Fintech opens new vistas for buyers

Big data, cloud computing, AI offer plethora of options for customers

Financial technology, or fintech, is offering automobile buyers new purchasing experiences in the form of big data, cloud computing, artificial intelligence, face recognition, intelligent risk control etc, and the technology is expected to reshape the whole industry in the coming decade, a new report said.

As much as 4.04 trillion yuan ($611.4 billion) worth of automobiles were traded through retail channels across China in 2016, and the penetration of automobile financing had reached 35 percent. Compared to other retail sectors, automobile consumers are more traditional, meaning there is still huge room for upgrading and development, according to a report on the application of fintech in China's automobile finance sector published on Dec 12.