360 Finance Wins the Achievement in Credit Risk Management Award for 2019 by The Asian Banker
The Achievement in Credit Risk Management Award is one of the most professional and prestigious awards in the risk management field in Asia and it adheres to the highest international standards. 360 Finance is the only Chinese technology company to win this award this year for its excellence in risk management.A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/356b197e-73f5-4b9d-8452-e07fc3c471ea
The selection and operation of the awards by The Asian Banker is based on fairness and neutrality. It takes three to four months for the international research team and the board of review to evaluate and investigate the information submitted by more than 160 financial institutions from more than 30 countries as well as interviews with selected institutions to determine the final results.
The Asian Banker commented, “360 Finance uses a purely online way to connect banks and users, serving people who have not been covered by traditional financial institutions. At the same time, it has developed a unique risk management for those people who lack credit records. At the same time, the risk is always at a low level, and its outstanding performance has made it an industry leader.”
With fewer than 200 people in its risk management team, 360 Finance manages deals worth hundreds of billion of RMB
Big data is the foundation of risk management system
Data is the foundation of the Company’s risk management process. For online small loans, preventing fraud is critical because a lack of user financial behavior data makes credit assessment difficult. Therefore, it is necessary to integrate users’ high-frequency non-financial behavior data to form a big data image in order to make approval decisions. With its cooperation with the 360 Group covering 600 million PC users and 900 million mobile users, 360 Finance’s AI risk management system generates a complex black/grey list of millions of users that covers over 2 billion nodes and 15 billion relationship edges, which helps reduce fraud risk.
In-depth application of AI leads to loan applications automatic approval rate of 99.3%
By incorporating pre-loan credit approval, loan transaction approval, adjustment management and post-loan asset management, 360 Finance achieves an automated iterative risk control model that informs risk management decisions through the application of AI modeling techniques including social atlas model, language processing and machine learning. With the continuous accumulation of data, 360 Finance’s AI risk management system is able to capture an image of its users through big data analysis and build a life cycle big data solution. AI risk management brings substantial benefits to the Company. It improves the average authorization amount limit and enables the platform to serve more subprime clients with lower losses. It also significantly reduces modeling time and labor cost, and accelerates iteration modeling. Currently, 99.3% of credit applications are reviewed and audited automatically.
As a technology company and a service provider to financial institutions, 360 Finance strives to provide strong data and risk control solutions to financial institutions leveraging data through advanced technology.
Mr. Jun Xu, Chief Executive Officer and Director of 360 Finance, commented, "Our mission is to help thousands of banks in China to improve efficiency and risk management through technology. We believe that our technology based on AI and big data analysis is the right solution for their challenges”.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums. The company’s website is www.theasianbanker.com.
About 360 Finance
For more information, please visit: http://ir.360jinrong.net/investor-relations
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Mr. Christian Arnell
Ms. Linda Bergkamp