What online loan app does Chongqing Xiaoyu belong to?

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Wen | Shi Xiaowen leads a finance (0 1caijing.com)

Notes/comments/remarks (by editors or authors)

It is a safe way for online small loan companies to engage in online small loan business at this stage, mainly in compliance with compliance requirements and low policy risk; At the same time, if online small loan companies have mature technical system support, then the exhibition industry is more competitive in the market.

Xiaoyu online loan platform is a specimen that meets the above conditions, with the coordinates of Chongqing, and the operating entity is Chongqing Xiaoyu Network Microfinance Company; Because the team has strong technical strength, it is an important participant in the online microfinance market.

In mid-July, Zero One Finance visited Xiaoyudian online lending platform and had a dialogue with Lin Jiannuo, CEO of online lending platform, on the business logic of online microfinance and the comparison of market situation between China and the United States.

Lin Jiannuo graduated from the Chinese University of Hong Kong and received a doctorate in physics from the University of Chicago. Studying and working in the United States for more than 10 years; In the financial industry, he has a certain accumulation. Previously, he was the head of data analysis of Enova, an American listed online lending company, and had his own understanding and thinking about digital credit business.

During the dialogue, Lin Jiannuo said that for the online microfinance business, China has basically matured in data and model algorithms; Infrastructure is constantly improving, including university education and personnel training, and it is developing in the direction of market demand. Based on this judgment, he is optimistic about the development prospects of Xiaoyu online lending platform.

main body

If you give Xiaoyu's online lending platform a' portrait', it carries multiple labels: online small loans, online loans, intelligent risk control, consumer finance, and technology output.

This is just a series of typical characteristics of the development of financial technology at this stage.

Three years ago, Lin Jiannuo returned from Chicago with his family and settled in Chongqing to start a business. Lin Jiannuo and his team are interested in the huge potential of the microfinance market in China.

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From June 2065438 to June 2006, after more than two years of trial operation, Xiaoyu Online Loan was recognized by the regulatory authorities for its good loan data scale, asset quality and business operation system, and successfully applied for a network small loan license in Chongqing.

20 16 1 1, Xiaoyu Online Loan split the personal microfinance business that was previously tested in the brother company Chongqing Dai Jie Microfinance Co., Ltd. (hereinafter referred to as Dai Jie Microfinance) into a new company and entered the formal operation stage. At present, it has entered the stage of stable operation. In terms of products, Xiaoyu Online Loan currently mainly provides online petty cash loan services for C-end users; In the later stage, we will expand the product line, provide installment payment services for users and provide commercial loan services for small and micro business owners. Technically, Xiaoyu's online loan is still under planning and is currently being negotiated with banks and other institutions.

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The development of online microfinance business will test several capabilities of the platform: customer acquisition, risk control, capital and operation. At present, many market participants are facing problems in the industry, such as serious homogenization competition, high cost of obtaining customers, obstacles in obtaining funds, and excessive pressure on non-performing loans. But if they have differentiated competitive routes, better risk management technology, better extensibility and extremely low capital cost, they may achieve better and more sustainable development.

Rely on extensible data-driven risk control mode

The employees of Xiaoyu Online Loan can stand up and work. There is a conference room separated by glass doors in the office area. From the front, the electronic screen occupying the whole wall updates the business data of Xiaoyu online loan in real time.

This layout reflects the positioning of Xiaoyu Online Loan as its own technology company and the characteristics of adhering to the concept of openness and freedom, and also reveals its positioning of trying to carry out financial business in a scientific and technological way.

From a macro point of view, the Internet finance industry in China, which developed for 10 in 20 17 years, has reached such a stage: m.

The way of data operation and technology-driven depends on the ever-changing financial basic conditions in China, such as the further change of customers' (mobile) Internet behavior habits, the retention of a large amount of data, the gradual maturity of various data service providers, and the improvement of technical level. In other words, it is possible to solve information asymmetry by using a large amount of data.

Taking the application of big data as an example, data operation has penetrated into all aspects of credit business, including customer acquisition, credit review, lending and collection.

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The picture shows the intelligent review process of Xiaoyu online loan.

From a practical point of view, Xiaoyu online loan also adopts the concept of data operation and technology drive. The above picture shows the data usage and intelligent audit process of Xiaoyu online loan.

In terms of data use, Xiaoyu online loan began to access the central bank's credit information system. On the one hand, we want to use the central bank's credit information to judge the applicant's credit status, but the more important purpose is to increase the user's default cost, because once the user's credit stain is collected by the central bank's credit information center, it means that its subsequent financial services will be restricted and have a certain deterrent effect on users.

In the use of many other data sources, Xiaoyu's online lending practice is to constantly compare the quality of third-party data to make the judgment result more accurate. Xiaoyu online loan is based on data, using machine learning and other methods to establish its own anti-fraud and risk pricing system, supplemented by manual judgment. Every week, the results of manual judgment will be quickly fed back, and the model will be revised and optimized.

The picture shows the Mao Mao Rain Team at work.

The team of Xiaoyu Online Loan brought technical genes and practical experience to it. Chen Shaolin, Chief Risk Control Officer, has 20 years' experience in American credit industry. At the same time, some members of the risk control team used to be the first-line combat elites of large domestic credit institutions. Lin Jiannuo himself worked long hours and systematically quantified the concept of risk control and actual combat training. His old club is an internet online loan company listed in the United States, which means that Xiaoyu Online Loan has more experiences and lessons to learn.

On the whole, Lin Jiannuo said that the current results of quantitative risk control of business are satisfactory, and based on many years of experience in overseas Internet finance industry and domestic practice, he is convinced that small fish online loans can be further optimized to overcome possible cyclical risks in the future.

Let customers explore refined operation.

The data-driven model of Xiaoyu online loan is obviously reflected in the risk management level in the process of business development. At the level of customer acquisition, the precise marketing method using data is adopted, but it is under great pressure and is constantly being explored and improved.

From the perspective of market participants, all subjects of financial technology include financial institutions, such as banks, consumer finance companies and online small loan companies. Industrial or internet companies, such as e-commerce companies and their financial groups, internet giants, etc. ; There are also many internet finance companies, including P2P platforms and emerging lending institutions, which have launched online micro-lending business one after another, and the market competition is extremely fierce.

At present, there are many ways of exhibition in the market. The typical one is to push customers on a large scale and acquire customers more accurately offline, but the problems it faces are high cost, non-compliance with local regulatory requirements and increased risk of human operation. Another method is to mine online traffic more finely.

The current strategy of Xiaoyu online loan is the second one. Its logic is to cooperate with various companies that are vertically subdivided online, such as wedding companies and recruitment websites, in order to obtain more accurate customers and play a role in risk control. The specific way is to test and screen online channels through modeling and data analysis. Xiaoyu online loan has tested more than 80 channels before and after, and has been screened by trial and error through continuous lending, recycling and evaluation models.

What supports this rapid learning optimization method is the technical system and data operation ability of Xiaoyu online loan. Regarding the modeling analysis of this operation mode, Lin Jiannuo said that the current modeling cost is not high, and modeling analysis has become a way to improve operational efficiency.

"Our corporate culture supports fast learning and fast trial and error. If startups are unwilling to try and correct, they will never make progress." Lin Jiannuo said.

Planned export credit technology

At present, the market participants of online lending business also include a large number of lending institutions, that is, institutions that focus on asset development (including corporate and personal lending assets) and are good at risk management and control. The emergence of lending institutions reflects the characteristics of specialized division of labor and refined operation in the industry, but this operation still faces the risk of policy uncertainty. For example, the supervision may take corresponding measures because lending institutions bear bad debts, become credit intermediaries, and expand risk transmission.

In this environment, one of the advantages of small fish online lending is compliance, which has been incorporated into the regulatory system and can provide full-chain lending services from asset production, risk management and control to independent lending.

The business scale of small loan companies is often limited by the amount of funds, but at present, the online loan pressure of Xiaoyu is relatively small. It depends on the background of its shareholders. The holding company of Xiaoyudian Online Loan is Hongkong Guo Sheng Financial Services Group Co., Ltd., a subsidiary of Henderson Land. Based on this background, the fund reserve of Xiaoyu online loan is relatively sufficient at this stage. Lin Jiannuo introduced that the investor promised to inject capital into Xiaoyudian one after another according to the business development of Xiaoyudian online loan, with a cumulative amount of 300 million US dollars. In the future, with the steady development of the platform business, Xiaoyu Online Loan will expand its financing channels by issuing ABS, with sufficient capital, and will choose to go public when the time is ripe.

The second advantage of Xiaoyu online loan is the potential of technology export. At this stage, mature loan lending institutions are providing technology export services, mainly for capital supply institutions, which reflects the shortcomings of traditional financial institutions such as banks in technology and Internet operation. Xiaoyu Online Loan also has plans for this kind of business in the future, and it also has technical potential in this respect. Many people in the industry have analyzed that it is best for technology export services to enter the traditional financial system for billions, which will be a huge market.

Lin Jiannuo said that in addition to providing loan services, Xiaoyu Online Loan also plans to provide technology export services. He said that in the long run, whether it is the demand of professional division of labor or the cumulative effect of Matthew effect, technology export business is an inevitable trend. In the previous negotiations, we also got more positive feedback from potential partners.

Dialogue part

Zero One Finance: What are the differences between China and foreign countries in terms of online loan business?

Lin Jiannuo: Compared with Britain and the United States, the United States is more advanced than China in cash loans, but China is more advanced than the United States in installment business, and the United States is also learning from China's installment business. Mainly because the British and American markets are small, China's large-scale market can divide many business lines in each industry, thus developing consumption stages in various vertical segments. In the future, the industry will be more subdivided, and there will be leading enterprises in each subdivision.

At present, many bottlenecks existing in domestic industries have been solved to some extent, including the cultivation of talents and the establishment of policy supervision. I am more optimistic about the development of the whole industry.

Zero One Finance: Are the technologies and models imported from Europe and America suitable for the China market?

Lin Jiannuo: European and American technologies are also applicable to the China market, and there is little difference in technology across national borders. However, from the business point of view, the models of China and the United States have different variables according to the available underlying data, so the models established will be inconsistent, and the models established by different companies based on their own data will not be completely consistent. Enterprises should mainly look for the best mode according to their own strategies and data.

Zero one finance: the company's operating cycle is still short. Now let's see if the bad debt rate and profit are reliable and sustainable.

Lin Jiannuo: Judging from the bad debt rate, the company has been in operation for 9 months, but it has also been in trial operation for 2 years, and most of the overdue occurred in the early stage. The first 3-6 issues are more critical. So at present, overdue and bad debts are roughly understandable.

The company has achieved profit in accounting, but in operation, there is another set of internal modeling to look at losses, that is, all possible losses in the whole life cycle are included. We judge whether a product is feasible and decide whether to put it into use by including all the costs and all the losses in the modeling. At present, the company has achieved profitability in two aspects. The next step is to constantly optimize the model and seek the best balance between user experience and company profits.

Zero One Finance: How to treat the current platform services and financial technology export business, is this a trend phenomenon?

Lin Jiannuo: Ali, JD.COM and other giants have adopted the platform model, mainly to build their own ecological circle. Their method is very effective and valuable in a closed system. But for small and medium-sized enterprises, they do not have this advantage. Therefore, the loan assistance model is also reasonable and solves the problems of small and medium-sized companies. The export of financial technology, including platform-based services, can also help them; For banks, it can solve part of the demand for lending business, improve the efficiency of bank funds, and be beneficial to the overall economy.

Xiaoyudian is also trying to export its own proven technical architecture and risk control model. No matter from the perspective of professional division of labor or the cumulative effect of Matthew effect, we all think that technology export business is an inevitable trend.

Zero-One Finance: One of the problems existing in the current loan assistance model is the separation of fees and enterprises, which leads to difficulties in supervision. How to treat this situation?

Lin Jiannuo: It is ok for all parties to collect income reasonably, but the first thing is compliance. At present, the state has two lines, three districts and 24% and 36% supervision over private lending, which we strictly abide by and require our partners to achieve.

We believe that in order to protect consumers' rights and interests, we should start from consumers' point of view and let them use a unified scale to judge the overall borrowing cost, including interest rates and fees. Therefore, the platform should clearly announce the comprehensive cost, and should not confuse consumers' judgment and mislead consumers. In terms of scale, after a long discussion, Britain and the United States finally decided that APR (annualized interest rate) must be used to calculate the borrowing cost of consumers.

Therefore, the fee is ok, but we must fulfill the responsibility of information disclosure and not deceive and mislead consumers. The interests of consumers should not be harmed because of the rapid development of the industry and the temporary lag of supervision.

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