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 have reported successful implementation cases. Some companies express willingness to deploy technology, but lack systematic planning; others have explicitly stated no current plans for technology deployment.

Only 2 companies have successful deployment cases

Technology deployment has reached over 200 financial institutions

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 comprehensive data governance systems and data asset support leads to issues like internal data gaps and low external data quality. There is room for improvement in data value for 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 growth. Tech talent is the core element and driving force of digitalization, but 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 the company has already established 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 existing data and leverage external cooperative data agencies. Strengthening independent technological innovation, utilizing big data, cloud computing, and other tools for targeted analysis, and building distinctive product systems are essential. Reducing customer acquisition costs and improving service quality should be set as quantifiable standards. Accelerate approval processes and enhance overall service quality; 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

Enhancing technological driving force for financial digital transformation

Openness and interactivity in the digital era