The rapid rise of digital finance stands as a pivotal force propelling the consumption finance sector forwardFollowing the Central Financial Work Conference's call for initiatives like developing digital finance, numerous consumer finance companies in China have embarked on ambitious digital transformation campaigns this yearTheir ultimate goal is to deliver accessible, efficient financial services to a broader demographic of consumers.

Ouyang Rihui, the Deputy Director of the Internet Economy Research Institute at Central University of Finance and Economics, emphasizes that the effective integration of digital finance within this evolving economic landscape hinges on several factorsHe argues that consumer finance institutions must now drive forward steps that synergize digital finance with the broader digital economyBy enhancing the collaborative nature of digital technologies, service patterns, and scenario-based finance, these institutions can elevate their contributions to driving consumption and boosting domestic demand.

The enthusiastic adoption of digital technologies represents a significant upgrade for consumer finance services

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Zhaolian Financial, pioneering in the sector and recognized as an exemplary collaboration between two Fortune Global 500 companies—China Merchants Bank and China Unicom—has set a precedent with its fully online service modelThis model revolves around a cloud-based system designed to support its mission in consumer finance, giving it an edge as it navigates the competitive landscape of digital finance.

In a significant move, Zhaolian Financial has recently signed a cooperation memorandum with Huawei to mutually enhance their technological integrationThis partnership is set to introduce the "Hongmeng Yuan" service, which promises to transform consumer financial experiencesOn one side, Zhaolian Financial will leverage Huawei's Hongmeng operating system to seamlessly incorporate digital financial services into users' daily lives, thereby providing more intelligent consumer finance solutions

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Simultaneously, this collaboration aims to create novel technological and service solutions, offering fresh insights for the evolution of digital finance.

Moreover, the emphasis on leveraging digital means for precise customer acquisition addresses existing gaps within the financial service networkTo extend its reach to often-overlooked demographics, Zhongyuan Consumer Finance continuously innovates its service modelThis focus on technology aims to deepen the penetration of inclusive finance while broadening coverage and intensifying service capabilitiesAccording to Shao Hang, the Deputy General Manager of Zhongyuan Consumer Finance, harnessing digital technology to gain nuanced insights into user demands aids in cost reduction and efficiency enhancement, fostering rapid sector growthThrough the utilization of proprietary AI models, Zhongyuan tailors its offerings to diverse user profiles and needs, ensuring digital services support each stage of the borrowing process.

Interestingly, many consumer finance firms are strategically using digital avenues to expand their offerings, particularly in the area of installment payments for appliances

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For instance, under the "Trade-in for New" policy, Haier Consumer Finance exploits digital scenarios to craft comprehensive smart home financing solutions aligned with household consumption trendsThis initiative broadens the financial service landscape to include appliances, education, healthcare, and home furnishings, with the aim of enhancing service equality and convenience, particularly for new urban citizens.