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“In God, we trust; all others must bring data.”
Every enterprise today claims to be data-driven. Data technology as the foundation of the decision-making process, has evolved as a competitive edge for organizations, and financial enterprises are no exception. However, Yang Qiao, CEO, Zero Machine Technology (ZRobot), begs to differ. According to Qiao, data technology alone (such as machine learning and deep learning, among others) cannot bring in competitive advantage. “It has to be the actual application of data technology creating real value for the financial industry,” says Qiao. Having amassed years of experience in strategy development, modeling, data analytics, financial analysis, operation analytics and reporting, Qiao leads his team at ZRobot—a wholly-owned subsidiary of JD Digits— to navigate the financial industry through digital technology. ZRobot was born with a focus on assisting organizations in realizing the potential of the Internet, digitalization and intelligence, reducing costs, improving efficiency, user experience, and upgrading models.
Using deep learning and machine learning technologies, ZRobot is committed to building a big data ecosystem that focuses on the actual application of data technology. In creating this ecosystem, ZRobot collaborates with over 400 companies in the banking, insurance, securities, fund, consumer finance, financial leasing, auto finance, OTAs, and education sector. Backed by powerful classified modular data resources and integration capabilities, ZRobot equips this ecosystem with services that have been instrumental in lowering operation costs, improving underwriting and operation efficiencies (such as higher approval rates), and reducing default rates. From risk control to anti-fraud, the company covers diverse aspects yet remains singularly focused on the application of data technology and corresponding results in the financial industry.
In a bid to power the application of data technology at financial enterprises, ZRobot brings in a full suite of services from standard risk scores, SaaS platforms for risk management and BI platforms to customized risk policy and model building consultation. The company has made significant strides, providing the clients withits flagship products that include credit scores and customer profile labels like ZR Risk Score, ZR Consumer Lending Risk Score, Financial Profile labels, Online Shopping Profile Labels, and more.
The risk scores help financial institutions make better underwriting and portfolio management judgment and the profile labels assist them to further finetune their risk strategies to improve their risk performance. Based on advanced machine learning technology, ZRobot has conducted self-learning and integrated a billion-level anti-fraud database to develop its intelligent anti-fraud platform.
Added to that, the company also strengthens anti-fraud initiatives in enterprises through anti-fraud scores and profile labels that include the ZR Fraud Score, ZR-patented Zebra Spread Score, the blacklist, over-indebted indicators, address stability index, account stability index, among others.From the risk control and marketing perspective, ZRobot has developed marketing products and various SaaS platforms for risk and anti-fraud decisions, and customized modeling, data interface, data visualization and credit management. All these solutions and services from ZRobot are layered with consulting services for product design, risk control process and risk policy/strategy and model building.
Keeping Abreast of Developments
While the government in China has increased emphasis on data security and released corresponding laws and regulations to regulate the use of individual data, ZRobot follows the regulations closely and ensures compliance. With products and services based on data acquired with individual customer’s direct authorization, ZRobot complies to the regulations with the aid of its compliance teams and JD Digit’s (JD.com’s technology arm) internal control and compliance teams separately. Therefore, the usage of data and the output of data products are guaranteed to meet the government’s requirements and standards.
ZRobot has been working closely with Baihang Credit—its biggest competitor in the marketplace—andhas turned this competitive relationship into an alliance. ZRobot has reached an agreement to couple its products and services with those of Baihang Credit. This collaboration is also highly beneficial for Baihang Credit since ZRobot has access to data of the world’s second-largest e-commerce platform JD.com.
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