Technology empowerment, service innovation, and financial institutions help diversify the supply of inclusive finance

With the implementation of the first five-year plan for inclusive finance, my country’s inclusive finance has achieved further development and service coverage has continued to expand.

Inclusive finance is a big game that requires multiple institutions to leverage their respective advantages. Banks have long been indispensable financial institutions for inclusive finance. At the same time, consumer finance companies, financial technology companies, etc. also constitute new forces for inclusive finance. Various financial institutions are working together to increase diversified services. Financial services, products and supply methods allow finance to benefit more groups.

Diversified financial services

Cleaning up blind spots in inclusive finance

Vulnerable groups such as small and micro enterprises, farmers, and urban low-income people are the key services of inclusive finance object. There is a great overlap between consumer financial service objects and inclusive financial service objects, and to a certain extent, it fills the gap in consumer financial demand that cannot be covered by bank credit, and is an important starting point for the development of inclusive finance.

In order to improve service penetration and crowd reach, Bank of China Consumer Finance continues to explore the road to inclusive finance in segmented scenarios, and builds a cross-border inclusive finance model by integrating scenarios, integrating scenarios, and building self-built scenarios. Financial services ecosystem.

It is understood that around eight major scenarios such as education, consumption, housing, medical care, tourism, senior care, business, and agriculture, Bank of China Consumer Finance has developed different product systems in a targeted manner to meet the needs of blue-collar workers and students. , urban low-income groups and other inclusive customers need small-amount consumer credit throughout the life cycle such as schooling, employment, renting, shopping, weddings, etc. At the same time, BOC Consumer Finance has also continued to expand its coverage of service consumption scenarios, and has innovated installment products covering various service consumption industries, including education cloud installment and skills cloud installment.

Relying on the brand, market, resources and other advantages of the shareholder Bank of China, Bank of China Consumer Finance also actively responded to the group’s call for collaboration and strived to build a comprehensive business operation platform for financial institutions. Through the development of exclusive bank-company linkage products such as "Haokedai", we use multiple ways to reach customer groups and provide reasonable, convenient and safe financial services based on personal characteristics and loan purposes, greatly improving the accessibility of inclusive benefits.

As an insurance technology platform, Shuidi Insurance Mall has noticed that people in large areas outside the first- and second-tier cities in China lack health insurance protection. The weak insurance awareness of users in these third-, fourth- and fifth-tier cities is only superficial. Traditional insurance companies mainly cover first- and second-tier cities and have high insurance thresholds. The fundamental reason is their inability to reach the market with suitable insurance products.

In this regard, Waterdrop Insurance Mall reached a cooperation with Zhongan Online in 2018, taking advantage of its channel advantages to be the first in the industry to launch a new monthly payment model. Users only need to pay dozens of yuan every month. You can buy a medical insurance with a coverage amount of one million, which lowers the purchase threshold for users.

Targeting the middle-aged and elderly people, Waterdrop Insurance Mall and Anxin Insurance launched China’s first one-million-dollar medical insurance specifically for seniors over 60 years old in 2019, filling the gap in insurance coverage for 249 million seniors.

In addition, Waterdrop Insurance Mall has adopted a simple and simple approach to the insurance application process and product terms: instead of displaying products on shelves, big data is used to determine user needs and display products in different scenarios. Recommend it to users; try to explain the insurance coverage to users in a simple way on the product details page.

As of the end of 2020, Shuidi Insurance Mall users have covered more than 97 cities and counties in China, and 76% of users are from small towns and rural areas. The number of users in small towns and rural areas insured in 2020 will triple compared with 2019.

Technology empowers inclusive finance

Financial services are more efficient

Technology is an important force in promoting the development of inclusive finance. Financial technology not only reduces the operating costs of financial institutions and improves the efficiency of financial products and services, but also enables segmentation and precision marketing of the financial services market to meet personalized financial service needs.

Take Shuidi Insurance Mall as an example. Relying on the application of big data, cloud computing, AI and other technologies, it has embedded intelligent customer service, intelligent underwriting, intelligent claims and other models into the insurance business, greatly improving service efficiency.

In April 2020, Shuidi Insurance Mall launched the intelligent customer service system "Shuidi Bangbang". Based on NLP (natural language processing) technology, it has mastered the product information of nearly a hundred insurance products (such as coverage, Claims settlement process, insurance renewal process, etc.), the system can provide customer service staff with recommended answers in real time based on semantic understanding capabilities and quickly answer user questions. According to statistics, the average number of users served by the Shuidi intelligent customer service system in a single day exceeds 16,000, and the number of intelligent conversation processing reaches 86.

"In the process of users applying for insurance, the intelligent underwriting link is very important." The relevant person in charge of Shuidi Insurance Mall said that the intelligent underwriting system independently developed by the platform can be based on the physical condition provided by the user through multiple rounds of conversations. Ability and identification and understanding of some medical and insurance professional contents, standardize health notifications, provide intelligent consultation interactive experience, determine whether users meet the insurance requirements of the product, clarify responsibilities, and reduce claims disputes.

In the claims process, which most directly affects users’ sense of insurance benefits, Waterdrop Insurance Mall’s “007 Intelligent Claims System” is based on technologies such as NLP (Natural Language Processing) and OCR (Optical Character Recognition) to automatically collect claim data. Through collection, the accuracy of the claims settlement system model reached 99.67%, and the case processing timeliness improved by 55.85%.

BOC Consumer Finance is also actively exploring the use of artificial intelligence technology to build intelligent marketing, intelligent customer service and other intelligent operating platforms. During the outbreak of the COVID-19 epidemic in 2020, BOC Consumer Finance superimposed the application of intelligent customer service on the basis of manual services, effectively alleviating the pressure of insufficient manual customer service under the epidemic and ensuring service efficiency.

In terms of risk control, BOC Consumer Finance has established a unified customer management platform that connects internal data and external partner data to build a huge customer base from multiple dimensions such as identity attributes, financial attributes, behavioral attributes, and risk attributes. The customer labeling system has evolved into rich customer portraits and formed a complete intelligent risk control system.

It is worth mentioning that the intelligent financial technology cloud platform built by Bank of China Consumer Finance has fully supported precise customer acquisition, precise risk control, intelligent approval, and intelligent collection, covering pre-loan, loan, and Full-process post-loan services, using "financial technology" to continuously reduce operating costs and risk costs, build an inclusive financial ecosystem, and provide customers with the most inclusive financial services.

BOC Consumer Finance stated that in the future, it will continue to leverage its advantages and core competitiveness as a major state-owned bank, accelerate the construction of "financial technology", continuously improve consumers' financial service experience, and effectively protect consumers' legality. Rights and interests, in accordance with the requirements of the national inclusive finance strategy, promote the small-amount, wide coverage and inclusiveization of consumer credit products.

Developing inclusive finance

Popularizing financial knowledge is indispensable

Due to the lack of financial knowledge, the key service targets of inclusive finance include small and micro enterprises, farmers, and urban residents. Low-income people generally have weak ability to identify illegal financial activities. The development of financial technology has made it lower and easier to participate in financial activities such as payment, lending, and deposits. If you do not have basic financial knowledge and the ability to identify and prevent risks, it may bring great risks.

In the construction of inclusive finance, it is essential for financial institutions to popularize financial knowledge and strengthen financial knowledge education.

Since 2018, the Youth League Committee of the Bank of Communications Beijing Branch, the Party Branch and the Youth League Branch of the Bank of Communications Beijing Tongzhou Branch, together with the Lei Feng Heritage Special Fund of the China Voluntary Service Foundation, have entered communities, construction sites, schools, painting academies, Townships, enterprises and other places have launched the "Lei Feng Volunteer Service Financial Station" public welfare activity to develop inclusive finance.

In the process of carrying out the "Lei Feng Volunteer Service Financial Station" public welfare activity, Bank of Communications Beijing Tongzhou Branch acted as a financial guardian around the people to help them prevent fraud; it went into communities, construction sites, schools, Art academies, towns, communities, enterprises and other places understand their financial service needs and provide exclusive services for specific groups; help people manage their finances, serve as small consultants for property inheritance, and help people increase the value of their funds and save money; provide support to groups living in poverty within their capabilities, Carry out poverty alleviation work, and sincere condolences make them feel the warmth of society.

According to the Beijing Tongzhou Branch of the Bank of Communications, since its establishment, the "Lei Feng Volunteer Service Financial Station" has accumulated donations and materials worth 56,000 yuan, organized more than 30 activities, involving more than 1,000 people, and has Certain influence.