With the rapid development of science and technology, the auto finance industry is standing at the crossroads of change. Technological innovation has become the core driving force for reshaping the auto finance landscape. From financial technology reshaping business models, to intelligent technology optimizing service experience, to blockchain and Internet of Things technology ensuring asset security and operational efficiency, the deep integration of multi-field technologies is triggering an all-round transformation of auto finance from products and services to risk control and management.
Insight into the “code” of customer needs
By deeply mining these data, auto finance institutions can accurately understand consumers’ car purchase preferences, financial needs, risk tolerance and other characteristics, and achieve personalized marketing. For example, an auto finance company predicts customers’ potential car purchase needs in advance by analyzing customers’ car product purchase records on e-commerce platforms, the frequency and preferences of browsing auto information, and pushes customized financial solutions, such as low down payments, long-term loans or flexible repayment methods, to customers at the early stage of their car purchase intentions, greatly improving the accuracy and conversion rate of marketing.
The big data risk control model integrates a large amount of internal and external data, including the borrower’s credit data, consumption data, social data, operator data, and vehicle-related data, and uses machine learning algorithms to build a multi-dimensional risk assessment system.
Compared with traditional risk control models, big data risk control models can analyze the borrower’s credit status and repayment ability comprehensively and deeply. For example, by analyzing the borrower’s mobile phone consumption bill, understand their consumption habits and stability; dig out the borrower’s social relationships and behavioral characteristics from social media data to assess their potential risks. At the same time, the big data risk control model can monitor the borrower’s risk changes in real time. Once an abnormal situation is found, such as a sudden change in consumption behavior, an increase in overdue records, etc., it will issue a warning signal in time to provide a basis for financial institutions to take risk response measures.
Technological innovation is driving a profound change in the auto finance industry with unprecedented force. From reshaping business models, optimizing service experience to upgrading risk control systems, technological innovation has brought unprecedented development opportunities to the auto finance industry.