Guangfa Bank: Accelerate the Construction of inclusive finance Product System Supported by "Finance+Technology"

Guangfa Bank actively implements the requirements of the CPC Central Committee and the State Council on improving micro-financial services, continuously explores the innovative development model of enabling inclusive finance by science and technology, accelerates the construction of inclusive finance product system supported by "finance+technology", and adopts various measures to cultivate new kinetic energy of financial services to the real economy.

"Tax-Banking Link" 2.0 is an enterprise credit product that Guangfa Bank resolutely implements the decision-making arrangements of the CPC Central Committee and the State Council on the development of inclusive finance, actively implements the policy requirements of the regulatory authorities on "interaction between banks and taxes", strengthens the integration of technology and business, and innovatively develops. "Tax Yintong" 2.0 takes the tax-related data of enterprises as the core, integrates B+C big data resources inside and outside the bank, realizes accurate portraits of corporate customers who apply for products online, builds an online risk control system for corporate customers, and provides customers with credit loan services with a maximum amount of 3 million yuan. The launch of this product will help alleviate the financing difficulties and pain points of small and micro enterprises, expand the coverage of inclusive finance, improve the convenience and satisfaction of small and micro enterprises, and effectively improve the quality and efficiency of Guangfa Bank serving the real economy as a member of central enterprises.

Realize the whole process of online loan service and effectively enhance the customer experience. Relying on the big data model, this product carries out real-time online intelligent risk assessment on enterprise customers who apply for the "Tax-Banking Link" 2.0 product, and adopts differentiated intelligent approval strategies according to different risk levels of customers, effectively improving the loan application rate; At the same time, the online operation of credit application, approval, signing, invoicing and repayment is realized through financial technology, which greatly improves the efficiency of business handling.

Build the core of online risk control in inclusive finance business and enhance the financial service capability. Guided by tax data, we will integrate big data and anti-fraud resources inside and outside the bank, penetrate enterprise and personal information, accurately portray customers, build an online risk control core of inclusive finance business with completely independent intellectual property rights by building four lines of defense and five models, and use this as a support to issue credit loans to qualified small and micro enterprises, effectively alleviating the financing problems of small and micro enterprises.

Strictly implement the requirements of due diligence exemption, and improve the micro-financial service mechanism of "dare to lend" and "willing to lend". The whole process of product pre-loan investigation, risk rating, loan approval and post-loan warning realizes artificial intelligence management and reduces manual intervention. The account managers, heads of business units and other staff in relevant positions of branches only need to undertake a few tasks such as offline factory visits and post-loan management, and it is clear that they can be exempted from liability within the tolerance range of product defects without violating laws, regulations and regulatory rules, so as to promote the effective implementation of the due diligence exemption policy.

Seamless embedding of non-repayment and loan extension functions effectively reduces corporate financing costs. Products rely on quantitative models to accurately measure the risk rating and default probability of each customer and realize personalized pricing of loans; Support daily interest calculation, and provide smart financial services of "deposit with interest" for small and micro enterprise customers. In addition, the product provides online loan renewal service for up to 12 months without repayment. After a single loan expires, customers can directly apply for loan renewal, extend the loan term, and effectively reduce the cost of customer repayment.

By the end of 20021,the product had been promoted in 44 tier-one branches of China Guangfa Bank, serving 7,265 customers, and the cumulative approved credit line exceeded 1 189 billion yuan, with a total loan of 23.44 billion yuan and a loan balance of 61/kloc-0 billion yuan. The product was selected as China, a typical case of inclusive finance in China People's Bank, and won the awards of "202 1 Excellent Case of Financial Services for SMEs" by China Banking Association, China Small and Medium Enterprises Association and "Product Innovation Award" by China Life Group in 2020.

In the next stage, Guangfa Bank will continuously improve its political stance, conscientiously implement the decision-making arrangements of the CPC Central Committee and the State Council on developing inclusive finance, thoroughly implement the policy requirements of the regulatory authorities, increase inclusive finance's support for scientific and technological innovation and small and micro enterprises in combination with the Tenth Five-Year Plan, practice the financial development strategy of enabling science and technology, and promote the high-quality development of inclusive finance's business.

This article is from Investor.com.