Bairong Inc., a leading independent financial big data analytics solutions provider in China, announced that it has won the bid of Shanghai Pudong Development Bank (SPDB) Credit Card Center to strengthen SPDB’s revolving credit and post-loan risk monitoring system. Following the initial cooperation between Bairong and SPDB, this deepened partnership will see the pair leverage Bairong’s industry-leading AI technology to establish a tailor-made management system for existing credit card holders, providing technological empowerment to bolster the digital operation of SPDB Credit Card Center.
Established in 1993, SPDB is a Chinese national joint-stock commercial bank with its total assets worth over RMB 8 trillion as of the first quarter of 2021. As one of the first commercial banks to launch the credit card business in China, the bank now has over 43 million credit cards in circulation, with its credit card loan balance exceeding RMB 370 billion in 2020.
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While acquiring new customers is no longer a prime strategy for credit card issuers to secure business growth, tapping the unmet needs of existing cardholders and consumers is a new frontier where the issuers are competing for better services with new features and fewer risks. However, how to take advantage of the power of digital technologies to target high-value customers more precisely and reinforce risk management remains a challenge. In response, Bairong will help SPDB to increase profit return by establishing a more robust management model and strategy for credit card consumers while retaining and strengthening its old cardholder base.
Several challenges are facing credit card issuers when it comes to customer management: how to speed up the response to sudden changes of consumer credit profile; accurately and efficiently adjust credit lines of cardholders; strengthen customer risk control; tackle the problem of dormant credit card accounts; fix difficulties in identifying the varied needs of customers.
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Focusing on these major pain points plaguing the industry, Bairong has created exclusive full-scenario model combinations and pre-screening strategies based on SPDB’s business characteristics. With a slew of customized model combinations that include anti-fraud, post-lending monitoring , and marketing response, Bairong will help SPDB to accurately understand and identify loan demands, boosting the management efficiency for its existing customers.
The landmark cooperation will allow Bairong to apply its proprietary AI technology and industry-leading cloud-native solutions that have been granted with more than 110 software copyright certificates (SCC) and patents. In the first half of 2021 alone, Bairong acquired an additional 18 SCCs that include an intelligent customer conversation response management system, customer service platform and automobile finance risk warning platform.
In June of this year, Bairong’s AI-powered solutions hit a new milestone when the company’s AI lab launched the machine-learning platform ORCA. The platform, which can be deployed both locally and in the cloud, is designed to equip financial institutions with the capacity to quickly develop AI models with higher flexibility, lower cost and fewer technological barriers.
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