Home Credit's tech solution wins Digital - Financial Services in China Technology Excellence Awards

Clients can get loans approved with a single click through Home Credit’s alternative distribution (ALDI) service.

Home Credit has been at the forefront of China’s consumer finance industry for over a decade. Now, this leading firm has launched an innovative tech solution to ensure that consumers have access to funds whenever and wherever they need it.

Home Credit’s alternative distribution (ALDI) platform is a lightweight self-service tool that simplifies the application process for point of sale (POS) loans. With ALDI, clients can obtain financing by merely scanning a QR code using their mobile phones. It takes less than three minutes to determine a client’s credit limit, and only five to eight minutes for the transaction to be completed and the goods to be released.

Thanks to this project, Home Credit has won the Digital - Financial Services trophy in the inaugural China Technology Excellence Awards 2020, presented by Hong Kong Business magazine, which recognises exceptional companies who are riding the disruption wave and are leading the technological revolution and digital journeys of their respective industries to boost China’s fast-growing economy.

ALDI uses advanced technology to ensure simplicity and ease of use. For instance, the platform is equipped with optical character recognition (OCR) and biometric stereo identification technology to speed up transactions with clients. OCR is used to identify the user's identification information and bank card details with high precision, whilst the biometric stereo identification system is used to authenticate the identity of the customer, with an accuracy level of nearly 100%.

The platform uses an elastic and scalable infrastructure that allows it to act quickly in response to any change in user traffic, allowing it to intelligently allocate hardware resources and easily switch between peak and trough usage. To do this, ALDI uses a dedicated service mesh infrastructure, and utilises Docker container technology and Kubernetes service choreography in its runtime platform. ALDI’s architecture design follows domain-driven design principles and adopts agile development to provide fast delivery and rapid response to customers’ needs and market changes.

Since launch in July 2019, ALDI has been warmly welcomed by consumers. Thanks to ALDI, Home Credit’s market share of new clients has reached almost 55%, and sales targets have far exceeded business expectations. ALDI has increased cost efficiency amongst the company’s over 30,000 sales agents and 100,000 points of sale across China.

Home Credit is committed to further improving customer satisfaction amongst its clients. This is why the company has also launched a dedicated chatbot service to assist clients 24/7. The HCC chat bot enables clients to check their loans and view the special offers to which they are entitled. In case of a complicated query, a human service representative will take over the chat and immediately respond to the question. The bot feature is also available for Home Credit employees, addressing any questions involving human resources, general services, or information technology.

The launch of the first voice bot (VB 1.0) in April 2018 resulted in a significant increase in the efficiency of collection and tele-sales. Voice bot 2.0 was launched in November 2019, and has succeeded in improving productivity in the tele-sales, collection, inbound queries. Collection features were also launched in December 2019.

Home Credit Consumer Finance Co., Ltd. (“HCCFC”) is invested by Home Credit N.V., a world leading consumer finance provider, and started its operations at the end of 2010. It is a licensed consumer finance company. Consumption is an important driving force for China's economic restructuring. Actively responding to the government agenda of expanding domestic demand and developing consumer finance, HCCFC provides customers with safe and responsible consumer finance services, contributing to China's economic development and the improvement of people's living standards.

Watch the interview below to know more about their winning project: