Bairong Inc. : Helping FSPs Tackle the Data Deluge
Zhang Shaofeng, Founder, Chairman, and CEO
China has always been a technological hotbed for innovation. Over the years, many companies have emerged in the Chinese technological ecosystem and went on to take up a global leadership role. And today, Bairong Inc. (“Bairong,” 6608.HK)—a forward-thinking Chinese SaaS company—is on the same trajectory of bringing innovation to the Chinese financial landscape.
Under the able leadership of Zhang Shaofeng—the founder, chairman, and CEO—Bairong has established one of the most comprehensive consumer databases for financial service providers (FSPs), leveraging its extensive repertoire of different data labels and AI-powered big data analytics capabilities. Bairong’s proven expertise in analyzing and translating unstructured consumer financial and behavioral data into intuitive, actionable insights is what makes the company’s consumer database a golden source of consumer information for the FSPs. The database uses both financial and non-financial risk metrics along with a wide range of consumer data labels for creating different risk scores pertaining to various use-cases and customer bases. Due to these exceptional features, many FSPs are now relying on Bairong’s comprehensive financial database to drastically improve their credit risk management capabilities.
The One-Stop-Shop for Data Analytics Services and Solutions
Interestingly, Bairong’s comprehensive financial database yields the maximum result when used alongside the company’s other data analytics products and cloud-native solutions. For instance, FSPs can use Bairong’s SaaS platform to easily manage and analyze their consumer data. Bairong has built a single, integrated platform driven by AI, cloud computing, blockchain, and big data technology. The platform can thus help FSPs streamline a multitude of operational processes such as customer acquisition, loan origination, insurance underwriting, portfolio management, and non-performing loan management. Besides, the cloud-based decision-making engine helps FSPs to easily deploy risk-scoring algorithms and data-driven analytics models to assess financial risks associated with different consumer profiles.
Zhao Hongqiang, Director and CFO
FSPs can also use Bairong for adding new monetization channels via insurance brokerage and precision marketing of different financial products and services. This is possible because of Bairong’s capability to create accurate financial and behavioral models of consumers, which, in turn, can be used to help FSPs strengthen their precision marketing endeavors. Further, through fraud screening, analysis of product application data submitted by consumers, risk pre-assessment, and user preference modeling from different financial institutions, Bairong can match consumers with appropriate financial products to augment FSPs’ marketing efforts. And while offering these competencies, Bairong paves the path for other value-added services necessary for precision marketing as well. For example, Bairong can provide alerts about the improved credit score of a consumer, details of possible fraud, or information regarding a breach of contract. Alongside this, for the insurance brokerage business, particularly, Bairong has developed a dedicated customer relationship management (CRM) solution named Liming Box. This innovative CRM solution equips insurance brokers with the most modern data-driven tools and analytics necessary for nurturing stronger customer relationships.
FSPs can use Bairong’s Cloud-native SaaS platform to improve their risk management effectiveness and serve their target customers more effectively
Such holistic efforts in the fintech sector have garnered Bairong a lot of global recognition. In 2019, Bairong was ranked as “China’s innovation model” by the China Economic Forum of People’s Daily. The company was also selected as a crucial partaker in China’s “13th five-year plan,” which aims to augment science and technology to the highest national priority. The company was certified as Level 3 Security Protection for National Information by the Ministry of Public Security. Today, these recognitions are being further substantiated by the company’s ever-growing user base. More than 4,800 financial institutions, including six state-owned banks, 12 national joint-stock banks, thousands of urban and rural commercial banks, consumer and auto finance, and insurance companies in China currently rely on Bairong’s breakthrough SaaS platform to streamline their financial processes.
Due to this market acceptance, as recently as March 2021, Bairong was recognized by cornerstone investors of Cederberg Capital, China Structural Reform Fund Corporation Ltd., and Franchise Fund LP, with Morgan Stanley, CICC, and CMBC Capital as co-sponsors. And the company was successfully listed on the Hong Kong Stock Exchange, getting official access to capital markets. Continuing ahead with this reinforced power, Bairong is now laser-focused on deepening the application of AI and big data in finance, helping the digital transformation of financial institutions, and reconstructing industrial ecology.
Management Zhang Shaofeng, Founder, Chairman, and CEO, Zhao Hongqiang, Director and CFO
Description Bairong offers an independent AI-powered technology platform as an innovative means for FSPs to analyze consumers’ financial and behavior patterns. Bairong has built a single, integrated platform driven by AI, cloud computing and big data technology. The platform can thus help FSPs streamline a multitude of operational processes such as customer acquisition, loan origination, insurance underwriting, portfolio management, and non-performing loan management. Besides, the cloud-based decision-making engine helps FSPs to easily deploy risk-scoring algorithms and data-driven analytics models to assess financial risks associated with different consumer profiles