51 Credit Card wins 2017 Most Innovative Fintech Enterprise Award from Chinese Venture magazine
The 4th Chinese Venture Fintech Innovation Summit, organized by Chinese Venture magazine, was held in Shanghai on September 29, 2017. In an exercise to evaluate Chinese fintech firms in the period 2016–2017, 51 Credit Card, a domestic “unicorn” in the fintech industry, stood out and was named “2016–2017 Most Innovative Fintech Enterprise” for its unique innovation and business model and for its product and service capabilities.
As domestic fintech industries become even better at deep development, and as interactions between industry regulators and players become even more frequent, the alignment among business model, product drivers and fintech capabilities is continually enhancing enterprises’ ability to go commercial. Over the course of this process, fintech products based on core technologies like Big Data, artificial intelligence, deep learning, blockchain technology and anti-fraud technologies are continually growing the diversity and numbers of inclusive financial services available to users. The personal credit and borrowing matching model exemplified by 51 Credit Card, which is supported by 51 Credit’s in-house iCredit Big Data-based risk control system, is an innovative financial services model within the realm of consumer finance.
51 Credit Card, the first mobile internet platform in China to engage in credit card bill management, is already gradually shifting from an emphasis on a credit card-centered finance ecology (including card application, payments, and bill management services, as well as the management of other consumer and credit accounts) with the management of the user’s credit card bills at the core to an internet finance business ecology that has finance services at the core and which covers products such as personal credit and internet wealth management. The company has also established a strong ability to create an industry-wide setup for itself with the aid of fintech capabilities, such as Big Data-based risk control technologies on the backend.
Currently, 51 Credit Card’s Big Data-based smart risk control system has been upgraded to the iCredit Big Data risk control system which is capable of even faster and more accurate credit management.
In terms of trends in the internet finance industry, the consumer finance field with its small transaction amounts and scattered transactions has become a focus for investors seeking industry inroads. 51 Credit Card is, on the other hand, one of the first to offer products and services in the field. Its personal credit and borrowing matching business model brings together online credit and consumer finance.
What is distinctive about this model is that there are no specific consumer scenarios targeted, and that there is also no offline marketing activity. What 51 Credit Card has chosen to do instead is to work with credit card holders’ bill and payments data to establish a new entry point into, and business model within, consumer finance. In addition, the company has also worked to broaden the scope of its user services. It has, over time, extended its services from credit card holder to non-card holders in order to further mine the potential of the small transaction amount + online borrowing consumer finance model. This is also the innovation 51 Credit Card has achieved with internet finance.
For the internet finance industry, the three necessary elements are: data, assets, and risk control capabilities. 51 Credit Card has been able to turn all three elements into strong business factors. 51 Credit Card has made use of its bill management platform, the51 Credit Card Butler app, establish a multi-parameter Big Data system that is based on bill data and which is worked with nearly 10,000 risk control variables across 20 dimensions. As such, this system is able to provide a comprehensive picture of the consumer’s buying power, repayment capabilities, and willingness to repay.
The possession of a unique and high-quality Big Data-based risk control system has created an exceptionally strong foundation for 51 Credit Card’s risk-control modeling. The company has been able to make use of this data — in volumes far exceeding those of its industry peers — together with industry-leading modeling techniques to establish models and strategies for customer screening and modeling, anti-fraud purposes, account applications, pricing, user behavior scoring, collections scoring, etc., with nearly 10,000 risk-control variables across more than 20 dimensions. 51 Credit Card’s system has since been upgraded to the iCredit Big Data-based risk control system.
For 51 Credit Card, an innovative fintech model, strong tech capabilities and the trust of its users have already ensured the company’s swift development.
As Sun Haitao, 51 Credit Card’s CEO had put it at the company’s fifth anniversary celebration, 51 Credit Card has transformed itself from mere tool to a closed service loop, beginning with credit card bill management to incorporate financial services over time. The company has been able to enhance its service capabilities and bring itself into a new phase of tech service provision and broader industry-wide setup.
Today, 51 Credit Card has grown to become China’s leading fintech services group. Its businesses cover the three major areas of debt management, financial services, and technological services. 51 Credit Card has already formed a closed industry loop with five core apps (51 Credit Card Manager, 51 RenPin, Geinihua, 51 RenPin Loan and 51 Pocket Money) that offer an array of fintech services.
