Home Business Boost Consumption and Expand Domestic Demand Digital Technology Empowers Consumer Finance_China IT News

Boost Consumption and Expand Domestic Demand Digital Technology Empowers Consumer Finance_China IT News

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Original Title: Digital Technology Empowers Consumer Finance

Boosting consumption and expanding domestic demand are crucial to stable economic growth. The State Council recently issued the “Package of Policies and Measures to Stabilize the Economy”, which clearly stated, “Encourage the implementation of deferral of principal and interest repayment for small and medium-sized enterprises, individual industrial and commercial households, truck driver loans, and personal housing and consumer loans affected by the epidemic.” Increase support for inclusive small and micro loans.” Relevant departments have stepped up the introduction of a series of policy measures for financial relief to further help market players reduce their burdens.

Thanks to the steady growth of my country’s economic scale and the upgrading of residents’ consumption capacity, multi-level consumer financial services have played an important role in promoting consumption and expanding domestic demand. Especially under the general trend of the development of digital financial technology, financial institutions such as banks and consumer finance companies, relying on the advantages of differentiated development, carry out inclusive financial services while customers sink. However, for financial institutions, small and medium-sized enterprises, individual industrial and commercial households, truck drivers and other customer groups generally face a small amount of personal financial demand, unstable work, lack of qualification certificates such as real estate, etc., and it is difficult to use traditional risk control models. To measure their credit qualifications, there is a blind spot in financial services to a certain extent. Since the beginning of this year, the China Banking and Insurance Regulatory Commission has issued documents such as the Notice on Strengthening Financial Services for New Citizens and the Notice on Financial Support for Freight and Logistics to Ensure Smooth and Smooth Work, clarifying a series of financial policies to help enterprises bail out and activate consumer demand.

At present, the recovery of consumption, especially contact consumption, is relatively slow. The financial industry relies on emerging technologies such as artificial intelligence and the Internet of Things for support. It focuses on the needs of new citizens, small and micro enterprises, and individual industrial and commercial households, and accelerates the introduction of non-governmental measures to promote consumption and stabilize the economy Contact-type financial service measures to expand the business boundaries of customer groups. For example, Bank of Nanjing fully considers the consumption habits and business needs of new citizens, relies on chain brand merchants that customers like to see, and superimposes the store discount resources of online and offline merchants to help new citizens better integrate into urban life. In another example, in order to precisely improve the convenience of financial services for new citizens, immediate consumption is empowered by digital technology, providing small and decentralized financial services for inclusive customers, and is committed to new citizens enjoying financial services. New Citizens Enjoy New Life” theme shopping festival. For another example, China Merchants Union Consumer has strengthened its digital operation through the “Four Refinements” model of precise identification, precise matching, refined operation and refined experience, and realized the “convenient availability, wide coverage, and preferential price” of consumer financial services, which is an important part of traditional financial services. Provides convenient and efficient services to many customers that are not covered.

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The relevant person in charge of the Immediate Consumer Research Institute said that in order to strengthen product and service innovation, expand high-quality financial supply, and improve the level of financial services for new citizens, it is necessary to put forward higher requirements for the risk control system of consumer finance. Especially under the trend of digital finance, it is particularly important to use technologies such as big data to improve risk control capabilities and empower the digital transformation of the financial industry. Big data risk control provides solutions at the technical level, making it more possible for financial institutions to broaden their customer base and improve service quality. This needs to be deployed in the customer calculation score, credit and other links.

Dong Ximiao, chief researcher of China Merchants Union Finance, suggested that financial institutions should continue to improve institutional arrangements, simplify business links, and innovatively launch credit products with flexible terms and moderate rates for small and micro enterprises and individual industrial and commercial households to provide financial services to new citizens. In addition, it is necessary to fully apply the concepts and methods of financial technology, reduce the dependence on mortgages and pledges, change the credit evaluation method for new citizens, and gradually increase the proportion of credit loans. For new citizens, the fees for opening accounts and other aspects will be exempted if they can be exempted, and reduced if they can be reduced. On the basis of commercial sustainability, more efforts will be made to “reduce fees and give profits” to new citizens.

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“Specifically, financial institutions can look for high-frequency common financial scenarios based on the characteristics of new citizens, discover service pain points, and carry out targeted process optimization to improve the effectiveness of services.” said Xue Hongyan, deputy dean of Xingtu Financial Research Institute. Taking housing finance demand as an example, the housing demand of new citizens can be divided into two parts: rental demand and housing demand. In terms of housing demand, personal housing loans use housing as collateral, with low risk, mature business models, and loan availability is not the main issue. Banks can provide targeted support for loan interest rates and repayment convenience. On the one hand, banks can indirectly support the housing needs of new citizens by assisting in the construction of affordable housing, and can also cooperate with qualified long-term rental agencies to explore the introduction of low-cost rental loan products to better smooth new citizens’ rental expenses. Funding needs.

At present, there is a lot of room for growth in inclusive finance, and consumer finance companies are an important supplement to banks’ consumer credit coverage, with wider coverage. Experts pointed out that consumer finance companies do not have branches, and most of them have achieved pure online operations of the entire process with the help of digital capabilities, allowing new citizens to enjoy convenient financial services without leaving their homes. Through the intelligent risk control system, consumer finance companies can not only control risks within a certain range, but also help those “credit-reporting white households” without credit records to create new credit-reporting records and obtain a wider range of financial services.

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The China Banking and Insurance Regulatory Commission held a briefing meeting a few days ago, showing that while accelerating the introduction of policies and measures to promote consumption, financial institutions in many places have deeply explored digital dividends and stimulated consumer demand by issuing consumer subsidies and consumer coupons. For example, Chongqing relies on the bank-government big data interconnection platform “Jinyu.com” to develop and build a digital inclusive financial platform to consolidate the big data foundation of financial services for new citizens; Beijing expands the scope of loan processing and builds information technology to help new citizens innovate and start businesses. The platform realizes the “one-stop service” for borrower qualification identification.

In the next step, financial institutions should continue to advocate warm-hearted services, strengthen the protection of financial consumers’ rights and interests, and provide them with safer and more considerate financial support, especially for areas that have been greatly affected by the epidemic. (Wang Baohui)

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责编:张慕琛 ]

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