Big data credit reporting system is the future development direction. Credit reporting helps the healthy development of the economy.

On December 5, the 4th International Forum on Intelligent Finance and the 2019 Financial Industry "Leading China" Annual Ceremony were grandly held in Beijing. More than a thousand elite scholars and hundreds of financial institutions gathered together to discuss the "great changes, great vision, and great future" of China and the world.

[[253995]]

In recent years, my country's financial technology sector has developed rapidly, but there are still some problems. The risk assessment and early warning capabilities of my country's financial institutions are still facing many problems. For example, some small and medium-sized commercial banks, insurance institutions, securities investment institutions, etc. lack advanced analytical theory systems and models. With the advent of the big data credit era, Element Credit will fill this gap.

Dai Yi, general manager of Element Credit Product Research Institute, shared the "Opportunities and Challenges of Corporate Credit Big Data" from the aspects of systems and regulations, data security and governance, joint punishment, and credit ecosystem at the Financial Data Parallel Forum with the theme of "Opportunities and Challenges of Finance + Technology".

[[253996]]

Dai Yi, General Manager of Element Credit Product Research Institute

"Behind challenges and opportunities, there are more or less worries, and it is normal to worry. We worry about the privacy protection of big data, and we also worry about whether these data can be obtained legally, what institutional guarantees there are for these data and when they will be improved. We worry about the scenario-based credit reporting system from the perspective of data security and the ecosystem, and whether we can participate in the joint punishment process as a credit reporting company or financial data company to form an ecological chain. We may also worry that credit reporting big data will lag behind the rapid development of the current Internet or mobile Internet. What do people usually do when they have worries? They can relieve them through exercise or reading. As a credit reporting company, Element Credit's way of relieving worries is to do research, so we created the Element Credit Product Research Institute." Dai Yi said that the purpose of Element Credit's establishment of the research institute is to address the above concerns.

Dai Yi shared the ideas of Element Credit Product Research Institute on credit big data technology innovation and service model. He said that Element Credit Product Research Institute has created a solution platform. The bottom layer of the platform is data. The middle platform uses machine learning and big data to establish system labels such as enterprise portraits and enterprise relationship maps. The upper layer applications include credit reports, knowledge maps, monitoring and early warning, etc. The platform monitors enterprises through association maps to solve the problem of information opacity of small and medium-sized enterprises.

Element Credit's use of financial big data requires technical cross-checking to verify the authenticity of the data through various dimensions, because big data has a large amount of data, but the truly effective data may be in an inconspicuous corner.

"Element Credit hopes to not only solve the direct problems faced by customers, but also help improve the quality of economic development through research on credit reporting policies and industries. At the same time, we also hope that in the financing process, big data credit reporting can help financial institutions avoid or reduce the phenomenon of bad money driving out good money, and help the economy develop in a healthy and upward manner." Dai Yi finally said.