Figure | Xu Wei, founder & CEO of 300 Cloud
In 2016, 300 Cloud "stepped into" auto finance from auto valuation; in 2021, it began to "explore" other areas based on auto finance.
Author | Han Lu from the planet Magnesium
"Today, we have built a set of gamma business middle office, a set of gamma data middle platform, a set of gamma risk control system, the three in one, to provide banks, insurance institutions with a full-stack solution." Xu Wei, founder & CEO of 300 Cloud, said.
Among them, 300 Cloud's gamma business middle office was also awarded the first monthly "Digital Economy Innovative Products" award in 2022 at the first monthly "Starlight Jiangsu" digital economy new product launch conference organized by the Jiangsu Provincial Department of Industry and Information Technology in January this year.
Helping customers "do business" from 0
It is reported that Gamma Business Middle Office provides one-stop scenario financial business solutions for financial institutions, providing core services such as risk control intelligence, process digitization, and business online with 300 Cloud's self-developed intelligent asset evaluation, intelligent risk control model, intelligent business middle office and other services as the carrier.
In fact, at the end of 2019, Magnesium Ke network had done an interview with Xu Wei, when 300 Cloud had gradually turned to auto finance, but the entry point of providing solutions was different from the current overall layout.
Before the transformation, 300 Cloud's main business focused more on the level of automobile trading, and the fist product was "valuation", that is, giving a suitable price according to the parameters such as vehicle condition, kilometer number, and age. It's just that "in 2016, almost all the merchants and platforms in the industry are connected to our system, the market saturation is actually very high, and the customer coverage has reached 75% (the latest data in 2022 is 86%)." ”
At this time, in the face of the already highly saturated market, Xu Wei was not satisfied with this and stuck in his own hands, but chose to "upgrade" and promote the business to turn to auto finance.
"In fact, we have been preparing for business upgrades since 2017, and the beginning of the landing was at the end of 2019, basically investing more in auto finance risk control to help banks and insurance institutions solve the risk management problems of car loans and car insurance." Xu Wei said, "Also in this year, with the technological innovation ability in the auto finance risk control industry, we were fortunate to be selected as one of the top 100 Chinese fintech competitiveness in 2019. ”
However, with the gradual expansion of the business, Xu Wei and his team have gradually found that it is not enough to do risk control, and the crux of it is that "customers have no business", and no business means that there is no risk control needs.
"After that, we thought that if we want to accelerate the digital transformation of financial institutions and realize the management, governance and application of internal and external data, we not only need risk control, but also need to take into account channels, business, processes, payment and lending, etc. There is a lot of work to be done."
Also driven by this concept, after the gamma risk control system was recognized by financial institutions, 300 Cloud has successively launched the gamma business middle platform and the gamma data middle platform, and there is also the "full-stack solution" mentioned earlier.
To understand simply, in addition to monitoring the whole process of anti-fraud in car loans and car insurance, today's 300 Cloud can also help banks and insurance institutions digitally manage channels and businesses at the same time, and help them carry out financial business, mine data value and reuse data through data analysis and other means.
"With them, even if banks and insurance institutions don't understand used car loans and car insurance, we can guide them to start from 0 and do business step by step." Xu Wei said, "At this time, the 'role' we assume is not only risk management, but a 'comprehensive service' that integrates business, channel and risk management." ”
Immediately after that, he also revealed that as of now, in the automotive financial market, the market share of 300 Cloud has reached nearly half. For example, "In 2020, the size of China's retail auto finance market will be about 1.8 trillion yuan, and the market size we can cover is about 700 billion and 800 billion yuan." ”
Numerical security law, personal protection law... The threshold for fintech is gradually rising
When it comes to finance, "data compliance" is always a topic that cannot be bypassed, especially since the implementation of the Data Security Law and the Personal Information Protection Law last year.
"Before the state proposed a series of regulations, in fact, the market was relatively chaotic, but now there is an advantage, let everyone know where the border and bottom line are, and enterprises can do just that." Xu Wei said.
Around the "data compliance", 300 Cloud also deploys from 4 aspects:
Obtained national authoritative information security certifications such as the Ministry of Public Security and the Ministry of Industry and Information Technology
Engage a professional law firm team for regular compliance guidance
Set up a dedicated data security team to train employees on a regular basis
Specialized anonymization and encryption are carried out technically to avoid security issues such as data breaches
"We will do what the state requires, and compliance is the bottom line of business operation."
Immediately after, Xu Wei also said that with the increasingly high compliance requirements, the threshold of financial technology is gradually increasing, and it is becoming more and more difficult for enterprises to enter later.
When it comes to the competitive barriers of 300 Cloud in the track, Xu Wei summed up 2 points:
The first point is the data accumulated since the company was founded in 2014.
The second point is the algorithm, "Algorithms have a lot of trivial things, and they tend to greatly affect the result, like a precision gear." After 7 or 8 years of precipitation, countless iterations and improvements in the middle, Sanbaiyun has obtained a nearly perfect model, and it is unrealistic for competitors to quickly build a comprehensive model. ”
At last
Coincidentally, March is also the 8th anniversary of the founding of 300 Cloud.
Up to now, in addition to the Nanjing base camp, 300 Cloud has also set up branches in Beijing, Shanghai and Chengdu, respectively, to undertake R & D, business and other responsibilities. At the same time, the company has also achieved the head in the automotive financial market through focusing, and has achieved "self-hematopoiesis" since 2017.
But Xu Wei said that there is still a little regret, regret that "it has not been able to make a big company."
In his view, focus is the right direction, but focusing only on the used car market is still relatively "narrow", especially under the premise that it has occupied a considerable scale. Therefore, the sense of value and achievement obtained is also limited.
Perhaps also to make up for regrets, Magnesium found that in addition to auto finance, the current 300 clouds are also trying new directions, bringing financial solutions to home improvement, 3C, medical care, education and other fields.
Such a look, including the previous from the valuation into auto finance, this should be regarded as Xu Wei and Sanbaiyun's second "out of the comfort zone".
"In addition to stabilizing the current market share as much as we can, we are also working hard to expand the financial market according to the established rhythm this year, making greater achievements and greater market share."