Yirendai (NYSE: YRD) announced the launch of its new open technology platform, Yirendai Enabling Platform (YEP), during the 2017 LendIt USA Conference, which was held earlier this week in New York City.
According to Yirendai, the new platform enables part companies to utilize its data acquisition, anti-fraud technology, and customer acquisition capabilities to help optimize industry efficiency and enhance its customer experience. Yihan Fang of Yirendai stated:
“Marketplace lending in China has been growing quite rapidly over the past few years. However, the lack of credit awareness among consumers, insufficient bureau data and incomprehensive credit infrastructure, coupled with an increase of organized fraud, have led to high costs of customer acquisition, anti-fraud operations, and risk management.”
Fang then added:
“In the past four years, Yirendai has heavily invested in its technology and built advanced digital capabilities for data collection, anti-fraud intelligence, and online customer acquisition. Today we are sharing these capabilities with our partner companies through YEP which enables them to better serve their customers and manage risks more effectively. With more partners using YEP, together we can better fight organized fraud, lower the costs, and give consumers a much better experience.”
