How far is the distance between big data credit reporting and "big flicker" credit reporting?

How far is the distance between big data credit reporting and "big flicker" credit reporting?

Since its sudden emergence this year, big data credit reporting has been recognized as the role of "savior" and has become the target of capital and market pursuit. Internet finance, which has been pushed to the corner by negative public opinion, is even more valuable and has found a "good medicine" to solve risk management. However, the booming credit reporting industry is not enough to support the expanding business blueprint, and its core principles of independence, objectivity, fairness and standardization are in jeopardy. If you are not careful, it will become a superficial "concept game".

Or, as Mr. Chen Xiaodong, CEO of Anxin, the first credit information provider, said, the domestic credit information market is now in a cusp stage, and there will be a precipitation process in the future, and the rest are credit information agencies with high-quality data and strong rating system. The real outbreak period will appear after the market has precipitated.

So what is a credit report? It is not as mysterious as the intermediary cloud and the credit veil.

Credit investigation is an activity that a professional and independent third-party organization establishes credit files for individuals or enterprises, collects and objectively records their credit information according to law, and provides credit information services to the outside world according to law. According to the business model, it can be divided into enterprise credit information and personal credit information, and according to the service object, it can be divided into credit information, business credit information and employment credit information.

China's credit information industry started late, and the construction of credit ecology is relatively backward, but there are unique opportunities in the Internet era. With the development of Internet finance in full swing, Internet credit investigation based on big data technology came into being, which stepped onto the forefront in one fell swoop and promoted the development of domestic credit economy in reverse.

By the end of 20 15 and 10, the number of Internet financial platforms with problems in China had reached 1078, of which 10 added 47. Internet finance covers the blind spot of traditional financial services to a certain extent (the central bank's credit information system includes more than 870 million natural persons, but only about 370 million natural persons have credit records, which means that three-quarters of people will encounter obstacles when applying for credit and other services), but it has been in a barbaric growth state due to factors such as information asymmetry and difficulty in information collection.

For the financial industry, credit reporting improves the identification, judgment, evaluation and management of risks, which is conducive to speeding up the credit granting process, grading pricing, reducing the borrowing cost of high-quality borrowers and greatly improving the credit efficiency. Take ant small loan as an example, the lending time is basically within 3 minutes, ranging from thousands to tens of thousands. For business, credit information is gradually regarded as the standard of economic operation and social management, and the resulting business model innovation has rapidly expanded to hotels, rentals, recruitment, tourism and other industries.

The penetration and integration of financial services to Shuang 1 1 can be called a successful battle for Internet credit reporting. Several e-commerce companies have made new moves, and the final transaction volume has unexpectedly climbed to a record high. When the public marveled at Tmall's transaction data of 91200 million, it has been found that today's weather is different from previous years.

On the day of "Double 1 1", Ant Bai Hua * * issued 60.48 million consumer credits, accounting for 8.5% of Alipay's total transaction volume, which was 800% higher than that of JD.COM White Bar with similar functions. Bai Hua and JD.COM Baitiao, which access dual 1 1 for the first time, are both credit payment products, that is, based on e-commerce platform and massive data deposited by payment, with the help of Internet big data, cloud computing and other technologies, after comprehensive credit evaluation, users are given credit lines, and they can enjoy the service of spending first and then paying in designated stores, and support installment repayment.

Huabai is connected to Ant Small Loan, and JD.COM Baitiao is connected to Jingdong Finance. Internet finance is deeply embedded in the consumption scene, and it has risen rapidly with more convenient, more scene-based and more personalized products. However, compared with traditional consumer finance (bank credit cards and consumer loans), Internet consumer finance still faces many obstacles and risks in credit reporting, risk control, capital turnover and collection.

Compared with traditional credit investigation, credit investigation data and institution data are used as data sources. Internet credit information has broadened the dimensions of data collection, including e-commerce data and social data. On the one hand, it can reflect the situation of credit subjects more comprehensively. On the other hand, because the financial database of the central bank's credit information center is not open to these institutions, the accuracy and credibility of its data evaluation are inevitably questioned.

Weaknesses of Big Data Credit Report

This year, with the encouragement of the government and the urgent market demand, there has been a crazy wave of Internet credit reporting in China. E-commerce platforms, Internet companies, big data companies, payment institutions, traditional credit reporting agencies and P2P platforms are all different representatives. In terms of application scenario innovation and brand influence, Internet companies such as Ali, Tencent and Baidu are undoubtedly more concerned. Professionally, traditional credit reporting agencies such as Shang Anxin and China Chengxin have more advantages in rating model and business credit reporting.

Compared with the filing system of enterprise credit reporting companies, the auditing system of individual credit reporting companies is more stringent. On June 5438+ 10 this year, the central bank issued the Notice on Preparing Personal Credit Information Business, and the first batch of eight institutions including Sesame Credit, Tencent Credit Information and Qianhai Credit Information completed the acceptance work in the middle of the year. However, no personal credit license has been issued so far, which shows the cautious attitude of the central bank.

Most of the first short-listed credit reporting agencies take credit score as the first product, rapidly expand application scenarios and seize the commanding heights of the market. For example, the "sesame score" of sesame credit information and the "koala score" of koala credit information have been applied to hotels, car rental, tourism and other scenes; At present, the "good reliability" of Qianhai Credit Information is mainly used for financial credit. The "Pig Score" launched by Huadao Credit Information is specially used to test the credit status of renters, and the "Vientiane Score" of China Credit Information can be used in medical care, insurance and other fields.

However, many people have doubts and question the gold content and reliability of big data credit reporting:

1, data integration is difficult: the central bank's credit information system is not open, credit information agencies cannot obtain precious credit data, and it is difficult for the central bank to fully grasp the credit behavior of enterprises in small loans and leasing finance; Public * * * data are widely distributed in government and enterprise management departments such as industry and commerce, quality inspection, customs and taxation. Although the construction of a unified credit information platform has been put on the agenda, the problem of data islands is still difficult to solve; The group behind Sesame Credit and Tencent Credit Information, as well as the credit information companies built on various P2P platforms, have cross-business and competitive relationships. * * * It is easy to enjoy the "blacklist" but difficult to enjoy the "white list".

2. Lack of data standards: There is no unified definition of what information needs to be included in the credit evaluation category. More and more information is included in the category of credit evaluation. It seems that everything can be put in, such as traffic violations and subway evasion, which may constitute a bad personal credit record and affect personal credit.

3. Credibility is questioned: the principle of "independent third party has nothing to do with users" is vague, and the data collection and use of the first batch of private credit reporting institutions are inextricably linked with themselves, which determines that many models on the market at present can only be applied to their own small ecology. At the same time, private credit reporting agencies are both referees and players, and the fairness of final evaluation is unbalanced in the competition for market share.

4. There are various rating models: China is not short of data, but lacks a general evaluation model. Most domestic personal credit reports imitate the FICO model of the United States, but the evaluation dimensions are varied and the collected data are different, which may cause the same person to get different scores on different platforms. However, the rigor and scientificity of enterprise credit information rating model and bond rating model do not have strong credibility internationally.

Experts in the industry pointed out that the laws analyzed only based on data are not comprehensive. If the risk control audit is carried out only on this basis, there will inevitably be omissions or deviations. Big data can only be used as an auxiliary means, not as a decision-making basis for risk control.

A few days ago, some media reported that the Ministry of Commerce was planning to formulate the Standards for Credit Rating and Certification of Internet Financial Institutions. Zhou Xu, director of China Internet Financial Information Inquiry System and deputy head of the standard-setting research group, pointed out that only an independent third party can avoid being influenced by interests, put the promotion of industry norms in the first place, and achieve objective, fair and timely information disclosure.

According to the analysis of a financial research institution, an institution that collects local data and completes big data credit investigation can neither be a source of data nor a provider of financial services, so as to avoid the phenomenon of data fighting. If the credit reporting industry really wants to rise and play its due role, it still needs to exert the power of independent third-party credit reporting agencies such as Shang Anxin and China Chengxin.

Where is the market?

Hundreds of billions, trillions? There has been a heated discussion about how big the credit market space is.

Ping An Securities' special report "Series Research on Credit Information Market in Computer Industry" predicts that the future market scale of China's credit information industry will reach 1000 billion yuan, including 1000 billion yuan for enterprises and1000 billion yuan for individuals.

Wang Qiang, Senior Vice President of Wells Fargo Bank, predicted in "China Personal Credit Information Market Valuation" that the personal credit information market in China would be about $35 billion. Converted into RMB, more than 200 billion yuan.

However, Wang Yu, director of the Credit Bureau of the Central Bank, poured cold water on the market. He believes that the credit information market has limited capacity and it is not easy to make money. Some people claim that the credit information market has hundreds of billions of potential, which is deceptive. Capital is not the most important thing, but it needs technology and talents, and it needs data reflecting credit information. It is not sustainable to keep up with the competition, seize the position, be insincere or incapable.

Credit investigation is a part of credit service industry. As a service industry, where is its market?

1, international trade. At first, domestic credit investigation was produced to meet the needs of foreign trade investigation, including credit verification and credit service of enterprises and insurance institutions. The earliest enterprise credit reporting agencies were established under the leadership of government departments, but they had serious limitations, and then a large number of private institutions and foreign-funded institutions intervened in the market.

At present, Shang Anxin is the only mature private institution providing trade credit information service in China, but it also relies on the support of Creditreform, the three major credit information service institutions in the world, in rating system and data resources. As a traditional credit reporting agency, Shang Anxin has been actively seeking to enter the Internet credit reporting since its listing. In June, 1 1 released three new products: 3A-biz 2.0 business risk management multi-application platform, 3A-eBiz mobile terminal and 3A-Verify. 3A-biz 2.0 commercial risk management multi-application platform has opened up application scenarios such as credit authentication, evaluation and verification, and data exchange channels between traditional PCs and mobile phones, which is completely different from products that emphasize scoring in the market and has certain industrial significance.

With the upgrading of China's opening to the outside world and the implementation of the new strategy of "One Belt, One Road", credit services in trade links are increasing day by day, and the market capacity is huge.

2. Internet consumer finance. The State Council165438+1October 23rd issued guidance: give full play to the leading role of new consumption, accelerate the cultivation and form new supply and new impetus; Support the development of consumer credit, encourage qualified market entities to set up consumer finance companies, and expand the pilot scope of consumer finance companies to the whole country.

In China, banks, microfinance companies and consumer finance companies can provide consumer credit services. The consumer credit service of banks has a long history, including credit cards and consumer loans, but it has been in a tepid state due to factors such as auditing standards, long auditing process and slow development of third-and fourth-tier cities. With the deep integration of financial services and the Internet, Internet consumer financial products have risen rapidly and become an important force in the outbreak of consumer finance. According to the data of the first consumer finance report released by iResearch, it is predicted that by 20 17, the overall consumer finance market in China will exceed 1000 billion, with a compound growth rate of 94% in three years. As the basis of promoting consumer finance, internet credit investigation may also lead to the outbreak of the market.

3. Credit business. Financing difficulties for small and medium-sized enterprises have a long history. On the one hand, due to the limited qualifications of enterprises, the lack of physical mortgage and low anti-risk ability. On the other hand, although banks have been inclined to finance small and medium-sized enterprises recently, the amount is still limited and the process is still complicated. Internet finance has solved this problem to a certain extent, which has spawned a huge demand for credit information. At present, small and medium-sized lending institutions mainly rely on manpower audit, paper materials delivery and gray channels to inquire about central bank credit information in the risk control link of the project. Black list scanning before lending and management tracking after lending are basically blank. The overall efficiency of risk control is very low, and the process is easily disturbed by human factors.

In terms of personal credit reporting, Internet financial providers tend to build their own platforms and cooperate with each other to establish industry blacklists to avoid risks and improve efficiency. In terms of corporate credit reporting, it relies more on the power of third-party credit reporting agencies. Here I have to mention the SI evaluation model of Creditreform introduced by Shang Anxin (I am very optimistic). Unlike most enterprise evaluation models that focus on the analysis of historical data, Creditreform focuses on the monitoring of liquidity and short-term solvency, which can directly reflect the recent situation and risks of enterprises.

In addition, with the opening of Ali Online Bank and Tencent Weizhong Bank, and the launch of various types of small loans and consumer credit products in their markets, the traditional mode of collecting customer information, reviewing credit and issuing loans by relying on their own customer groups and offline physical outlets will inevitably be greatly impacted. It is expected that banks will strengthen cooperation with credit reporting agencies in the future.

4. Accounts receivable business. The credit service industry can be divided into front-end data collection, mid-end credit authentication and credit evaluation, and back-end asset disposal. Internet credit information companies are mostly engaged in front-end and mid-end business, and rarely involve back-end asset disposal and accounts receivable business (difficult and tiring). At present, such services are mainly provided by traditional credit reporting companies and third-party outsourcing companies.

Accounts receivable business includes enterprise accounts receivable management and financial institution accounts receivable management. According to the data of China People's Bank in the second quarter of 2065438+2005, the stock of social financing scale is13 10.58 trillion, with the growth rate of10/0.9%, and the annual growth scale is above10 trillion. Assuming that the assets to be disposed of are 1%, the market scale will reach 1.3 1 trillion, and the space is huge, especially the enterprise accounts receivable management market.

5. Transform the traditional business model. The fastest in this respect is Ali's Sesame Credit. If the sesame score is higher than 600, you can rent Yong 'an City bicycles for free, and more than 6,000 hotels can stay free of deposit. If the score is higher than 650, you can rent a car at CAR Inc and Ehi Credit. If the score is higher than 700, you can apply for a Singapore visa without providing other information. The business model innovation promoted by the expansion of big data credit application scenarios has given birth to one new market after another. It is expected that this part of the market will be in the hands of internet credit information companies with deep background in the future.

As a new industry, the credit information industry is understandably confused in its initial stage of development. However, credit reporting has gradually become the basis of financial innovation, market operation and social management, and it needs to be cautious.