency in terms of humanized services, security and inclusive services: the fluency of manual dialogue reached 96%, the effective conversation rate exceeded 69%, the service duration was 7 24 hours, and the service entrance was 100%. At the same time, through heart-warming measures such as improving the experience of key scenarios, opening up the information circulation of the customer service side, and providing "one-to-one" dedicated services, the one-time solution ability has been increased by 12%.
Biometric technologies such as fingerprint recognition and facial recognition are widely used in the financial services sector, providing a strong security line for financial consumers. These technologies can effectively prevent risks such as identity fraud and account theft, ensure the safety of consumer assets, and improve the consumer experience.
Xinye Technology has developed a set of anti-fraud matrix risk control system with full-process interception and multi-dimensional prevention and control, and identifies and resists the infringement of black and gray products through system technologies such as voiceprint recognition. In the third quarter of last year, it intervened in more than 4,000 suspected frauds on average every day, blocked more than 7,000 frauds, and helped users and institutions avoid losses of nearly 1300 million yuan.
In addition, with the help of the AI intelligent customer service system, fintech companies can provide consumers with 24-hour uninterrupted consultation and answering, complaint handling and other services, which significantly improves the efficiency of problem solving and enables consumers to be protected in a timely and effective manner.
Through years of in-depth application of AI technology, Qifu Technology has formed an intelligent customer service system with AI as its core capability, covering the four major technical capabilities of "intelligent prediction", "intelligent response", "intelligent early warning" and "intelligent service guidance", comprehensively improving the efficiency of intelligent customer service and optimizing the user's perception service capabilities. For the whole year of 2023, the satisfaction rate of customer service of Genius Technology increased to 992%, the company was also selected into the "2023 Assessment Report on the Fulfillment of Social Responsibility by Internet Platform Enterprises" with "Helping to Protect Consumer Rights and Interests with Technology", building a financial technology consumer protection system from different dimensions such as refinement, specialization, digitalization, intelligence, and personalization.
In response to the increasingly stringent regulatory requirements for personal information protection, fintech companies are also actively exploring how to use technologies such as privacy-preserving computing, multi-party secure computing, and homomorphic encryption to ensure the security and privacy of consumer data, while improving the quality of financial services and customer experience, on the premise of strictly complying with laws and regulations.
The protection of the rights and interests of financial consumers has entered the high-tech era in an all-round way. The power of science and technology is promoting the deepening and development of consumer protection work with unprecedented strength, which is not only a test of the service ability of financial technology enterprises, but also an important guarantee for consumers to enjoy more fair, just and safe financial services.
Write at the end
In recent years, the prosperity and development of China's financial industry and the complexity of product innovation have highlighted the importance of protecting the rights and interests of financial consumers. Especially in the stage of digital transformation, a number of leading fintech companies have used high-tech means to build and upgrade the consumer rights protection system, and reshape the financial service landscape in an innovative and safe way.
In the future, under the guidance of policies and driven by scientific and technological innovation, we look forward to a more sound system for the protection of the rights and interests of financial consumers gradually taking shape, providing a solid backing for maintaining market order and protecting the rights and interests of financial consumers.