CAR LOAN CASE

How Can Big Data and Risk Control Model Improve the Risk Control Power of Micro Loan Network

2017-08-12

Customer Profile

Micro-loan network was put into operation on July 8th, 2011, which engaged in P2P business dominated by automobile mortgage lending. Micro-credit network is an interactive service platform for users with capital needs and investment needs and it provides the public with low risk, high return, diversified investment products. As the forerunner of “Internet and auto finance” in China, Micro-loan network has been committed to promoting self-discipline construction of the industry. It hopes to make contributions to private finance and inclusive finance through the application of Internet big data, and provide one-stop financial services for small, medium-sized and micro-sized enterprises and individual users.

Business Challenges

After ten years of development, P2P car loan has experienced from less competitive market to intensely competitive market. In 2018, market competition entered the oligarchy of the times, and relevant business began to focus on a few leading companies. Compliance, expansion and innovation have gradually become key words of the industry. Micro-loan network, as the No.1 P2P online loan enterprise in the industry, it is a crucial to know how to use data advantages to control risks more effectively.

How to Apply the Massive Post-loan Risk Control Data

Every day, there will have increasing a large number of cars to be mortgage in Micro-loan network. Thus, the company use post-loan risk control as the main method—-install GPS with location service platform as monitoring device. After that, the background of the platform will produce a large number of vehicle behavior data, such as vehicle mileage, alarm record, stop record, etc. However, these raw data should be utilized automatically and then have positive effects on risk control rather than to do daily report and analysis by risk control personnel since it is a huge waste of resources.

Customer Qualification Audit Risks

  • Multiple Mortgage of Vehicle

In order to get more loan amount, the fraudsters always make the car mortgage with several loan companies. Finally, these companies cannot find those fraudsters any more. Even if the fraudsters are found, these loan companies will have a dispute and scramble for the car.

  • Malicious Fraud for Loan

Fraudsters cheat loan companies by forging personal information to defraud loans, including credit records, contact information, home address, work unit, etc. By the end of repayment date, the loan company has no place to track down the money and the vehicle, thus results in the “car and property empty” scene.

  • Malicious Defraud the Loan

The loan company is unable to collect the loan or to know the location of the mortgaged vehicle if the lender has maliciously defaulted on the loan due to unexpected circumstances, personal willingness or without ability to repay the loan.

Timeliness of Offline Service

Physical stores of Micro-loan network are all over the country, so the property of car credit business requires that the loan approval process must be fast enough. From qualification examination to the installation of GPS, confirmation and positioning, and loan, each link requires the service provider to be able to quickly implement and respond.

Solutions

Based on the Mathematical Model of Risk Control, the Data are Analyzed and Processed in the Way of Intelligent Platform Processing

Utilizing the risk analysis model as the basis of intelligent analysis of the platform, WanWay tech takes data of up to 15 dimensions as the basis of risk judgment. Through risk identification, assessment, early warning to offer countermeasure, the platform is automatically processed during the whole process until directly output risk results to users. On the other hand, as for particularly complex vehicle risk situation, WanWay tech’s specialized customer service personnel will be arranged to carry out risk analysis, so as to provide daily risk data statements for Micro-loan.

Online and Offline Functional Services to Reduce the Risk of Customer Qualification Audit

The risk control online platform of WanWay tech possesses the largest national vehicle database of car mortgage. WanWay tech can screening out the mortgaged car which was mortgaged more than one time. At the same time, the platform gathered over ten thousand risk points, including domestic DMV, auto repair, auto city, which forms the risk point database and provide risk early warning of vehicle for Micro-loan network.

The National Region Service Network Helps Micro-loan Network implement business rapidly

WanWay tech divides the country into four major regions and set up urban managers and service consultants, which are respectively connected with different regions of Micro-loan network to help Micro-loan network solve offline installation problems of GPS hardware. Moreover, according to different regions, WanWay tech provides accurate installation services of 2-3 hours, 3-6 hours and even 6 hours.

Customer Returns

Through the application of GPS hardware and location service platform, the risk control level of Micro-loan network has been strengthened. Customer with poor qualifications can also be included in the scope of business, so Micro-loan network also expanded the scope of business. At the same time, the zero inventory service model of WanWay tech helps Micro-loan network exempt from equipment inventory pressure, which could reduce costs and improve profit margins. The application of the risk control model initiated by WanWay tech can helps Micro-loan network eliminate a large number of complicated original data processing and risk judgment work, thereby improves the working efficiency of the post-loan risk control department.
2018-12-13T21:04:39+00:00