OneConnect's AI Sales and Risk Management Solutions Keep Financial Institutions Running During COVID-19 Disruption

OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT), a world-leading technology service platform for financial institutions in China, is enabling financial institutions to maintain sales and risk management functions by shifting online as they cope with the novel coronavirus (COVID-19) disruption.

With large numbers of employees working remotely to prevent the spread of the COVID-19 virus, customer acquisition and risk management work normally done through face-to-face interactions have been become a critical challenge for many financial institutions. OneConnect provides comprehensive end-to-end solutions for banks, insurers, and investment managers by integrating extensive financial service experience with market-leading technology. It enables customers’ digital transformations to manage risks, enhance service quality, improve efficiency, increase revenue and reduce costs.

To help financial institutions continue to bring in new customers, OneConnect provides an integrated sales and customer acquisition solution to transform customer acquisition and retention into seamless online functions.

In the banking retail business, for example, demand for coronavirus-related health insurance has soared. However, offline marketing and customer acquisition channels were overwhelmed and ready-made financial products weren’t available to customers. OneConnect combined the sales and customer acquisition tool with insurance and health products, to provide a full range of health services and create an internet insurance and health partnership that fits the marketing needs of financial institutions.

The tool is integrated with health insurance, online diagnosis and treatment, epidemic maps, health and other products. Customer managers can provide emergency support to clients with health-related products during the COVID-19 disruption, and enable banks to enhance online sales and service capabilities.

In another area affected by the COVID-19 disruption, OneConnect worked with the newly formed Shandong Healthy Meat Industry Association, a consortium of firms, banks and supply chain suppliers in Shandong province, with the mission of providing loans to meat purveyors. OneConnect supported the association’s integrated production, supply, marketing platform, working hand-in-hand with banks, provincial agricultural guarantee companies and other financial institutions, to ensure the supply of meat during this critical period.

Ensuring the safe and secure operation of online businesses

The COVID-19 disruption has also impacted risk management at financial institutions. With risk management staff working outside the office, the volume of business that suddenly shifted online has created huge challenges for the risk management technology in place. 

The OneConnect AI risk management solution provides institutions with AI intake, smart post-lending services, e-vouchers, smart contracts and collection tools. It helps financial institutions upgrade their paperless online business process with greater convenience, efficiency and security.

Firms face many challenges as a result of the COVID-19 epidemic, including employees unable to work from offices, paper documents that carry risk of infection, and contracts that cannot be signed in person or be easily transferred between different locations. The OneConnect blockchain smart contract cloud platform addresses these business concerns with online intelligent management for the whole cycle from contract generation to signature and filing: it ensures that electronic signing can be completed anytime, anywhere with authentication and legal compliance using artificial intelligence (AI) and blockchain in combination with other technologies.

In addition, e-vouchers – a form of "commitment to pay" after moving accounts payable information to the blockchain – is a viable solution for firms and banks during the spread of the COVID-19 virus. The Chaoji Yixin ("Super One Letter" in English) e-voucher cloud platform is a cloud-based ecosystem for online products and support services. Based on a firm's credit profile, the accounts receivable of the supplier is vouchered, and services based on situational needs, such as e-voucher issuance, payment, funding and discounting, are provided to the suppliers, key firms and the entities providing the funding. The platform provides access to funding to lenders, key enterprise customers and small and medium-sized suppliers. The solution also offers business growth opportunities by providing multiple touchpoints within the key customer's organization, while providing a quicker and simpler financing process for small and medium-sized enterprises (SMEs) who are may be addressing financing shortfalls during this critical period.

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