Genetic Recombination In Consumer Finance Enables by AI

[Editor’s note: This is a blog post from Jason Zhang, Co-founder & CEO of Rongzhijia. Rongzhijia is China‘s leading Information technology service provider in consumer finance industry, and also is one of gold sponsors at LendIt Fintech USA in 2018, which will take place on April 9-11, 2018 in San Francisco. ]

With the rapid development of information and communication technology is transforming the entire industry landscape, there are three trends in the fintech industry, we named it as globalizing, personalizing and virtualizing.

As shown by the data, China has becoming the world’s new fintech leader Which got 8 of the 27 current Fintech unicorns. More and more fintech unicorns like Ant financial, Lufax, Zhongan online, P&C insurance, JD finance to lead the new world business landscape.

In the meantime, genetic recombination of consumer finance is processing, and we define genetic recombination as reorganized,renovation and revolution enabled by technology.

Rongzhijia find that the total amount of U.S. consumer spending (excluding house purchases) is much higher than China’s. And the total amount of U.S. consumer spending (excluding house purchases) is much higher than China’s. Though since 2012 ,Chinese consumer spending has been in a high-speed growth, total consumer spending in 2018 (excluding purchase) of 36.7 trillion, as a share of GDP by 42.8%, while the U.S. housing consumer spending as a share of GDP is as high as 70%. China’s consumption upgrading drive economic transformation potential is huge.


In 2018, China’s consumption credit (excluding loans) reached 8.59 trillion, accounting for 10% and 23.4% of GDP and consumption expenditure (excluding house purchases). Compared with U.S. consumer credit, which accounts for 20% and 29% of GDP, China is rising every year, but there is still 10% room for growth.

Since China has led the way in presenting cutting-edge discoveries and applications.

The Chinese government has named its first batch of national champions in artificial intelligence as partners in an ambitious strategy to accelerate the country towards global technology leadership in 2017.

The imagination space of future development of artificial intelligence has been pushed to a new level since AlphaGo won Lee Sedol in 2016. According to authoritative source of data by McKinsey, the internal investment of major companies in artificial intelligence reached $18- $27 billion in 2016, while the external investment was about$8- $12 billion.By June of 2017, there had been 2,542 artificial intelligence enterprises in the world.

There is a view from the Rongzhijia ‘s CEO-Jason, he confidently predicted that artificial intelligence technology is being applied to all processes and modes of finance, from customer service to credit review, from customer acquisition to after-loan management, from investment consultation to decision making,and even from bank to insurance and then to the secondary market.

Rongzhijia, as China‘s leading Information technology service provider in consumer finance industry, has been used typical applications of ABCD in consumer finance services.

The first practical application is in artificial intelligence ,since Rongzhijia was established in 2015, it was created a platform of Intelligent recommendation system for credit products by service financial institutions. This application can implement the data acquisition and preprocessing,training & recommendations,in-depth study loan recommends subdivision and a deep docking with thousands of financial institution functions.

Then, Rongzhijia has started-up practical application about blockchain in 2017. With capital support and human investment over the past year , Rongzhijia has built a 20-person block chain lab to created Electronic IOUs platform, which use Ethereum Virtual Machine (EVM) based on consortium blockchain.

At the same time, Rongzhijia continues to explore and establish SaaS cloud service platform, which known called Fin-cloud mainly applied to data cloud storage and computing processing,and mass operation capability, and help thousands of cooperative organizations with low cost operation and high scalability obtain massive target users .

Practical application from Rongzhijia is actively layout and expand in big data, which known as unique intelligent financial Anti-fraud strategies.
Such technical breakthroughs and mobile applications are reflected as an irreversible trend of integration of artificial intelligence and finance industry , also demonstrating the essential need of finance industry for the big data and artificial intelligence technology.

Rongzhijia always believe that “AI +Blockchain+Cloud+Big Data” is bound to lead the restructuring and reform of the whole consumer finance industry.

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