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Niwodai is Implementing the Development of Big Data-driven Technology

  Oct 27, 2017  

During recent years, the P2P business has developed quickly in China. This could not have been achieved without the application of big data. Internet finance, which is led by P2P, based on big data and supported by internet, is a transformative change to the traditional financial services industry. The emergence of internet finance has announced the coming of an "inclusive finance" era. Meanwhile, regulations, such as "Temporary Regulations on P2P Platforms," adopted in August of 2016, and "Management and Regulations on P2P Platforms in Shanghai (Draft)," published in June of 2017, have been implemented by Chinese governments. It has been mentioned in the regulations again and again that all the platforms need to operate according to the regulations. Data management is an important part of P2P management. Using big data to achieve significant progress in technology while protecting the data security has become an important task for P2P platforms.

Since its launching, Niwodai has been adhering to its principles of "embracing the regulations, complying with the rules, and protecting data security". Also, it has adopted the big data-driven development strategy to better acquire, store, explore, and apply the data. It is committed to improving the capacity of collecting and using data while protecting data security. The company's cloud helps promote its business and integrate finance and technology.

Big data technology has been applied to every aspect of Niwodai's platform. Specifically, Niwodai has been using big data technology heavily on the investment side, borrowing side, and with client management and operations.

Investment Side

Use big data to identify the free riders and provide customized service to clients

Niwodai has been using external data to check the identity of clients and true investment needs, and to get rid of free riders. At the same time, Niwodai records all the information of clients' log-in and long-out, investment, trading, and account changes to better know its customers. Through the analysis of the data, Niwodai has been able to understand the investment preferences of different customers and recommend customized products. Also, it allows Niwodai to track the feedback, improve marketing, and promote the success in investing.

Borrowing Side

Establish the Big Data-driven Loan Risk Control System

Niwodai has been fully using big data technology in loan risk control. Firstly, to counter against fraud, Niwodai uses the data from the third party and itself to check the information provided by the applicants. On the one hand, with the authorization of clients, Niwodai collects a large amount of data on the applicant's credibility, banking transactions, and other information. By combining the data with AI technology, which includes face and voice recognition, Niwodai is able to check the information provided by applicants from different aspects. Thus, it helps avoid fraud. On the other hand, Niwodai uses big data to find out all the relations between the applicants and the creditors and their main contacts. Also, it connects the dots in all the pieces of information to identity the clients, thus it helps prevent gangs of fraud. In the reviewing process, Niwodai uses the technology to analyze a huge amount of information and record the results into the grading cards and decision models. By doing so, the reviewing and approval process becomes more efficient. Secondly, in the middle stage of granting the loans, the Niwodai cloud integrates the collection of a large amount of data, a hadoop/spark distributed computing platform, and machine learning to construct a risk warning prototype. With such a prototype, Niwodai is able to monitor the entire loan-granting process automatically, including transactions, repayment progress, and credit abnormalities. Once an abnormality is detected, the system will analyze the clients' loan and personal information and give differentiated orders based on the results of the analysis, such as reminding the clients to pay back and pay attention to potential risks. Finally, in the post-loan stage, Niwodai uses the cloud service to automatically remind clients to pay back the loans. If clients fall behind of the scheduled payment, Niwodai will assign a staff to contact the clients and ask them to pay back. If the clients are far behind of the payment schedule and even disappear, Niwodai will be able to use the information stored in the cloud to track them and ask them to pay back.

Big Data Management throughout the Entire Interaction Circle of the Clients

Niwodai has established a mechanism to manage the data throughout the entire interaction cycle of clients. It will record all-around information, including the registration and log-in, deposits and withdrawals, and it will analyze the data to understand the clients' motivations. Thus, it allows Niwodai to provide customized services to clients. For example, it understands clients' investment principles by analyzing their investment timings. It delivers new products on the clients' paydays. Also, it can analyze data on the clients' ages and professions to understand their financing needs. Based on the analysis results, it will send loan program information to clients before they decide to apply, and it helps attract more regular customers.

Use Big Data-driven Technology to Improve the Operation Capacity

First of all, Niwodai uses cloud computing to collect and analyze data. With continued growth, Niwodai has stored a significant amount of data. The cloud will analyze the large-scale data timely and improve customers' experience by shortening the interaction time between the system and clients. Secondly, internal data management efficiency is improved. It collects the data of the system itself and gives the performance report automatically. Thus, it helps manage the internal data and maintain a smooth run of the platform. Finally, the marketing channels are optimized. Currently, Niwodai is able to analyze data on changing market channels and track the feedback on SEM and SEO. Also, by analyzing all the information on clients' searches, and browsing and media preferences, it is able to find out the preferred marketing channels of clients and adopt targeted marketing strategies.

In conclusion, the big data era has brought new opportunities to P2P platforms. In the future, Niwodai will continue to implement the big data-driven strategy and make full use of the opportunities. The company is determined to make continued progress in cloud building, and research and development of big data, as well as security and efficiency. By doing so, it is committed to providing high quality financing services, protecting investors' rights, and facilitating the development of China's "inclusive finance."

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