Research On Product Innovation Of Hefei Xingtai Technology Microfinance Limited Based On Big Data Technology

Under the background of the intensive integration of big data technology and financial industry,commercial banks and Internet companies actively use big data technology to innovate credit products and launch many credit products with strong market competitiveness.Compared with traditional credit products,big data credit products greatly simplify the application process and approval process,enhance the product's risk control capabilities,and provide customers with more satisfaction with the features of convenience and efficiency.After years of development,Hefei Xingtai Technology Microfinance Limited has improved its business information construction,rich in product types and customer resources.However,due to the lack of application of big data technology in products,the product has the problems of homogenization,small customer coverage,lack of features,and high pricing.At the same time,the loan procedures are complicated and the approval efficiency is low,which affects the customer experience.Therefore,it is especially necessary and realistic for Hefei Xingtai Technology Microfinance Limited to innovate products with big data technology to improve the market competitiveness of products.At present,Hefei Xingtai Technology Microfinance Limited uses big data technology to innovate products with many favorable conditions,and also faces some constraints.Favorable policy support,gradually mature big data technology and the ever-enriched application scenarios of big data technology in credit products provide favorable external support for Hefei Xingtai Technology Microfinance Limited to apply big data technology innovation products,and the establishment of group information sharing mechanism and the potential of large data resources have provided favorable internal conditions for Hefei Xingtai Technology Microfinance Limited to use big data technology to innovate products.At the same time,factors such as weak data asset management and lack of big data composite talents,and imperfect product innovation mechanisms have constrained the innovation of products with big data technology by Hefei Xingtai Technology Microfinance Limited.Therefore,Hefei Xingtai Technology Microfinance Limited needs to establish the internal and external favorable conditions,and break through the constraints to innovate products with big data technology,so as to enhance the market competitiveness of productsCompared with traditional microfinance companies.China's commercial banks and Internet companies have taken the lead in the innovation of big data credit products and accumulated rich experience in the innovation of big data credit products Alibaba Micro-credit relies on the business ecology of Alibaba Group to make full use of capital flow,information flow and logistics information to integrate big data technology into credit products.It not only optimizes the customer experience of products,but also forms differentiated competition for products.The product's risk control capability has been enhanced;By improving the product innovation guarantee system and enriching the big data application scenarios,CCB has enhanced the application capabilities of big data in products and enriched the credit product system.The successful practice of Alibaba Micro-credit and CCB's use of big data technology in products has undoubtedly provided experience for Hefei Xingtai Technology Microfinance LimitedBased on the above,Hefei Xingtai Technology Microfinance Limited should start the innovation of big data credit products from the following four aspects:first,establish a big data product innovation concept,formulate a big data development strategy.Second,establish a sound product innovation incentive mechanism,establish a scientific product innovation process,set up a big data credit product R&D center,learn from the peers' experience of big data credit product innovation,and fonn a sound product innovation mechanism.Third,rely on big data technology to achieve accurate marketing of products and enhance product pricing capabilities.Fourth,realize online operation of products,simplify application procedures,establish standardized approval process,and optimize customer experience.Fifth,introduce and cultivate big data talents,broaden data source channels,improve data management capabilities and improve the security system.