Download Fenqile Loan App" (the differentiation of consumer credit apps is intensifying)

21st Century Asset Management Research Institute researcher Li Lanqing, intern Chen Xianan

Editor’s note:

With the development of the digital economy, a new round of information technology revolution The wave begins. In the post-epidemic era, the digital transformation of the financial industry has further developed, and apps have become the most direct window for financial institutions to acquire customers online and expand their business online.

Recently, the "Financial Technology Development Plan (2022-2025)" issued by the central bank pointed out that financial institutions should build diversified and integrated service channels, requiring online as the core to build a new generation of online services such as mobile banking. Go to the financial service entrance and continue to promote iterative upgrades of digital channels such as mobile financial client apps and application program interfaces (APIs).

As the entrance to online services of financial institutions, the operating level and activity of the App reflect to a certain extent the ability of users of financial institutions to compete, and also reflect the institutions’ strategic, technical, operational, product, and The comprehensive strength of the brand and other aspects, as well as the construction and improvement of the App content ecosystem, have become an important driving force for institutions to attract user traffic and increase user activity.

To this end, 21st Century Business Herald-21st Century Asset Management Research Institute launched the "Financial App Content Ecosystem Report", combined with the monthly activity, active penetration rate, and monthly average usage time of financial industry apps released by QuestMobile at the end of 2021 , monthly average single use time and other data, the top ten most active Apps in six financial industry segments, including payment and settlement, online banking, stock trading, comprehensive financial management, consumer credit, and insurance services, were sorted out from multiple dimensions, and through analysis Its content ecology is used to explore the focus of various institutions in app construction.

The following is the sixth article of the "Financial App Content Ecosystem Report", focusing on leading consumer credit apps.

E-commerce installment payment has always been an important scenario for Internet small loan companies and licensed consumer finance companies to develop their business online, and consumer credit apps that rely on this have relatively high user activity.

Generally speaking, consumer credit apps include consumer installments and cash loans. However, in recent years, offline installment scenarios such as medical beauty, leasing, and education have faced strong supervision, coupled with the impact of the epidemic, offline lending has The scene is shrinking, and more and more consumer credit institutions are pouring into the online scene. On the one hand, the overall industry differentiation has intensified, and the user activity of leading consumer credit apps far exceeds that of other institutions; on the other hand, licensed consumer finance apps with financial advantages have relatively low lending rates, thus increasing user activity.

At the end of 2021, the number of monthly active users of consumer credit apps was approximately 90.5696 million, an increase of only about 20,000 compared to the end of 2020, which was basically the same as the end of 2020.

The 21st Century Asset Management Research Institute combined QuestMobile data to comprehensively evaluate the top ten consumer credit apps from factors such as MAU, DAU, active penetration rate, average monthly usage time per person, and average monthly single usage time per person. For:

Fenqile, 360 IOU, Youqianhua, Paipaidai, Anyihua, China Merchants United Finance, Huanbei, Haofenqi, Zhongan Small Loan, Home Credit Financial.

From the perspective of operating entities, the leading consumer credit apps are mainly online lending platforms owned by listed financial technology companies and licensed consumer finance companies. Among them, there are only two apps with monthly active users exceeding 10 million. Fenqile App owned by Lexin and 360 IOU App owned by 360 Digital ranked first and second with 14.1476 million and 11.5656 million monthly active users respectively. Other financial Apps owned by listed technology companies include Paipaidai (Xinye Technology), Haofenqi (formerly Renrendai), Zhongan Small Loan (Zhongan Online), etc., and consumer finance apps include Anyihua (Malaysian Consumer Finance), China Merchants United Finance (China Merchants Union Consumer Finance), Home Credit Financial (Home Credit Consumer Finance), etc.

The 21st Century Asset Management Research Institute downloaded and experienced the functional sections and special services of the above 10 consumer credit apps, and analyzed the impact of their content ecology on activity. First: Fenqile

Fenqile is Lexin’s consumer installment platform. The number of active users in December 2021 was 14.1476 million, ranking first in the industry, with a year-on-year decrease of 3.86%; daily active users The number of users is 1.7057 million, second only to 360 IOU, with an active penetration rate of 1.21%; the average monthly usage time per person is 12.07 minutes, which is lower than 360 IOU and Paipaidai, with the average monthly usage time per person being 0.9 minutes.

Installment music is a consumer installment product launched by Lexin in 2013 for young people. It was the first to test the installment shopping e-commerce model in China, providing users with personal consumption credit and scenario-based installment services. Currently, the first-level columns of Fenqile App include borrowing money, shopping, and life, and all application functions include Lehua borrowing money, Lehua Card, installment shopping, super membership, entertainment recharge, air tickets and hotels, applying for credit cards, live broadcast benefits, etc.

Fenqile has expanded a variety of consumption scenarios in the App. Its credit payment product "Lehua Card" can be bound to a bank's second-class card account, WeChat, Alipay, etc., and the amount is automatically paid when paying. Installment, thereby realizing installment consumption in all scenarios. Its sources of credit funds include National Trust, Baixin Bank, Silver Bank Consumer Finance, Bank of Nanjing, Bank of Qingdao, Xiamen International Trust, etc.

The life column of Fenqile is provided by "Leka", a membership-based consumer service platform under Lexin. After becoming a super member, users can get takeout cashback, merchant coupons, phone recharge discounts, and entertainment and audio-visual websites. Benefits such as membership discounts enrich the use scenarios of credit products by connecting online and offline. Second: 360 IOU

360 IOU is a consumer credit platform under 360 Digital. The number of active users in December 2021 was 11.5656 million, a year-on-year decrease of 1.33%; the number of daily active users was 1.7269 million. Ranked first in the industry, with an active penetration rate of 0.99%; the average monthly usage time per person is 16.89 minutes, ranking first in the industry, with an average monthly usage time per person of 1.18 minutes.

As an unsecured pure online consumer credit platform, 360 IOU not only provides small consumer loans through an asset-light loan assistance model, but also provides small and micro business owners and credit-quality users with a maximum limit of 300,000 Yuan's "Exclusive Loan" and guide the car loan business of financial institutions, with the car loan limit up to 1 million.

At present, the first-level columns of 360 IOUs include borrowing money, discovery, and life. On the "Discover" page, in addition to recommending related consumer credit products, 360 IOU also sets up hot topics and selected articles to educate borrowers. At the same time, it launches multiple questionnaires in the information flow to collect borrowers' feedback on the platform. It also understands user habits and consumption preferences, improves user stay time, and enhances the interaction between the platform and users. In addition, 360 IOU has opened a consumption installment mall through the "Life" column to increase online consumption installment scenarios for users. Third: Youqianhua

Youqianhua is a consumer credit app under Duxiaoman Financial. The number of active users in December 2021 was 7.7144 million, a year-on-year decrease of 20.77%; the number of daily active users was 1.0189 million. The active penetration rate is 0.66%; the average monthly usage time per person is 10.01 minutes, and the average monthly usage time per person is 1.01 minutes.

Du Xiaoman Finance, formerly known as Baidu Finance, was established in 2015. In 2018, as Baidu Financial Services Group officially completed the signing of the split financing agreement, it was renamed "Du Xiaoman Finance" and realized independent operations. As an independent credit app under Du Xiaoman Financial, “Youqianhua” has more monthly active users than Du Xiaoman Financial, thanks to its precise user positioning.

There are only three first-level columns in Youqianhua App, namely Youqianhua, Discovery, and Account. In addition to issuing cash loans through Duxiaoman Small Loan, it also provides loan assistance services to banks. Current loan scenarios where money is spent include education loans, health loans, small and micro loans, etc.

On the discovery page, Youqianhua enhances user activity through daily check-ins, life service discounts and other benefits. In addition, Youqianhua also cooperates with Du Xiaoman’s financial knowledge popularization platform Kangbo Finance to launch online financial management, Investor education courses on credit, insurance, etc., as well as courses by financial celebrities, not only enrich the app’s content services, but also divert traffic to the parent company’s sister brands. Fourth: Paipaidai Borrowing

Paipaidai Borrowing is a consumer credit app owned by US-listed company Xinye Technology (NYSE: FINV). The number of active users in December 2021 was 6.576 million, a year-on-year increase 17.75%; the number of daily active users is 1.0367 million, and the active penetration rate is 0.56%; the average monthly usage time per person is 14.52 minutes, second only to 360 IOU, and the average monthly usage time per person is 0.83 minutes.

As a leading loan assistance platform, the cash lending services provided by Paipaidai Loan App are mainly small cash loans for individual users and business loans for small and micro self-employed individuals. From the perspective of funding sources, they include Self-operated consumer loans and loan assistance, apart from cash loans, there are no other credit scenarios built into the App.

Focusing on cash lending, the Paipaidai Loan App conducts activities such as check-in, donating steps to show love, and sending benefits on the official WeChat account, and sets up topic squares to enhance user interaction. At the same time, in order to further advocate rational borrowing and rational consumption, Paipaidai has opened a rational consumption class and credit strategy.

It is worth mentioning that Paipaidai Loan attaches great importance to attracting new customers and new user services. It has set up a separate "Equity" column in the first-level column. New users can receive interest-free, Benefits include interest deductions, phone bill coupons, credit card processing fee exemptions, in-kind exchange and other benefits. Fifth: An Yi Hua

The user activity of "An Yi Hua", a consumer credit app owned by MaMa Consumer Finance, ranks first among licensed consumer finance companies. In December 2021, the number of active users of Anyihua was 6.3003 million, a year-on-year increase of 10.44%; the number of daily active users was 712,900, and the active penetration rate was 0.54%; the average monthly usage time per person was 9.62 minutes, and the average monthly usage time per person was 0.93 minutes .

As an industrial licensed consumer finance institution, Ma Ma Consumer Finance’s shareholders include Chongqing Department Store Co., Ltd., Beijing Zhongguancun Kejin Technology Co., Ltd., Bank of Chongqing, Sunshine Property & Casualty Insurance, Commodity City Co., Ltd., and Wumart Technology Group wait.

On the one hand, Ma Ma Consumer Finance attracts customers to the Anyihua App through advertising on the Internet platform. On the other hand, it opens up online and offline consumption scenarios by launching shopping festivals and other activities with its largest shareholder, Chongqing Department Store.

At present, the first-level columns of Anyihua App include homepage, mall, money saving, easy life, etc. Users can directly apply for a loan by entering the homepage of the App, and browse to learn about product flash sales and other information. In addition to the e-commerce installment scenario, the Anyihua App also sets up special consumption scenarios such as interest-free area, affordable area, heavy hundred area, Xiaoma Supermarket and other special consumption scenarios in the mall, and also adds a "rural revitalization" brand to sell agricultural products.

In the money-saving section, users can purchase membership services through the Anyihua App and obtain priority approval, priority loan, credit limit increase, interest discount, deferred repayment, joint membership of external platforms, shopping discounts, and early settlement Various services such as fee reduction and exemption further increase the stickiness of old users.

In addition, the Anyihua App also expands the consumer ecology through "Easy Life" by opening up consumption scenarios such as takeaways, taxis, movies, hotels, gas stations, and video memberships. Sixth: China Merchants Union Finance

The “China Merchants Union Finance” App under China Merchants Union Consumer Finance ranks second among licensed consumer finance apps and ranks sixth among apps in the overall consumer credit industry. In December 2021, the number of active users of China Merchants Union Financial was 4.4831 million, a year-on-year increase of 32.79%, the number of daily active users was 497,000, and the active penetration rate was 0.38%. The average monthly usage time per person is 6.70 minutes, and the average monthly usage time per person is 0.83 minutes.

China Merchants Union Consumer Finance provides services such as cash loans, consumer installments, and interest-free shopping through the China Merchants Finance App. In addition, China Merchants Union Finance expands consumption scenarios through the "installment payment" business under the credit payment product system. Users can bind bank second-class card accounts and use them on payment channels such as Alipay and WeChat, thus covering food, tourism, transportation and travel. In high-frequency scenarios such as online shopping, daily payment, mobile phone recharge, and even red envelope transfers, China Merchants Union Financial also issues interest-free coupons, instant discount coupons and other benefits to users to guide users to use credit payment products.

The relevant financial bond credit rating report shows that as of the end of June 2021, the balance of "credit payment" loans of China Merchants Union Consumer Finance was 31.599 billion yuan, an increase of 19.26% from the end of the previous year.

The two major shareholders of China Merchants Union Consumer Finance are China Merchants Bank and China Unicom. China Merchants Union Finance also guides businesses such as China Merchants Bank Credit Card and China Unicom Xiaolu Card in the App. Through the China Merchants Union Finance App, users can log in directly China Unicom Business Hall, and receive benefits such as interest-free recharge of phone bills.

Merchants Union Financial’s information content mainly focuses on anti-fraud and consumer education. The content includes topic PK, graphics and live broadcasts. It cooperates with the Anti-Fraud Center of Nanshan Branch of Shenzhen Public Security Bureau to launch anti-fraud Live series to further protect consumer rights. Seventh: Huanbei

Huanbei App is operated by Chongqing Focus Small Loan Co., Ltd. (hereinafter referred to as "Focus Small Loan"). The number of active users in December 2021 was 3.6706 million, year-on-year. A decrease of 9.43%; the number of daily active users is 396,400, and the active penetration rate is 0.31%; the average monthly usage time per person is 9.75 minutes, and the average monthly usage time per person is 0.92 minutes.

Focus Small Loan is a wholly-owned subsidiary of Shanghai Shuhe Information Technology Co., Ltd., a subsidiary of listed company Focus Media. It provides consumer credit services such as bill installment and commodity installment through Huanbei App. In addition to the e-commerce installment scenario, Huanbei also launched the "credit payment" product "Huanxianghua", which can be bound to a second-class bank card account for full-scenario consumption through payment channels such as Alipay and WeChat Pay.

As an established credit platform, attracting new users and repeating loans from old customers are also the focus of Huanbei App. The first-level columns of Huanbei App include homepage, discovery, and installment mall. The “Discovery” column is mainly for welfare activities. Borrowers who invite new users can get credit increases and bonuses. Users can also buy movie tickets through Huanbei App and receive local Starbucks. , Naixue, Pizza Hut and other food discounts. Eighth: Haofenqi

Haofenqi App is a consumer credit app under Weicai Technology. The number of active users in December 2021 was 3.4498 million, a year-on-year decrease of 7.35%; the number of daily active users was 554,000. The active penetration rate is 0.29%; the average monthly usage time per person is 10.53 minutes, and the average monthly usage time per person is 0.68 minutes.

The operating entity of Haofenqi App is Beijing Weicai Technology Co., Ltd., which is a consumer credit platform incubated by Renrendai, a former US-listed company.

The first-level columns of Haofenqi App include borrowing money, checking before lending, membership, etc. In terms of App function settings, Haofenqi focuses on providing benefits to old customers and guiding the invitation of new users. On the borrowing page, it is best to set up daily red envelopes, super gifts, money trees, binding WeChat coupons, sign-ins, game red envelopes and other activities in installments to enhance user stickiness and promote new users.

Users can obtain interest-free coupons, priority loans, credit raises, life rights, etc. by signing up for seasonal or annual memberships, thereby increasing the re-borrowing rate of old customers. Ninth: Zhongan Small Loan (now known as "Zhongan Dai")

The number of active users of the Zhongan Dai App operated by Chongqing Zhongan Small Loan Co., Ltd. in December 2021 was 3.3955 million , a year-on-year increase of 74.93%; the number of daily active users is 315,400, and the active penetration rate is 0.29%; the average monthly usage time per user is 10.02 minutes, and the average monthly usage time per user is 1.07 minutes.

Zhongan Small Loans’ shareholders include Tianyi E-Commerce Co., Ltd., a subsidiary of China Telecom (41.17%), Zhongan Information Technology Services Co., Ltd., a subsidiary of Zhongan Online (41.17%), and Hong Kong Best Holdings (17.65%) )wait. Currently, ZhongAn Insurance, ZhongAn Technology, and Yipay are also partners of ZhongAn Dai App.

The first-level columns of Zhongan Dai App include homepage, protection, and shopping mall. In addition to the conventional borrowing and consumption installment scenarios, the protection column of Zhongan Dai serves as a guide for Zhongan Insurance. The policies insured by users with Zhongan Insurance can be displayed in the App. The insurance categories include critical illness insurance, accident insurance, etc. Each The monthly premium is relatively low and the investment threshold is not high.

In the mall section, the Zhongan Dai App can jump directly to e-commerce platforms such as JD.com and Taobao Specials. You can place orders after receiving exclusive coupons for the App, thereby increasing App traffic. Tenth: Home Credit Finance

Home Credit Finance, the App of Home Credit Consumer Finance, had 3.0982 million active users in December 2021, a year-on-year decrease of 51.45%; the number of daily active users was 212,600, and the active penetration rate It is 0.26%; the average monthly usage time per person is 6.26 minutes, and the average monthly usage time per person is 0.93 minutes.

Home Credit Consumer Finance was once a well-established offline consumer finance institution. Relying on the experience of parent company Home Credit Group in overseas consumer finance, it once became the leader in the domestic consumer finance industry. In the early days, Home Credit Consumer Finance occupied a large market share in the 3C consumer installment scenario through offline promotion by a large number of sales personnel. However, as offline operating costs soared and local promoter violations occurred frequently, Home Credit Consumer Finance started offline layoffs and gradually shifted to online business. In 2020, Home Credit launched the "2023 Strategy" to initiate agile and digital transformation. The latest data shows that the company's offline business transformation has basically been completed, and 80% of the company's business is carried out through mobile terminals.

The first-level columns of Home Credit Financial App include loan management, discount mall, and saving and earning. However, researchers from the 21st Century Asset Management Research Institute found that currently self-operated cash loans and large loans in Home Credit App None of them can be displayed, and it only provides diversion services for third-party loan products.

Home Credit Financial provides coupons through discount malls and improves user open rates through life services and audio and video membership recharges. However, the offline of the core loan business resulted in the loss of App users.

Generally speaking, the industry differentiation of consumer credit App user activity is serious. The leading mutual funds and Chinese concept stocks entered the market earlier and seized the market traffic in the early stage. However, as the supervision of the small loan industry has become stricter in recent years, Due to the impact of the drop in private lending interest rates and the changes in the loan assistance industry guided by the credit reporting business management measures, the long-established consumer credit apps are facing transformation. On the other hand, after the epidemic, licensed consumer finance has moved online to compete with online small loans. Return of old customers and attracting new users have become the focus of consumer credit apps.

From the perspective of user activity, the number of active users of Apps owned by listed financial technology companies has declined, but the number of active users of leading Apps has maintained an absolute lead. The number of monthly active users of Fenqile and 360 IOUs In the tens of millions level. The number of active users of apps owned by consumer finance companies is growing rapidly. The number of monthly active users of Anyihua, a subsidiary of consumer finance companies, has exceeded 6 million, ranking fifth in the consumer credit category.

Borrower complaints and abnormally high interest rates have always been problems plaguing the consumer credit industry. In order to solve this pain point, institutions use App information content to provide consumer education and anti-fraud knowledge in the form of pictures, texts, and topics. , live broadcast, etc.

In order to further increase the re-loan rate, a number of apps have launched membership systems. Members can receive interest exemptions, loan limit increases, early settlement fee discounts, and receive preferential benefits such as audio-visual platforms, food, and travel. .

In addition, consumer credit apps continue to expand consumption scenarios. Some companies have launched "credit payment" products to bind bank card second-class accounts to realize consumption installments in all life scenarios through payment channels such as Alipay and WeChat. Some companies, especially consumer financial institutions, rely on shareholder resources to connect online and offline life scenarios. Offline channels drive traffic to online apps, and online apps provide discounts for offline installments.

App construction is an important track for the application of technological innovation in financial institutions. The collection of "Leading Cases of Digital Transformation of Nancai Financial Institutions in 2022" is in full swing. We look forward to the participation of industry leaders to provide financial and technology solutions. Provide support for integrated development.

Institutions interested in registering for advanced cases of digital transformation can consult the 21st Century Asset Management Research Institute for relevant information: 15821151426

Attached:

Description of QuestMobile related indicators:

MAU (monthly active users): the number of users who have launched the App within the statistical period (month). The number of active users is deduplicated and counted according to the user device dimension, that is, the number of devices that have launched the App at least once within the statistical period (month).

DAU (Daily Active Users): The number of users who have launched the App within the statistical period (day). The number of active users is deduplicated and counted according to the user device dimension, that is, the number of devices that have launched the App at least once within the statistical period (day).

Active penetration rate: Within the statistical period (day/week/month), the number of active users of the App accounts for the proportion of the number of active users on the entire network.

Monthly average usage time per person: During the statistical period (month), the average length of time each person uses the App.

Monthly average single usage time per person: Within the statistical period (month), the average length of time each person uses the App at a time.

(Co-ordinator: Ma Chunyuan)

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