Industrial Bank Consumer Finance: Digital Transformation Empowers Inclusive Finance, Building a "Circle of Friends" in Technology

Industrial Bank Consumer Finance: Digital Transformation Empowers Inclusive Finance, Building a "Circle of Friends" in Technology Currently, the pace of digital transformation among financial institutions is accelerating. Industrial Bank Consumer Finance (IBCF) actively embraces digital finance, leveraging financial technology to empower its entire service process

Industrial Bank Consumer Finance: Digital Transformation Empowers Inclusive Finance, Building a "Circle of Friends" in Technology

Currently, the pace of digital transformation among financial institutions is accelerating. Industrial Bank Consumer Finance (IBCF) actively embraces digital finance, leveraging financial technology to empower its entire service process. In the new trend of technology-finance integration, IBCF continues to explore innovative development models, providing more flexible, convenient, and efficient financial services to customers.

Independently developed the "Zhizi Tianxin" automated approval system, continuously iterating and upgrading risk strategy models to improve service efficiency and risk control capabilities. As of the end of July 2024, the company has applied for and obtained 494 intellectual property rights, including patents and trademarks, and the results of its digital construction are steadily expanding.

Exploring cross-domain cooperation between "digital finance" and "smart justice," using blockchain, big data, and other advanced financial technologies to build a more efficient post-loan disposal channel for mitigating financial risks. The company has put into production a blockchain electronic evidence system, realizing data connectivity between court case handling and financial business systems, thereby easing the burden of proof for consumers. Blockchain technology has three key characteristics: non-forgeable and tamper-proof, traceable and sourceable, and public, transparent, and verifiable. Utilizing this technology, the entire credit process of electronic data is placed on the chain, making electronic data electronic evidence, enhancing data usability and reliability, and effectively achieving data protection and consumer rights protection. Currently, through the blockchain electronic evidence system, the company has collaborated with the Quanzhou Intermediate People's Court, realizing electronic evidence for the entire credit process and lifecycle, one-click batch automatic generation and submission of litigation materials, forming a successful demonstration effect.

Actively grasping the development trend of digital RMB, launching a digital RMB consumer loan project to help open up the "last mile" of consumer credit funds. Under the guidance and strong support of its parent company, Industrial Bank, the company has integrated digital RMB payment and collection capabilities, organically integrating them with loan products. This enables loan funds to be disbursed directly to customers' personal wallets in the form of digital RMB and allows customers to repay through their wallets, expanding the loan and repayment methods. As of the end of August 2024, Industrial Bank Consumer Finance has issued approximately 47,000 digital RMB consumer loans, totaling 7.1 billion yuan. This project is the first application of digital RMB in the field of consumer loans in Fujian Province and has been recognized as a typical case of financial innovation in Fujian Province in 2023.

Actively building a technology "circle of friends", gathering innovative strength, and promoting financial technology development. Earlier this year, the company signed a cooperation agreement with China Mobile Financial Technology Co., Ltd. to jointly establish a "Financial Technology Big Data Joint Laboratory." The two parties will jointly research cutting-edge financial technology and its development trends, exploring innovation and transformation of financial business models, focusing on "Smart Finance Core Technology Capabilities-Financial Big Data."

Relevant officials at Industrial Bank Consumer Finance stated that in the future, the company will continue to regard digital transformation as an important force enabling sustainable development, leveraging digital tools to optimize financial supply, comprehensively empowering business development and management, accurately serving a wide range of inclusive customer segments, including new citizens, farmers, and individual businesses, and continuously improving the quality and efficiency of services to the real economy.

Currently, digital technology is comprehensively empowering all aspects of economic and social development, and it is also profoundly affecting the business format and models of financial services. Industrial Bank Consumer Finance, driven by digital transformation, actively explores innovative models, continuously improves its financial service levels, and contributes to the development of inclusive finance.