On April 25, the Postal Savings Bank of China (PSBC) and PICC Property and Casualty Co. Ltd. (PICC P&C) held a kick-off meeting and signing ceremony for cooperation in auto finance in Changsha, Hunan. According to the agreement, the two parties will cooperate in the field of retail auto finance, enable comprehensive docking and system interoperability across the country, realize full online operation of the whole process and foster a “new ecology” of retail auto finance.
At present, PICC P&C is continuously pushing forward iterative innovations of the cooperation products and sales models for both parties. Through the establishment of customer portrait models and the application of big data risk control system, the company will improve its risk control capability. Through the construction of the new system, it will adapt to the new trend of online growth.
PICC P&C stated that the two sides have complementary advantages and mutual benefits, so their cooperation provides a good entry point for promoting further convergence of the automobile industrial chain. In the future, the two parties will gradually expand the scope of their cooperation, share their customer resources, and achieve channel interoperability, so as to provide customers with preferential auto loan products and consumer financial products, and jointly build a full-life-cycle auto financial services ecosystem.
PSBC possesses a large customer base, serving 578 million individual customers. Its service network spreads in both urban and rural areas, with nearly 40,000 business outlets covering about 99% of China's counties, thus having stable sources of funding. As automobile sales channels move into rural areas, these above-mentioned characteristics have become PSBC’s prominent edges in serving the automotive industry and providing automotive financial services.
In the next step, PSBC will follow the new trend of consumption upgrading and rely on its advantages in network, channel and capital to further enhance its comprehensive service capacity. It will work with the insurance and auto industry to build an intelligent financial service system covering the entire chain of production, sales and after-sales. PSBC will deploy new auto retail scenarios for consumers to choose, buy, use and even change cars in the markets of the third and fourth tier cities and below, providing them with easier and faster financial service experience and facilitating their better life.