What happened to Shenzhen Weizhong Bank two years after Premier’s inspection？

After pressing Enter on the computer keyboard, Li Keqiang witnessed the first loan business of Shenzhen Qianhai Weizhong Bank: Xu Jun, a truck driver who was far away from home, got a loan of 35,000 yuan.

This scene, which happened more than two years ago, was widely circulated on the Internet together with an encouragement from the Prime Minister at that time: "This is a small step for Weizhong Bank, but it is a big step for financial reform!"

As the first private bank and internet bank in China, Weizhong Bank was placed high hopes on by Premier Li Keqiang, who came to visit: I hope that it will break a new path in the field of internet finance and provide experience for the development of inclusive finance, small loan companies and small and micro banks.

In fact, after the Prime Minister witnessed the issuance of the first loan, the bank adhered to the business characteristics of differentiated market positioning and micro-service, actively explored the development model of Internet banking, and constantly broadened the road to inclusive finance.

"inclusive finance is a blue ocean. At present, there are 700 million QQ users, of which at least 500 million have financial needs, and the financial business has broad prospects for development. " The head of Weizhong Bank recently said, "We will continue to adhere to differentiated and characteristic positioning and vigorously develop inclusive finance according to the requirements of the Prime Minister."

Insist on being a "supplement" of financial business rather than a "showstopper" of the market.

During the inspection on January 4th, 2015, Li Keqiang encouraged Weizhong Bank to further reduce the interest rate, so as to greatly reduce the cost of mass entrepreneurship and innovation, and make small and micro enterprises have greater development. "You are the first Internet financial bank, the first to eat crabs, and at the same time, you are also forcing the reform of the traditional financial industry!" The prime minister said at the time.

Since then, Weizhong Bank has defined the development strategy of "taking inclusive finance as the goal, featuring individual deposits and small loans, taking data technology as the starting point and relying on inter-bank cooperation", and relying on the technology and data advantages of Tencent, a major shareholder, has conducted big data analysis, product design and precise marketing for small and micro enterprises and the public, and provided inclusive finance services for financial institutions.

The person in charge of the bank said: "We insist on being a’ supplement’ of financial business rather than a’ showstopper’ of the market."

In June, 2016, Weizhong Bank realized its monthly profit just over one year after its establishment. Achieve full-year profit in 2016. By the end of April 2017, the number of registered customers had reached 27.49 million, with total assets of 52 billion yuan and management loans of 80.4 billion yuan. The income in the first four months was 1.86 billion yuan, and the net profit still reached 500 million yuan. The NPL ratio of loans is only 0.47%.

Recalling the scene that the Prime Minister visited two years ago, the person in charge of Weizhong Bank said that Weizhong Bank had just been established and there was only a temporary office area. The Prime Minister "could only stand and listen to the report".

"Now there is a 9-story office building. If the Prime Minister comes to inspect again, he can ask the Prime Minister to sit in the conference room and listen to the report." The person in charge said.

The first loan will arrive in 10 minutes

As the Internet bank that the Prime Minister hopes to be "the first to eat crabs", Weizhong Bank launched the "micro-loan" business, which is a consumer loan product issued to individuals on the basis of big data analysis, providing financing services for customers who lack qualifications, mortgages and credit that are difficult to cover by traditional financial services.

According to the relevant person in charge of the bank, when a customer applies for "micro-loan" for the first time, the system will conduct a comprehensive risk assessment and multi-dimensional credit rating for the customer, and generally the funds will arrive after 10 minutes. If the customer applies for a loan again, it will pass the examination in an average of 2.4 seconds, and it will be paid in 40 seconds. With the help of Tencent platform, this loan service has covered 31 provinces (autonomous regions and municipalities) and more than 500 cities.

Less than two years after its launch, the "micro-loan" business has accumulated more than 41 million loans, with a cumulative amount of more than 340 billion yuan and more than 21 million customers. Among them, 94% of customers’ loan balance does not exceed 50,000, 77% of customers’ loan balance does not exceed 20,000, and the average loan interest is around 120 yuan.

"’Micro-loan’ mainly meets short-term capital turnover needs such as emergency, shopping and consumption. 500 yuan started the loan, and the average loan was about 8,000 yuan, which was repaid with the loan. Customers have the characteristics of’ small and micro’, among which more than 45% are blue-collar service and manufacturing customers, and 69% are college graduates or below. " The person in charge said, "Although the annual interest rate is higher than that of ordinary loans, many customers prefer to meet the temporary liquidity needs of funds through’ micro-loans’ because of the comprehensive comparison of cost and service convenience."

40 trillion pieces of data information support credit evaluation.

Facing Premier Li Keqiang, the head of Weizhong Bank simulated the online lending process of an individual entrepreneur. He picked up his mobile phone and pointed the camera at himself. Soon, the software system recognized his identity and successfully matched it with the identity data of the Ministry of Public Security. At the same time of "brushing face" certification, through big data analysis such as social media, the software rated his credit as 83 points and agreed to grant a loan of 35,000 yuan.

"Our big data system brings together 40 trillion pieces of data information, so we don’t need to investigate credit and door-to-door guarantee. The whole service relies entirely on the Internet, and all the saved labor costs are returned to the enterprise." The person in charge said.

In fact, since it was approved, strong financial technology has been a strong support for the innovation of financial services of Weizhong Bank. By implementing the strategy of artificial intelligence+blockchain+cloud computing+big data, Weizhong Bank applied financial technology to the construction of bank information system, which significantly improved the stability of service operation. At the same time, scientific and technological innovations such as remote face recognition, intelligent robots and blockchain platforms are applied to financial services.

At present, Weizhong Bank has 900,000 questions and answers every day, 97% of which are completed by intelligent robot customer service, and one robot replaces four manual customer service on average. In addition, video sign language service was introduced to assist the hearing impaired to complete the loan review.

A hearing-impaired customer said: "For the first time, I saw that an institution will provide special services for special people, and the disabled can finally enjoy financial services with dignity."

Internet and Big Data Build a Risk Firewall

A customer used to be active in QQ or WeChat working group, but he has been silent recently. According to the system of Weizhong Bank, this simple information change indicates a possible conclusion: the customer has left his job and his work information can no longer be used as a credit basis.

"On the basis of traditional risk management, we give full play to our advantages of’ Internet’ and’ Big Data’, build a brand-new risk management prevention and control system through risk pre-positioning, strive to control credit risk, and build a’ risk firewall’ required by Premier Li Keqiang." The head of the bank said.

According to the person in charge, Weizhong Bank relies on Tencent’s customer advantages, adding social, hobbies, life trajectories, demographic characteristics, relationship chains and other data, enriching the credit rating dimension and judging risks more accurately. At the same time, more than 100 anti-fraud systems and a large number of risk control models are used to build multi-dimensional portfolio management according to age, gender, consumption preferences, etc., and rating among a large number of customer groups, effectively identifying and preventing credit risks.

"In the next 10 years, Weizhong Bank will strive to provide equal, convenient and efficient financial services to 30 million small and micro enterprises and 300 million public." The person in charge said, "We must strive to embark on a new development path of inclusive finance with light assets, open platform and low operating costs, and live up to the expectations of the Prime Minister." (Special correspondent Chu Sizhen)