After the arrival of the epidemic, most industries will cooperate with the epidemic HE Tuber prevention work, and their income will be greatly reduced in the short term. Many families and individuals have suspended their sources of income. However, household expenses, mortgage loans, car loans, rent, etc. all need capital turnover, and money is tight at this time. It is inevitable. Choosing a loan is a necessity. People can relieve some short-term financial pressure through loans.

"China Consumer Finance Company Development Report (2023)") mentioned: As of the end of 2022, the number of customers served by consumer finance companies exceeded 300 million, reaching 338 million, a year-on-year increase of 18.4%; the asset scale and loan balance both exceeded 800 billion yuan, reaching 884.4 billion yuan and 834.9 billion yuan respectively, with year-on-year growth of 17.5%, higher than the economic and consumption growth rates, making a positive contribution to the recovery and expansion of consumer demand.

In 2022, consumer finance companies reduced interest rates of 5.19 billion yuan for more than 340,000 customers affected by the epidemic, reduced fees of 170 million yuan for 179,000 customers, and negotiated deferred repayments of 5.89 billion yuan for more than 90,000 customers. Provided credit reporting maintenance services to 125,000 customers who were overdue due to the impact of the epidemic.

In summary, a large number of consumers have become more aware of personal loans and have gradually become accustomed to consumer loan behavior.

With the rapid development of financial technology, the consumer finance industry is gradually undergoing changes. The application of financial technology has broken the traditional financial model, changed the way consumers borrow money, improved risk control capabilities, reduced costs, and improved transaction efficiency and user experience. The impact of financial technology on the consumer finance industry mainly includes the following aspects:

 Changes in borrowing methods

In the traditional consumer finance industry, borrowings are mainly divided into two types: credit loans and mortgage loans. Since the application of financial technology, the consumer finance industry has also ushered in a "new financial era". In this era, consumers can obtain fast and simple loans through Internet financial platforms. It is difficult for individuals to apply for loans through traditional channels. However, on Internet financial platforms, consumers only need to fill in some basic personal information, and the platform can review users through big data analysis technology and complex risk control models, and ultimately efficiently Get a personal loan. In addition, consumers can also use banks, Alipay, WeChat and other electronic wallets to provide installment functions to realize small loans and avoid excessive interest burdens due to large loans.

For the consumer finance industry, risk control has always been a difficulty. The application of financial technology has improved the accuracy and efficiency of risk control. Through big data analysis, fintech technology can evaluate and detect consumers to accurately measure risks. In the traditional bank loan process, manual review and risk control involve large human factors, but the emergence of financial technology has greatly reduced the error rate in this area. At the same time, the application of facial recognition, handwritten signature and other technologies has also made the review of repayment authenticity more convenient and flexible.

Insight Technology relies on cutting-edge technologies such as device fingerprints and knowledge graphs to be highly integrated with privacy computing to help financial institutions combat electronic fraud. Unite multiple types of financial institutions to form an industry-wide joint prevention and control alliance to improve the interception rate of telecom fraud in financial institutions, reduce economic losses, and ensure the safety of people's property.