JD Financial and China Union Pay are teaming up to create innovative financial solutions for China. JD financial takes advantage of technology in the company to offer retail and rural customers safe financial services. Union Pay is a financial service corporation that facilitates secure online transactions. Teaming up will create secure online payment solutions, rural financing programs, and co-branded credit cards in China. The two will work together in other areas like big data analysis, rural e-commerce, risk control, and opportunities in the international markets. Currently, China is a cash-driven society with the most efficient and digitally-enabled markets across the globe. The cooperation of the two will create a solid financial sector marking a huge step in the country’s development.
Online shopping customer experience
Customers across china and the world at large expects safe, secure, and efficient online buying. Errors in any online transaction platform can expose customers to hackers resulting in stealing credit card numbers and passcodes. The two companies will enhance customer’s online shopping experience by using secure co-branded credit cards and contactless online payments. Customers always pay more for a better experience. Enhanced customer experience increases satisfaction rates, reduces customer churn, and increases revenues. The partnership will provide better customer services, e.g., safe and secure payment methods, build strong customer relationships online, e.g., online purchasing applications, and solve customer financial challenges before they occur, e.g., online fraud.
Risk analysis and control
Risk analysis and control examine issues that would negatively impact a business and its solutions before the risk affects the business. The two companies(JD and China UnionPay) will create a sophisticated risk control system. The JD company has a complex credit and risk management model that will create safer payments and financing platforms convenient and easy for both consumers and businesses when integrated with UnionPay, a leading platform in transaction management. The benefits the two companies will have after risk analysis and control measures include increased confidence in investments and management decisions, proper accounting for project risks and uncertainties, improved data integrity, and quality control. There will also be documentation of risk analysis for future control.
Financial technology
JD has the best innovative finance technology globally. Therefore, teaming up with Union Pay, another technological finance giant, will create quick, easy, and convenient access to financial services. Tech used in the company includes big data analysis, machine learning, and artificial intelligence, e.g., face recognition systems used by online customers. The financial technology will create a solution in supply chain financing, consumer credit, and asset management. Benefits from fintech include speed, accessibility, and security:
- Speed – With the current fintech AI systems in JD and Union Pay platforms, payments, loans, and overall transactions will be quick.
- Accessibility – Fintech will be easily accessible and easy to use due to mobile financial applications and co-branded cards.
- Security – JD security technology in finance includes face recognition and fingerprint tech, e.g., during financial transactions. Partnership with Union Pay will create more sophisticated security solutions in the finance sector.
Partnership with financial institutions
JD financial partners with financial institutions to create solid financial solutions and improved decision-making procedures using tech. Partnership with other financial institutions majorly intends to increase customer-based services and build stronger bonds to tackle challenges in the finance sector. Improved partnership Customer services in financial institutions revolve around the security of customer data and provision of better services to the customers.
The partnership of JD Financial with Union Pay will create a world-class solution-based financial technology that will improve customer experience in all finance arms. It will also create risk control systems to solve problems, improve confidence in future decisions, and create more advanced fintech to resolve challenges in JD financial network.
