YEP, the fintech capability sharing platform launched by Yendai, has attracted more than 32.43 million users since its launch, and has established in-depth cooperation with more than 70 financial institutions, including some well-known online banks or consumer finance companies, such as Xinwangbank, Baidu and Goldman Sachs.
Pleasant loan YEP sharing platform is able to obtain the trust of many financial institutions, hands without a few diamond. As the only fintech platform to list the top 100 enterprises for three consecutive years, Renyendai has accumulated technical and data capabilities for many years.
Technology of precipitation
The level of risk control determines the core competitiveness of the fintech platform. However, With innovation driven by science and technology as its development foothold, Renyuan Has made achievements in the field of big data and artificial intelligence, and its risk control ability has become the barrier advantage of Renyuan.
Based on creditEase’s 12 years of risk control experience and Yumendai’s 6 years of exploration in risk control, yumendai’s original risk control system can accurately judge fraudulent bills and control overdue rate through multi-dimensional cross detection. According to the financial report, the overdue rate of The Loan has always remained in a healthy range, which shows that the loan has excellent risk management ability.
As of August 2018, the platform has effectively blocked more than 8 million suspected fraudulent bills through its anti-fraud system Honeycomb, with an average daily query volume of over 101,300 times and 32.43 million users, and a total of 98.39 million successful queries. Rendai, which has long been at the forefront of the industry in terms of risk management ability, was recently awarded the “Outstanding Risk Control Award of the Fintech Industry of the Year” at the Fintech Innovation Summit 2018.
Precipitation data
Risk control strength, service ability and data precipitation are also inseparable. Since its establishment, Yirendai has been focusing on serving the high-quality borrower, the white collar class, and has accumulated a large amount of valuable user data, such as credit investigation data, behavioral data and e-commerce data, which is also one of the core competitiveness of Yirendai.
With the aid of big data and artificial intelligence, pleasant credit platform can collect real-time social, business, finance and other multidimensional users data to establish accurate portraits, the user is layered, quickly to accurately evaluate the borrower’s credit status, can not only improve the efficiency of a guest, also can improve the precision of platform service capabilities and operational efficiency.
Data show that 100% of the users’ borrowing activities are completed online, and nearly 80% of the users also obtain loans online. Borrowers can complete the loan review within about 10 minutes after submitting data on the Platform.
As years of data accumulation and technology accumulation are applied to YEP sharing platform, YEP can comprehensively analyze different types of credit data, enabling more financial platforms to make reliable credit decisions.
Behind the cooperation with financial institutions: YEP ushered in the era of full openness and empowerment in the financial industry
In the context of the continued implementation of compliance requirements and the advent of a period of consolidation in the Internet finance industry, the collaboration between Yirendai and financial institutions through YEP sharing platform has multiple implications for the normal development of the financial industry.
On the one hand, in recent months, there have been a lot of trust-breaking incidents of Internet financial enterprises, which have shaken the foundation of user trust. User trust needs to be improved or strengthened. In the future, risk management ability will be more important for Internet financial platforms.
As a leading fintech platform, YENDai’s opening capacity can help more financial institutions improve user experience, service ability and risk control ability. For example, Yirendai and Xinwang cooperated with Yirendai YEP, which realized a strong combination. The two sides can improve traffic distribution, data accumulation and analysis, accurate customer acquisition and other aspects through complementary strength. Up to now, the accumulated transaction amount of yirendai and Xinwang Bank has reached nearly 100 million yuan.
At the same time, banks and other traditional financial institutions have also come to the point of transformation. Yendai has opened up its financial technology capabilities, and can use experience and technology to help traditional financial institutions avoid risks of transformation, thus reducing labor, material resources, time and other costs.
More importantly, in the process of cooperation between Renyendai and financial institutions, it will create a more benign development environment, promote the compliance and steady development of the industry, and reshape users’ confidence in the Internet finance industry, just like a locomotive driving a car body.
On the other hand, giants such as Alibaba, Tencent and Baidu have proved that the ability to open up to the outside world is more beneficial to the long-term development of enterprises. Opening up fintech capabilities to the outside world will also improve Renrendai.
At present, The services of Renyendai mainly cater to white-collar workers. Cooperation with financial institutions can make up for its shortcomings. It can not only bring more diversified services to users, but also attract target customers more efficiently through cooperation platform, so as to cover more users. In the process of cooperation, the risk control data of Renyendai can also be accumulated, so that the risk control system can be strengthened in more multidimensional data. Compared with other businesses, technical services have higher profits, which will further improve the profitability of Yirendai.
More importantly, after the end of the Internet dividend, synergies have become the consensus of various industries to ensure continued business growth or maintain strong competitiveness. This is especially true for the Internet finance industry, where personal credit data is like an information island. Only through mutual cooperation can information island be broken and information exchange be realized.
In a word, the reason that YEP platform has won the trust of baidu, Goldman Sachs, Xinwang Bank and other financial institutions in a short period of time is that The technology and data capabilities of Rendai have been recognized by peers in the industry. In terms of the industry, by exporting financial technology capabilities, YENDai can enhance the competitiveness and influence of leading enterprises through cooperation with other financial institutions, strengthen the trust of users, and promote the steady development of the industry. For Renyendai itself, it can also expand its profit model and service scene to cover more user groups.
It can be predicted that the leading role of enterprises with data accumulation and technology accumulation like Yenden Loan will become stronger and stronger in the future enabling period.
Article/Liu Kuang public account, ID: Liukuang110, this article first leek finance