10. Bairong Zhixin: Big Data and Credit System Construction

Finance, particularly microfinance, proposes great demands for credible third-party credit evaluation services. However, the backward social credit system in China is far from meting the demands. Such new technologies as the Internet, e-commerce and big data provide a new opportunity for the rapid development of the credit industry. Bairong Zhixin has established an effective risk assessment model depending on its own big data technology and online and offline multi-dimensional data from retail, social activities, media, aviation, education, operators and brands etc. As proved by the case of Bairong Zhixin, big data credit assessment technology can improve traditional credit risk evaluation based on the special “dynamic information” mechanism, expand the coverage and relieve information asymmetry in financial activities. By applying big data technology to credit rating, it will innovate and advance the industry and play an extremely important role in facilitating the social credit system construction in China.