New Opportunities in Auto Finance: The Application of Financial Technology in Auto Finance

2019-09-16 18:01:43 刘国琼 148

New Opportunities in Auto Finance: The Application of Financial Technology in Auto Finance

For the auto finance industry, financial technology has begun to gradually penetrate into it. By using financial technology to optimize product pricing, streamline business processes, and improve the risk control model, the consumer experience can be greatly improved; through the thinking of financial technology and The method can realize product enrichment, experience personalization, and service value-added.

For supply-side participants, whether it is commercial banks, auto finance companies, insurance companies and financial leasing companies, Chinese consumers’ habits of using financial services on the Internet and mobile Internet are gradually taking shape, and traditional supply-side participants have A certain late-comer advantage, and after years of hard work by traditional participants, its brand endorsement is also an advantage.

For the platform participants, entering the auto finance industry itself is the best innovative application of financial technology and the strategic opportunity to seize its own development. They are very aware of the many advantages of the automobile as a carrier of lending. In the face of the challenges of low market awareness, independent platforms must rely on the “co-brand” endorsement of various suppliers to achieve market breakthroughs. On the one hand, they should gradually build their own market perception and brand value.

With the help of financial technology, auto finance can achieve innovation in business models, innovation in customer acquisition methods, innovation in integrated risk control models, and innovation in post-loan management. The typical model of business model innovation is P2P car loan. The innovation of the customer model is mainly realized from offline to online. The innovation of risk control mode is mainly reflected in the field of credit information and pan-asset management. The innovation of post-loan management is mainly reflected in Post-loan dynamic monitoring, collection system and other aspects.

For the P2P platform, entering the auto finance industry itself is the best innovative application for financial technology. For online and offline customers, online marketing, promotion, and promotion must lead the flow of customers to the online consumption experience and realize the transaction. It is the application of financial technology in the application of automobile finance, which brings efficiency innovation. . For credit reporting, financial technology that uses multi-dimensional personal information to realize credit collection and rapid lending online is increasingly attracting attention from the automotive finance community.

On the one hand, it can open the “blank customer” auto finance market. The customer base of a financial leasing company or a third-party financial platform is quite different from that of traditional commercial banks and car finance companies. Many customers live in third- and fourth-tier cities and even rural areas. They are low- and middle-income people with unstable economic sources. They are undocumented 'blank customers' in the central bank's credit report. How to use financial technology to open this market becomes new The challenge. Auto finance companies can use their customers' e-commerce online shopping, income levels, consumption habits and other multi-dimensional aids to collect data from users and provide loans to them based on specific situations. On the other hand, it also makes consumers' car purchase process faster and more efficient.

In terms of pan-asset management, real-time monitoring of upstream and downstream industrial chains through financial technology means more effective monitoring and management of asset status.

By controlling the trading process and scenarios, auto finance companies can further ensure the real situation of transactions, lenders, and assets, and minimize the risk of financial fraud.

In the post-lending dynamic monitoring, the traditional auto finance company monitors the vehicle by installing GPS transmitters that can collect VIN and total mileage. This monitoring mode is static and dynamic, only when users default and overdue behavior. After that, auto finance companies can respond. By relying on big data behavior analysis technology as a new means, auto finance companies can dynamically observe and analyze users' social and financial behaviors, and judge how much overdue probability and risk of bad debts are based on user behavior trends.

For example, the Thread cracked BMW i3, the interconnect control door light window collection voltage VIN total battery life technology has been applied, built a BMW independent virtual key, perfected the time-sharing lease related protocol transmission, providing private customized BMW TBOX development for enterprises, For the auto finance, time-sharing leasing industry to solve the terminal problem, let the owners who are plagued by the joint venture brand model agreement do not have to waste long-term business communication, using the E6 T6 of the Thread to make everything simple.

They use the data to establish a collection system and a comprehensive platform, customize the GPS monitoring procedures, and immediately alert the user behavior when the signal disappears, realizing the remote power outage, allowing the risk control and collection team to prepare in advance.

By introducing these third-party data, detailed and detailed observations of user behavior can be made in advance. At present, financial institutions can dynamically monitor users' mobile communication, web browsing traces, and even WeChat and e-commerce shopping information in real time on the premise of obtaining user permission before lending, focusing on whether they are carrying other loans while they are carrying the car loan. The institution applies for a loan. Through long-term dynamic monitoring, financial institutions can observe in advance whether users have high debt ratios and exposure to private lending or other activities that may cause non-performing assets, thereby minimizing fraudulent users.

 At the same time, the risk control and post-loan management of auto finance is more flexible and diverse. Based on the sound development of China's auto finance market, financial technology has more opportunities for financial technology than China's auto finance market.

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