Based on the online financing center established last year, ICBC has been leveraging the advantages in big data and information technology to harvest rapid growth in online credit business with controllable risks. As at June 30, 2016, the online financing balance reached RMB 604 billion, up by 15.38% compared with the same period last year, making ICBC the largest online financing bank in China.

In developing online credit business, ICBC has launched its online revolving loan primarily targeted at small and micro businesses. After signing the revolving loan contract, businesses may complete loan application, drawdown and repayment anytime and anywhere during the term of contract, which meets their short term, high frequency, urgent need for fund. Featuring high efficiency, self-service and no interest charging before drawdown, the product allows companies to borrow and repay loans based on seasonal factors, which reduces financing cost and satisfies small businesses’ intermittent and periodic demand for fund. As at June 30, 2016, ICBC’s online revolving loan has amounted to RMB 1.9 trillion and benefited around 85,000 micro and small enterprises with a balance of nearly RMB 180 billion, becoming the largest single online financing product in China.

ICBC has reformed credit business model in the era of big data and Internet plus by separating credit business into professional business and standardized business. Financing for large enterprises and projects, complex and comprehensive financing demands, as well as customized financial demand from small and medium enterprises have been primarily met by professional financing management team, which controls credit risk with professional experience. Regarding credit service featuring small amount, information symmetry and standard operation, a risk control model has been established by using internet and big data to improve product and procedure, and realize online self-service, automatic business processing and accurate risk monitoring. Such products are currently enriching with expanding scale.

The core function of finance is to manage risks, which requires long-term information accumulation and strong ability of data processing and analysis. As a credit intermediary, banks are proficient in information collection, data analysis and modeling with the ability of risk identification, pricing, monitoring and processing. ICBC’s data accumulation has matured in the past 30 years, establishing two big data platforms -- data warehouse and group information library -- since 2007, realizing centralized management on information of customers and accounts. Customer credit records, for example, have built up ten years and eight years of data on default rate and default loss rate for personal and corporate clients respectively, which provides strong support to control substantial risk and enhance financing service efficiency in exploring online credit market exploration.