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Research on the Consumer Finance System of Ant Financial Service Group



This paper takes the Ant Financial Service Group as an example and analyzes the development pattern of its consumer finance system. The Ant Financial Service Group developed from an e-commerce platform. Its consumer finance system takes full advantages of the large amount of data which is accumulated from the e-commerce platform. This kind of development mode can realize the win-win development of e-commerce platform and Internet consumer finance, which has the reference significance to the development of other consumer finance platforms.
American Journal of Industrial and Business Management, 2017, 7, 559-565
ISSN Online: 2164-5175
ISSN Print: 2164-5167
DOI: 10.4236/ajibm.2017.75041 May 16, 2017
Research on the Consumer Finance System of
Ant Financial Service Group
Yanan Zhao
College of Economics, Jinan University, Guangzhou, China
This paper takes the Ant Financial Service Group as an example and analyze
the development pattern of its consumer finance system. The Ant Financial
Service Group developed from an e-
commerce platform. Its consumer finance
system takes full advantages of the large amount of data which is accumulated
from the e-commerce platform.
This kind of development mode can realize
the win-win development of e-
commerce platform and Internet consumer
finance, which has the reference significance to the development of other
consumer finance platforms.
Consumer Finance, E-Commerce Pla
tform, Consumption Stickiness, Credit
1. Introduction
Consumer finance refers to the financial services provided to meet the needs of
residents for goods and services, which is essentially an intertemporal consump-
tion model where consumers get rid of the liquidity constraints of immediate
consumption and get more goods and services in a certain period of time [1]. It
includes mortgage, car loans, credit card installments and so on which are pro-
vided by the traditional commercial banks. Additionally, the “Internet consumer
finance” which is the combination of Internet and consumer finance has also got
rapid development in recent years.
Alibaba Group and Jingdong Group have started their own consumer credit
business with their data advantages to expand their financial business, and strive
to gain a foothold in the important strategy of consumer finance. In their own
electricity business circle, the amount of credit sales is provided to consumers, so
that consumers can pay installment with a certain fee. This paper chooses a rep-
How to cite this paper:
Zhao, Y.N. (2017
Research on the Consum
Finance System
Ant Financial Service Group.
Journal of Industrial and Business Ma
, 559-565.
March 24, 2017
May 13, 2017
May 16, 2017
Copyright © 201
7 by author and
Research Publishing Inc.
This work is licensed under the Creative
Commons Attribution International
License (CC BY
Open Access
Y. N. Zhao
resentative group whose name is Ant Financial Services Group in this field and
tries to analyze its business and the relationship between the various businesses
in order to explore the construction of its consumer finance system. Ant Finan-
cial Services Group was formally established in October 2014, focusing on serv-
ing small micro-enterprises and ordinary consumers. Its financial products in-
clude Alipay, Yu’ebao, Zhaocaibao, Zhima Credit, Ant check later and so on.
This paper is divided into five parts. The first part is the introduction which
mainly introduces the research background. The second part mainly elaborates
the consumption financial system of the Ant Financial Services Group and spe-
cifically analyzes how can Alipay, Yu’ebao and Zhaocaibao attract consumers
and realize the accumulation of consumersinformation. The third part intro-
duces Zhima Credit. The fourth part introduces a consumption financial prod-
uct which called Ant Check Later Loan. The last part summarizes the whole pa-
2. Consumption Stickiness and Consumer Stickiness
2.1. Alipay and Consumption Stickiness
2.1.1. Introduction to Alipay
Alipay (China) Network Technology Co., Ltd. (hereinafter referred to as Alipay)
was established in December 2004, which is one of Chinas mainstream third-
party network payment platforms. At the beginning of its establishment, the
companys main purpose is providing credit guarantee on both sides who in-
volve in trading on an E-commerce website which called Taobao. In this way,
the problem about trust and payment that has plagued the development of e-
commerce market can be solved. According to the data which is publiced by
Taobao, the transaction value of Taobao in 2003 is about 20 million. But after
the introduction of Alipay, the transaction value in 2004 rose rapidly to 1 billion
yuan and reached 80 billion yuan in 2005.As of November 30, 2012, the transac-
tion value exceeded 1 trillion yuan.
2.1.2. The Service Coverage of Alipay
Ants Financial Services Group set up in October 2014, and its predecessor is
Alipay company. Alipay changed its positioning of a single third-party payment
platform in the past, and aims to build a real-name and trust-based one-stop
scenario platform to meet the usersdemand in consumption, financial man-
agement, urban life, communication and so on.
Alipay works with more than 200 financial institutions to serve nearly 10 mil-
lion consumers and small companies. Alipay covers the vast majority of online
consumption scenarios, and also vigorously expand the various offline scenes,
including taxis, public transport, supermarkets, convenience stores and restau-
rants. More than 130,000 Offline shops and more than 500,000 taxi cars has
supported the use of Alipay.
Alipay is also accelerating the expansion of international business. More than
30 countries and regions, and nearly 2000 signed merchants have supported the
Y. N. Zhao
use of Alipay.
In the field of financial management, Alipays users can buy Yu’ebao, Zhao-
caibao, stocks and other financial products. The number of users who use Alipay
to manage their finances has reached more than 200 million.
In July 2015, Alipay added a kind of function called friendswhich can meet
the usersneed of communication.
2.1.3. Innovation of Alipays Payment Method
Alipay provides users with the following two payment methods:
One is that Alipay plays the role of intermediary guarantee in online shopping
transactions [2]. Take an example of Taobao C2C transactions, the transaction
process in which Alipay is used can generally divided into six steps:
(1) After a customer has decided what they want to buy, they can issue a pur-
chase order to the seller;
(2) The customer chooses Alipay as a trading intermediary, and then pays the
corresponding payment to his Alipay account;
(3) Alipay notices the seller that the customer has paid and reminds the seller
to ship on time;
(4) After receiving Alipays notice, the seller deliveries merchandises to the
(5) After the customer received the goods, he tells Alipay that he has got the
(6) Alipay takes the payment into the sellers account. Then the transaction is
This kind of payment method can reduce the degree of information asymme-
try between buyers and sellers and can help to accelerate the process of Internet
financial transaction.
The other is to pay instantly [2]. The process is very simple, that is the buyer
directly pays the money to the seller in the use of Alipay. This feature extends
Alipays service range. It can not only provide payment services to Taobao users,
but also provide payment services for buyers and sellers to reach other offline
transactions. For example, many of the P2P network borrowing platforms
choose Alipay as a borrower and lender’s third-party payment tool.
For the Internet finance, the account is the world, and the account sticky de-
termines the market share. Alipay is the leader of Internet financial payment. Its
service content, service convenience and service innovation are the main aspects
to attract customers. On the one hand, these customersmassive trading data can
help the Ant Financial Service Group to build a credit system. On the other
hand, these customers can become the potential customers of the credit system.
2.2. Yu’ebao, Zhaocaibao and Customer Stickiness
2.2.1. Yu’ebao and Customer Stickiness
In June 17, 2013, Yuebao emerges. It is a new account balance value-added ser-
vice. In this service, users of Alipay can transfer their money from Alipay ac-
count to Yu’ebao account .This behavior means that the users of Alipay agree to
Y. N. Zhao
buy the fund products of Tian Hong Fund Company. Then the fund company
will raise the funds to invest, and pay a certain amount of interest to the users of
Yu’ebao. In the meanwhile, the money in Yu’ebao account can be used at any
time in online shopping and other payment.
Because Alibabas electricity business platform and Alipay network has accu-
mulated a huge amount of customers and huge amount of idle funds, the access
of Yu’ebao greatly caters to the needs of the market. Only 5 months later, the
number of its users reached 81 million. Yu’ebao is actually the product of Ali-
pays development. It makes up for a defect in Alipay [3]. The defect is that
money in Alipay account cannot bring interest to the users of Alipay. So the
emergence of Yuebao increases the customer stickiness of Ant Financial Service
2.2.2. Zhaocaibao and Customer Stickiness
Zhaocaibao appears in April 2014. All kinds of financial institutions such as
banks, insurance companies and fund companies can show their financial prod-
ucts on the platform of Zhaocaibao [4]. And the users of Zhaocaibao can choose
what they like.
Although Yuebao can solve the problem of monetary funds, it cannot meet all
the needs of customers. Some users of Yu’ebao are willing to accept more risk
and gain more interest. So Zhaocaibao meets their needs. On the basis of
Yu’ebao, Zhaocaibao further enhances the customer stickiness of Ant Financial
Service Group.
Overall, Alipay can provide great convenience to customers who buy goods on
Taobao. Yu’ebao and Zhaocaibao can meet the customers demand of financial
management. The consumer for the purpose of consumption can through Ali-
pay use Yuebao and Zhaocaibao to manage their money, and the users of
Yu’ebao and Zhaocaibao can through Alipay to buy goods on Tobao and other
E-commerce platform. On the whole, Alipay, Yu’ebao and Zhaocaibao can in-
creases the consumption stickiness and the customer stickiness of Ant Financial
Service Group.
3. Establishment of Credit System
On January 28, 2015, Ant Financial Services Groups Zhima Credit Manage-
ment Co., Ltd.” tested their personal credit system for the first time.
3.1. Data Source of Zhima Credit
The data sources of Zhima Credit include three aspects: the first is the data
within the Ali system; the second is the data provided by external cooperation
agencies; the third is the user self-submitted information data [5].
Alibaba has Taobao, Tianmao and other business platform and Ants Internet
Financial Service platform and its business began to deep into the water and
electricity coal charges, taxi, medical and other fields. So it has accumulated a
large amount of data. These dates are different from the traditional credit data
Y. N. Zhao
which are mainly come from the field of borrowing. They covers the credit card
repayment, online shopping, transfer, finance, Rental information, address relo-
cation history, social relations and other aspects [6].
External data includes the information of users income, deposits, securities,
commercial insurance, real estate information and taxable amounts.
Users can also provide their academic status, unit mailbox, vehicle in-
formationto complete their personal information.
3.2. Zhima Score
Zhima Credit established personal credit dimension with reference to the fam-
ous American credit agency FICO. Specifically, Zhima Credit use five dimen-
sions: the userscredit history, behavior preferences, performance, identity cha-
racteristics and personal connections [7]. In the future, the users record of pub-
lic interest behavior will be included in the assessment of Zhima Credit.
On this basis, the users credit score which is called Zhima Score is divided
into five levels. The score range is 350 to 390 and the higher the score, the higher
the credit level [8].
3.3. Business Progress
At present, Zhima Credit is not only used in Ali Group, but also used in daily life
services, P2P lending and traditional financial sector [9].
Users whose Zhima Score is more than 600 can apply for Ant Check Later
consumer loans (up to 3 million) which can used in Taobao shopping payment.
Silver Lake Network and Zhima Credit has reached a strategic cooperation
agreement. According to the agreement, Silver Lake Network can use Zhima
Score to evaluate the borrowers credit.
Users of Zhima Credit can apply for Singapore and Luxembourg visas with
Zhinma Scoreand Sesame Credit Report (Singapore visa needs 700 points
and Luxembourg visa needs 750 points) without having to submit additional in-
formation such as proof of assets, proof of employment and so on.
Beijing Bank and Zhima Credit signed a strategic cooperation agreement and
Beijing Bank became the first cooperative bank with Zhima Credit. The two
sides will carry out credit information inquiry and application, product devel-
opment, business activities and other aspects of cooperation.
3.4. Development Outlook
The Ant Financial Service Groups financial services which are involved in the
lending business are inseparable from the credit information [10]. Therefore, the
introduction of Zhima Credit can play an important supporting role in the
smooth development of other financial services.
So far, Zhima Credit has started cooperation with relevant agencies in the field
of daily life, consumption, P2P network loans and the traditional financial sec-
tor. If Zhima Credit can be recognized in a wide range of areas, it will become a
huge measurable and achievable asset for Ant Financial Service Group. At the
Y. N. Zhao
same time, consumers will pay more attention to their Zhima Credit. If con-
sumers want to increase their Zhima Score, they will purchase more goods and
services on Alis E-commerce platform and Ant Financial Service Internet plat-
form. So not only the original Ali users will increased their dependency on Ali,
but also more new users will be attracted. In addition, Zhima Credit can form a
constraint to regulate the users consumption behavior and lending behavior,
which will indirectly reduce the cost of Ali.
4. Consumer Financial ProductAnt Check Later Loan
On December 27, 2014, Ant Financial Service Group launched a new credit ser-
vice called Ant Check Later. It means that the network credit consumption is
formally incorporated into the Ant Financial Service Groups financial system.
Ant Check Later loan is a kind of loan service which is provided to a consum-
er who has an Alipay account and the loan is limited to consumption use [11].
The lender can use the loan to purchase the goods or services which are ap-
proved by the service provider. The application, use and termination of this ser-
vice must be completed by designated Alipay account. The maximum amount of
the loan is 30,000 yuan and the longest interest-free period is 50 days.
The consumers can choose non-scheduled repayment services and installment
repayment services. And a certain percentage of the installment fee will be
charged. According to the number of stages of repayment, the percentage of the
installment fee is different.
The repayment sources are limited to Alipay account balance, debit card ac-
count balance and the balance of wealth management products such as non-
credit funds. The way of repayment is divided into active repayment and auto-
matic repayment. If the consumer chooses the way of automatic repayment, he
can set the repayment order between Alipay account and other accounts. At the
same time, Ant Check Later Loan has the right to monitor and manage the
source of repayment funds.
Ant Check Later Loan can promote consumers to buy more goods and servic-
es in the Ali e-commerce platform [12]. And more consumersdate will be pro-
vided to Ant Financial Service Group. These dates can help Ant Financial Ser-
vice Group to provide more financial services to meet the financial demand of
consumers. This is a virtuous circle.
5. Conclusion
This paper takes the consumption financial system of Ant Financial Service
Group which developed from an e-commerce platform as an example to analyze
the development pattern of its consumer finance, and finds that the whole in-
dustry chain is completely owned by Ant Financial Service Group. This kind of
pattern can minimize the transaction costs and the risk which caused by infor-
mation asymmetry, and can maximize the consolidation and training of cus-
tomer base. Then a large number of transaction data can be accessed. Using
these data can help to design credit products which can bring revenue. This kind
Y. N. Zhao
of development mode can realize the win-win development of e-commerce plat-
form and Internet finance, which has the reference significance to the develop-
ment of other consumer finance platforms.
[1] Wei, J. (2015) Consumer Finance: Innovation and Development.
First-Line Topic
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[2] Chen, J. (2014) Research on the Internet Financial InnovationBased on Alipay.
, 2, 63-65.
[3] Zhang, J. and Chen, L.Z. (2015) Research on the Service Model’s Innovation of
Chinese Soft Science
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[4] Li, Q. (2014) A New Platform for Financial ManagementZhaocaibao.
Zhe Jiang
, August 26 2014, 11.
[5] Huang, K. (2015) Zhiama Credit Access Consumer Finance.
21st Century Business
, April 9 2015, 19.
[6] Hua, M.F. (2015) Zhiama Credit Open: The Door of Large Data Credit System.
Century Business Herald
, January 30 2015, 20.
[7] Guan, J. (2015) Zhima Credit Enter Personal Credit Market.
First Daily of Finance
January 29 2015, A11.
[8] Lu, Y.F. (2015) Small Sesame and Big Ambition.
New Economy
, 9, 54-55.
[9] Lu, L.Y. (2015) Zhima Credit Test Consumer Financial System.
, April 15 2015, B12.
[10] Jing, X.D. (2015) Internet + Large Data Credit.
21st Century Business Herald
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13 2015, 16.
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Computer and Network
, 1, 10.
[12] Yang, T. (2015) Innovation and Development of Consumer Finance in Internet Era.
Zhejiang Economy,
13, 16-17.
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