Changes in the internal and external environment are bringing new opportunities and new challenges to the consumer finance industry.

In 2020, the world will enter an "abnormal state". Major country relations, the world economy, and lifestyles have all undergone major changes. Against this background, China has proposed building a new development pattern of "dual circulation", in which expanding domestic demand, especially promoting consumption, is an important part. In the context of promoting consumption, the role of consumer finance in improving consumption is even more prominent. At the same time, affected by the epidemic in the first half of the year, the consumer finance industry suffered a major impact.

From the perspective of industry development, after more than ten years of development, consumer finance, as an important branch of the financial credit field, has increasingly deeply affected people’s consumption habits and consumption patterns, and has gradually become a financial technology The pioneer and experimental field of application. At the same time, the competitive landscape of the consumer finance industry is also changing, especially as technology giants and financial giants have obtained consumer finance licenses, customer acquisition methods, profit models, and technical means are constantly being upgraded and replaced, and the scale of the industry is heading toward the top. The phenomenon of institutional agglomeration is obvious.

In response to the above changes, Outlook Think Tank launched a series of surveys and formed the "2020 New Trends in Consumer Finance Report - Lean Operations and Technology Driven" (hereinafter referred to as the "Report"), which aims to show the current status of the industry. At the same time, we clarify the context of industry adjustments and changes, grasp the future trends of the industry, reshape the core competitiveness of the industry, and provide relevant policy suggestions.

The "Report" believes that 2020 can be regarded as a watershed in the development history of the consumer finance industry. In this extraordinary period under the epidemic, affected by policy factors such as the implementation of new regulations on Internet loans, the tightening of online small loans, and the lowering of the upper limit of private lending interest rates, the overall structure of the industry is facing reshaping, and market entities are also rapidly expanding. Standing at a turning point in the industry and facing adjustment and differentiation, every consumer finance company is taking the initiative to adjust internally and follow the trend externally. It mainly includes several aspects: Deeply cultivating existing users and continuously expanding the boundaries of user services; more accurate data models, shifting to refined operations; cooperation with loan assistance institutions from fixed income to profit sharing; technology upgrades gradually become truly technology-driven, etc. wait.

The "Report" points out that the rapid development of consumer finance is closely related to technological development. Big data, cloud computing, blockchain, and artificial intelligence are the core technologies of consumer finance. In recent years, the four major technologies have continued to mature and have been gradually applied to the consumer finance industry, changing the traditional consumer finance approach of looking at credit information, turnover, asset certificates, and spending power. Many consumer finance companies continue to work hard on technology research and development, attracting technology talents, and upgrading technology equipment. But it should be noted that technology is not a master key. For consumer finance, technology, scenarios, and services are all indispensable parts of the entire product chain. Technology is just a tool, and it must eventually return to the main road of serving customers.

The "Report" takes Minsheng Credit Card Center, Everbright Credit Card Center, Immediate Consumer Finance, China Merchants Union Consumer Finance, etc. as representative cases to elaborate on how to make good use of technology at this stage and use technology to drive business. Provide more efficient and better customer service.

The epidemic has had a huge impact on the consumer finance industry. It also reminds practitioners to face the problems that have arisen in the industry as soon as possible and plan for longer-term future development. The "Report" points out that first of all, industry differentiation is intensifying, and while the overall performance growth rate is diverging, the ranking of leading institutions is also undergoing dynamic adjustments; secondly, some consumer finance companies are seeking to rely on technology output, platform business, and customer value-added services Waiting to establish its own second growth curve; finally, the capital increase and share expansion of practitioners are accelerating.

In this regard, the "Report" puts forward five suggestions: First, clarify the upper limit of consumer finance lending interest rates, and clarify the inconsistency between private lending interest rate controls and lending dispute judgments; second, strengthen industry supervision and protect the rights and interests of borrowers. Legitimate rights and interests; the third is to strengthen the registration of financial APPs and establish a counterfeit APP information sharing mechanism; the fourth is to recommend the introduction of collection-related policies to standardize and protect legal collection operations; the fifth is to encourage the introduction of policies to support consumer finance companies to apply for 95 numbers.

(Text/Wang Tingting)

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