Cash loans are also called small loans. The loan amount applied for by customers is relatively small and the usage period is relatively short. For applicants, it is relatively simple to submit application materials. This makes the loan convenient, easy to review, and fast in disbursing, so the market demand is relatively large.
With the strengthening of national supervision, companies in the domestic cash loan industry have begun global expansion since the end of 2017—there were some before, but they were not large-scale.
At present, whether it is Indonesia, India, Malaysia, Singapore, Thailand, Philippines, Vietnam, Africa, or South America, more or less Chinese financial companies are doing cash loan business.
Each country has different market development levels, policy regulations, and the income levels and consumption habits of local residents. The accumulated data is also different. Even if it is accumulated, the data possession situation of Chinese companies is also different.
Especially in the two-India region, because the credit reporting mechanism is imperfect and users’ online shopping habits have not yet been developed, resulting in a lack of online consumption data, parties in the cash loan global expansion industry have been facing audit and risk control problems when conducting pre-loan reviews.
Risk control actually runs through the entire product project cycle and needs to play a role in every link. Risk control is especially important during pre-loan review.
For risk control, each company's approach is completely different - this is different from Party A's market position and its definition of risk. The most basic thing is to check the applicant’s multi-loan situation (co-loan) and whether there are bad repayment records (blacklist) on different platforms.
But generally speaking, whether it is using the data of the system provider, the data of the bank, or the data of other third parties, it is not enough to complete the portrait of a loan user. Sometimes it is not even possible to judge whether the information provided by the user is true or false. How to exclude those who want to borrow money?
WhatsApp has a very high market share in overseas markets. At the beginning of this year (2020), Facebook officially announced that its monthly active users have exceeded 2 billion worldwide. Its market share and penetration rate are very high in India and Indonesia. There are 450 million monthly active users in India and nearly 100 million users in Indonesia. For the two-India market, WhatsApp, a social application, has an overwhelming advantage. Therefore, we naturally thought that based on some information provided by WhatsApp, we can make some auxiliary decisions for pre-loan risk control.
Using the interface provided by WhatsApp, the first thing we can do is to determine the validity, that is, whether the entered mobile phone number is registered with WhatsApp; knowing that the mobile phone number is registered for a WhatsApp account, we can obtain the status (About) information of the account, as well as the update time of the status information;
Secondly, the last login (LastSeen) of WhatsApp can be used to determine the activity of this account. Whether the account was last logged in three days ago or the last login was done a month ago;
Finally, we can also get the WhatsApp avatar information and the avatar update time, and then based on the WhatsApp avatar information, we can determine the gender and age.
This information can be obtained based on just a mobile phone number or a WhatsApp account.
Based on this information, we can determine whether a loan applicant has applied for a WhatsApp account. Those who have applied for a WhatsApp account must be a mobile Internet user. Based on their WhatsApp activity, we can further strengthen this judgment to determine whether the user often uses WhatsApp. We can also make auxiliary judgments based on his status information and avatar information to determine whether some of the information he provides is true. Such data is obviously of great help to our risk control.
If further information is needed, we can provide the historical login status of WhatsApp. Based on the account's login history data, the caller can further analyze the account to determine whether it is abnormal. Sometimes historical data may be more important.
Of course, we can also conduct further review based on the group the user joins, look at their hobbies and character, and provide a basis for judgment to outline the overall picture of the user.
SocialEpoch uses its years of R&D experience and technology accumulation in WhatsApp to provide such an interface call for global expansion cash loan party A. It allows everyone to make better use of WhatsApp, a social application with 2 billion monthly active users in the world, to conduct pre-loan review.
In fact, the call is relatively simple. You only need a mobile phone number to query, and the returned results are similar to the following format.
Finally, SocialEpoch itself actually has an integrated marketing plan for Party A users of cash loans.
You can use our WhatsApp bulk messaging service to attract traffic. Whether it is text links or images, you can send it to target users, and these customers only need to provide marketing copy and target numbers;
Pre-loan review can call the risk control API mentioned above;
Our SCRM tool can help Party A improve collection efficiency. Work order-style management and convenient data interaction will greatly assist Party A’s post-loan management.
