Analysis on the development of credit industry in the age of large data

In order to promote the development of credit industry in large data background, it is necessary to establish a credit legal system and a business rule system which accords with large data. Strengthen the innovation of credit products, improve the capacity of large data technology, perfect the large data information sharing mechanism, improve the supervision and management level of credit, and establish the information security protection mechanism which accords with large data.

In recent years, with the development of Internet technology, large data has become more and more concerned, its application has gradually penetrated into many industries, opened a new era of data. Data is the basic information of the credit service, which collects, collates, preserves and processes the data, and finally provides it to the users of the information. Large data not only provide a wealth of data information resources for the development of credit industry, but also change the concept of product design and production, and become the most important cornerstone of future credit development. The development of credit service in China is still in its infancy, and there are some problems such as the lack of perfect credit legal system and business rules, and the improvement of data processing ability of credit agencies. It is of great significance to study the development of credit industry in the age of large data by the coexistence of opportunities and challenges faced by the future credit industry.

Opportunities and challenges faced by credit industry in large data age

At present, there is no recognized definition of large data, it is generally believed that large data refers to the size of the data involved is too large to pass the current mainstream software tools, in a reasonable time to achieve capture, management, processing, and collation to serve the business decision-making information. The appearance of large data makes a great change in the external environment facing the development of credit industry.

(a) The opportunities faced by the credit industry in the great data age.

1. Optimize the pattern of credit market. With the establishment of market-oriented operation mechanism of credit agencies, more enterprises with information resource advantages will make use of the innovation and progress of information technology such as Internet and large data, bureaus the weak link of credit industry and break the original credit market pattern through service innovation or product innovation. First, the electric business enterprise will form the credit institution. Alibaba, for example, its use of Taobao, Cat, Alipay platform of behavior data and credit situation, established into a database covering hundreds of thousands of enterprises, with the network to carry out the basis and strength of credit services. Second, financial institutions to establish credit agencies. For example, Ping An group intends to integrate network loan information, bank credit information, vehicle traffic violation information and so on to establish financial data mining intermediary agencies. The third is the emergence of new credit institutions. Some large data companies rely on technology, e-commerce, social networking as a platform for gathering information, providing credit information services, may become a new type of credit agencies.

2. To promote the transformation and upgrading of the credit sector. The large data brings the historical opportunity of transformation and upgrade to the credit industry, and the future credit industry will take the intelligent data analysis system as the platform and use the large data mining technology to support the development and innovation of the credit industry. The promotion and transformation of large data support credit industry is mainly embodied in two aspects. On the one hand, large data enable the credit industry to establish a new risk control system, to the effective supervision of transformation. Large data technology to in-depth customer credit information mining, real-time monitoring, to prevent potential credit risk. On the other hand, large data supports the transformation of credit agencies to fine management. The core advantage of large data is information mining, the first condition of fine management is full informationization, including business informatization and management informatization.

3. Promote differentiated competition in the credit industry. Through the use of different data sources, different processing methods for different customers, to develop different products to meet the different levels of customer market demand, to achieve differentiated competition. For example, the demand for credit services from financial institutions will be extended from a single borrower's report to the use of credit information to expand network impact and financial services channels. Peer-to-peer network lending, Electronic business finance and other industries need to use credit information sharing to prevent risks, reduce transaction costs.

4. Expand the source of credit information. The large data makes the source of the credit data appear pluralistic, multi-layer and unstructured, which reflects the credibility of the information subject more comprehensively and truly. Credit agencies from the government departments, financial institutions and other entities to collect information, to the Internet and other virtual world to obtain information. In the breadth and depth of data acquisition, the volume of credit data will soar, including securities data, insurance data, commercial credit data, consumption transaction data and public utilities payment data, covering all the factors related to the information subject comprehensively.

(b) The challenges facing the credit industry in the big data age.

1. The existing credit service rules do not match the large data age. China's legal regulation of the credit industry is mainly in the traditional financial field, the regulation of credit industry management and its supporting system have preliminarily constructed the legal framework of China's credit service, but the regulation of the credit management regulations meets the requirements of the rules of the credit business in large data age, and has not been verified by the market. At present, there is a lack of norms for the credit activity in the large data age, such as the system requirements for data acquisition, collation, preservation, processing and processing. Therefore, it is necessary to further refine and improve the credit service rules in order to better promote the development of credit market in large data age.

2. The supervision technology and level of the credit industry need to be improved. The era of large data brings profound impact on the development of credit industry, and also puts forward higher requirements for the supervision of credit industry. To adapt to the demand of the credit supervision in large data age, the level of credit supervision should be able to keep up with the development level of large data, and the supervision policy should conform to the Basic law of large data, and the supervisors should have the knowledge and ability to adapt to large data. In the field of self-regulation supervision, China's industry regulation has not yet matured, industry standards have not yet been unified, industry norms and professional ethics and other content has not yet been perfected.

3. The situation of information security and privacy protection is grim. With the further centralization of data and the rapid increase of data volume, it becomes more difficult to protect the massive data, and the distributed processing of data also increases the risk of data leakage, and the privacy protection and data security become the bottleneck of restricting the development of large data. The credit industry in the large data age also has two characteristics of large data and credit, and requires higher privacy protection and data security.

4. Data processing capacity needs to be improved. How to deal with large data effectively is an important link for large data to play a role. In the data processing, such large credit agencies have adopted advanced technologies such as multi-level data mining, using private cloud platform to process and research the massive data in the system, reduce subjective judgment and improve the accuracy of risk prediction. But at present, the development of credit agencies in our country is very late and lacks the core technology of data processing, which results in the inaccurate identification of individual or organizational behavior.

5. The hardware infrastructure needs to be fully upgraded. In the past, the storage data of credit agencies were mainly built in the local database, with the increasing of the data volume, the development of hardware technology of the credit institution can't keep up with the growth of the data capacity, and the data storage is under great pressure.

Measures and suggestions on the development of credit industry in large data age

With the arrival of the large data age, the future credit development should be innovated from the aspects of system design, technology progress, information sharing, supervision and management, privacy protection and so on, to promote the leap-forward development of credit industry in large data background.

(i) The establishment of a credit legal system and a system of business rules that conform to large data. The existing credit legal system is based on the traditional data model, and it is difficult to meet the requirement of the development of the credit industry under new technology conditions such as large data. In the process of credit service development, the collection and use of large data may involve national information security, business secret, citizen privacy and so on, in order to provide system guarantee for the development of credit industry under large data conditions, it is necessary to perfect the legal system of information security and data management in the legislation level of bureaus, clear data collection, collation, processing and Analysis and use of the rules to ensure that the large data age credit industry development.

(b) Enhancing innovation in credit products. With the increase of the amount of data that can be obtained in geometry, the credit agencies can greatly expand the classification of credit products by digging and using them deeply, and can not only provide basic services and products, but also provide other comprehensive products to meet the needs of all sectors of the society. The different levels of bureaus products can be divided into macroscopic, meso-and micro-credit products. At the macro level, the credit agencies can predict the systematic and global risk information through large data analysis. In the meso-level, the mass data of the credit agencies contain a lot of timeliness and policy meaning are very strong information, can be flexible and diverse multidimensional analysis of the combination. To organize and excavate the information and establish the corresponding index system is helpful to the industry supervision. Micro-level, in the credit subject (including enterprises and individuals), under the premise of agreement, credit agencies can provide each of the credit subject to the report, credit scoring, authentication, fraud detection, risk early warning, correlation analysis and other data services.

(iii) Improve the capacity of large data technology processing. The complete embodiment of large data value requires the synergy of many technologies. Data extraction and integration, data analysis and data interpretation are the three important links of data processing in the age of large information, and it is necessary to use new technologies such as search engine, cloud computing and data mining. Therefore, credit agencies should increase the training of data processing and analysis professionals, at the same time, we should introduce the professional methods and tools of large data processing, establish a forward-looking credit business analysis model, and better grasp and forecast the behavior of market and information subject.

(iv) Sound large data information sharing mechanism. The perfect large data standard system is the precondition of promoting data sharing. At present, China's data standards from various industries and channels are different, which has become a key bottleneck hindering data opening and sharing. It is suggested that the standard and format should be unified as soon as possible so as to standardize data fusion, improve the integration ability of large data, break the information island among resources departments, and perfect the information sharing mechanism.

(e) Upgrading the level of credit supervision and management. As for the credit industry of the large data age, we should strengthen the supervision and management of the industry and guard against the risk in the market. Regulators themselves have to keep learning, on the one hand, the establishment of the credit business rules in line with large data to promote the credit industry to adapt to the requirements of the large data age; On the other hand, we should formulate and implement regulatory measures for the credit industry in the large data age, establish inter-departmental cooperative supervision mechanism, guide and promote industry self-discipline, To promote the orderly development of credit industry in the era of large data by industry self-discipline.

(vi) Establishment of information security protection mechanisms that conform to large data. In the system design, should stipulate the information subject, the information provider, the credit agency, the information user's right, the duty, the responsibility, the explicit privacy information scope, guarantees the information subject's information to use according to law. In technology, we should study and adopt the most advanced network information security technology, from the information storage, transmission, use, destruction and other whole process of information protection, to prevent information leakage.