BUSINESS Think-tank study calls for ‘dirty data’ removal from consumer records


Think-tank study calls for ‘dirty data’ removal from consumer records

By Qu Xiangyu | People's Daily app

07:10, July 13, 2018

A recent study found that among online shoppers nationwide, their number one concern was security. According to a white paper from the think-tank Maidai Institute, innovation in risk control technology could grow alongside the development of big data technology. 


Photos: VCG

“Improved big data technology is able to protect consumer information from ‘dirty data’ thus boosting efficiency for consumer finance risk control, while ensuring stability and a healthy future of the industry.”

The landmark study is the first national research endeavor aimed at risk control innovation within the consumer finance sector. Maidai Institute Director Lu Nan explained that such innovation should be down-to-earth and operational, instead of theoretical. 

“Just like the problems found in the finance industry, the risk control sector should stop getting distracted from their intended purpose,” Lu said.

Against the backdrop of stringent financial regulations, chaos within the consumer finance sector is slowing down. 

Policy modifications and escalating security threats require financial companies to implement the latest in new security technology to enhance risk control efforts that protect their clients. 

The study also found that new risk control models use five forms of advanced technology: biometrics, machine learning and model training, natural language processing, big data storage and processing, and big data-based user imaging. 

The advanced technology is applied to automated financial services, customer relationship management, anti-fraud efforts, intelligent customer service capabilities, quality management, and post-loan service, and all within the consumer finance sector. 

Today, leading companies have emerged like ANT FINANCIAL, ICBC, Jingdong Finance, and Chinatopcredit Inc.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue