Application Of Big Data Technology About Micro Credit Products In Dingxing County Rural Credit Cooperative

Under the background of rapid development of inclusive finance and quick promotion of rural revitalization,small and micro businesses,as the main participants and promoters of the inclusive financial policy and rural revitalization strategy,play an important role in supporting the development of the rural economy and even the national economy.The small and micro businesses have limited business scale,incomplete credit information,and lack in high-value guarantees,which leads to the insufficiency of financing channels and difficulties in obtaining loans.At this stage,the financing of small and micro businesses relies still on banks,and there is an information asymmetry between banks and small & micro businesses.Improvements in micro credit products against credit risks remain the immediate focus among banking industry.This paper provides a brief overview of the recent developments of credit business of Rural Credit Cooperative through the field research,based on the micro credit business of Dingxing County Rural Credit Cooperative,which then leads to the necessity and feasibility analysis of applying big data to micro credit products.After that the paper mainly focuses on the application of big data technology in micro credit products,following the summarization of advantages and characteristics of big data credit products briefly as follows.First,the pre-loan cooperation between Credit Bureaus of the People’s Bank of China,third-party data service providers and Dingxing County Rural Credit Cooperative,adopting the innovative model of “Big Data + Credit Products”,greatly reduced the information asymmetry between Rural Credit Cooperatives and enterprises.Second,based on the data platform of smart micro credit center,the approval process during the loan servicing can dramatically lower the labor cost of officers and improve the efficiency of loan approval process.Third,the marketing risk warning system established with “online real-time monitoring + offline tracking investigation” effectively prevents post-loan management from credit risk.Yet some deficiencies in micro credit product itself cannot be denied,such as the lack of extensiveness and accuracy in big data,the deviation in big data statistics,the incomplete big data management system,and the relatively backward professional cultivation of big data talents.To address these problems,some suggestions are provided chiefly as follows.First,Dingxing County Rural Credit Cooperative should broaden channels of obtaining data and expand the cooperation with third-party data.Second,build an outside-in data sharing coordination platform,and actively engage in data communication and exchange;Third,intensify the supervision and review of big data authorization,strengthen big data security education and management;Fourth,cultivate professional workforce,carry out regular training and assessment.Dingxing County Rural Credit Cooperative takes advantage of big data technology to introduce new micro credit Products,which is not only the improvement and advancement based on the previous micro credit products,but also the breakthrough and innovation in solving the financing problems of small and micro businesses.In addition,the credit product innovation of the small and micro businesses also provides new ideas and directions for other rural credit cooperatives in Hebei Province.