Output: The will is willing, but the flesh is weak.

(Or alternatively: "The heart is willing, but strength is lacking.")

Overview

In the digital age, consumer finance companies rely heavily on technology. Besides using technological tools to strengthen their core businesses, a few companies are also exploring technology deployment.

◎ Focus of Digital Technology Application in Consumer Finance

Most consumer finance institutions continue to invest in technological resources, primarily for their core operations.

Building a digital marketing closed loop

Enhancing business capacity

◎ Practice of Technology Deployment in Consumer Finance

Out of more than ten interviewed consumer finance companies, only two reported having implemented cases. Some companies expressed willingness to deploy technology, but without systematic planning; others clearly stated they currently have no plans for technology deployment.

Only 2 companies have implemented cases

Over 200 financial institutions involved in technology deployment

Strengthening technological empowerment in ESG fields

Challenges in Deployment

Currently, licensed consumer finance companies face difficulties in deploying digital capabilities. Most companies prioritize business growth over digital capability deployment.

◎ Challenges in Digital Technology Deployment in Consumer Finance

Lack of a comprehensive data governance system and data asset support leads to issues like internal data gaps and low external data quality. There is room to improve data value in precise customer acquisition, risk control, and strategic decision-making. Cutting-edge technologies such as IoT, cloud computing, big data, AI, and blockchain are key to financial digital transformation, but these technologies are not fully integrated with consumer finance scenarios. There is a lack of comprehensive exploration of application scenarios, customer acquisition models, and business development directions, which hampers the effective utilization of new technologies to drive business. Tech talent is a core element and driving force of digitalization; however, high-end fintech talent remains scarce, limiting innovation and slowing digital transformation.

Data resource value not fully realized

Insufficient exploration of frontier technologies

Shortage of high-end fintech talent

Recommendations for Deployment

The prerequisite for deploying digital capabilities is that companies have standardized processes. Otherwise, excessive investment solely for digital deployment may be counterproductive.

◎ Recommendations for Digital Deployment in Consumer Finance

The industry should shift from merely accumulating data to actively mining it. Under the premise of complying with national laws, financial regulations, and consumer protection, efforts should be made to activate internal data reserves and leverage external data cooperation. Strengthen independent technological innovation, make targeted analysis using big data, cloud computing, and other tools, and develop distinctive product systems. Reduce customer acquisition costs and improve service quality as key metrics, accelerate approval processes, and enhance overall service efficiency. Establish a multi-layered governance system involving legal constraints, regulatory oversight, industry self-discipline, internal controls, and social supervision to achieve comprehensive risk prevention.

Data is a fundamental strategic resource

Enhance technological driving force for financial digital transformation

Openness and interactivity in the digital era