Xingye Consumer Finance made more efforts to continuously strengthen the effectiveness of risk management.
With the consumer finance industry entering the stage of high-quality development, forging professional risk management ability has become the top priority for financial institutions to create competitive advantages and operational resilience. Balancing the resources between "business" and "risk" and creating a professional, digital and refined risk management system test the operational wisdom of various institutions.
As an excellent student in the first echelon of the industry, Industrial Consumer Finance attached great importance to the echelon training of talents’ soft power at the beginning of its establishment, established and improved the system and mechanism, strengthened the policy of combining risk management with assessment and incentive, maintained the stability and enthusiasm of the management team, and laid a solid foundation for the steady development of the company.
Specifically, the company builds a multi-dimensional, quantifiable, scientific and rigorous monitoring index system, strengthens the management and control constraints and responsibilities of key positions and key personnel such as account managers and risk approvers, and improves the accountability mechanism with clear hierarchy, coordinated powers and responsibilities and efficient operation; Strengthen the staff’s awareness of risk management, continuously carry out system education and warning education, enhance the enforcement of rules and regulations, and transmit the awareness of compliance risk to every employee and every business.
In addition, Industrial Consumer Finance integrates traditional risk control and intelligent risk control concepts, effectively solves the problem of information asymmetry, and focuses on building a "pre-lending-lending-post-lending" whole-process risk control system, effectively improving approval efficiency and reducing loan risks. First of all, based on the general lack of effective credit records of sinking customers, we continued to optimize the pre-loan investigation process, adhered to the principle of "pro-nuclear and pro-visit, face-to-face interview", and the account manager went to the customer’s living residence and office to conduct a nuclear visit, investigate and verify its real income and liabilities, comprehensively consider the customer’s external liabilities and living costs, and restore the customer’s real borrowing purpose and solvency as much as possible. Secondly, combining traditional and emerging credit information, on the basis of traditional credit means, making full use of customer behavior data, and strengthening the risk prevention and control of application information verification, bad habits investigation and multi-head lending prevention. After the loan is issued, by building a risk early warning strategy combining system and labor, using multidimensional credit information and machine learning algorithm, and exerting the synergistic effect of big data platform and digital decision engine, the risk of existing customers is stratified and differentiated management is implemented within the duration.
Consumer finance services are aimed at the public who have not fully enjoyed the traditional bank loan services, and the customer base is sinking, which puts forward higher requirements for preventing and resolving financial risks.
In recent years, consumer financial institutions have actively relied on the application of financial technology to improve their ability to handle credit risks. For example, Industrial Consumer Finance explores the cross-domain cooperation of "digital finance+smart justice", puts into production the blockchain electronic deposit system, and uses advanced financial technology means such as blockchain and big data to realize the data docking between court case handling and financial business system, reducing the burden of proof for consumers. Blockchain technology has three characteristics: unforgeability, traceability and openness, transparency and verifiability. Using blockchain technology, the whole process of credit electronic data will be wound up, making electronic data become electronic evidence, improving the availability and reliability of data, effectively realizing data protection and consumer rights protection, and building a more efficient post-loan disposal channel to resolve financial risks. At present, Xingye Xiaojin has combined with Quanzhou Intermediate People’s Court through the blockchain electronic deposit system to realize the whole process of credit, the whole cycle of electronic deposit, the automatic generation and submission of litigation materials in batches with one button, and has handled more than 1,000 cases cumulatively, forming a good demonstration effect.
Risk management is the core competitiveness of financial institutions. The Central Financial Work Conference emphasized that risk prevention and control should be the eternal theme of financial work. As a new financial format, consumer finance should firmly establish risk awareness, strengthen risk management and implement risk responsibility, so as to promote the long-term healthy development of the industry. As a formal licensed financial institution, Industrial Consumer Finance will constantly improve its risk management system, providing strong support for the company’s steady development and stability.
Source: Xianning News Network