I believe many people are familiar with the mention of new citizens in the financial field. They are a huge group, with more than 300 million people accounting for more than 20% of the country’s total population, and they are an important group served by inclusive finance. In October this year, the State Council issued the "Implementation Opinions on Promoting High-quality Development in inclusive finance", which clearly stated that the financial services for new citizens such as agricultural transfer population will continue to deepen in the next five years.
This means that serving new citizens will become a key issue for the entire financial industry. What changes have been made to the new citizens now compared with the past? What are their demands in finance? How do financial institutions accurately provide services? These problems are worthy of attention and exploration.
Consumer finance, as a financial service format that can directly touch people’s life, is an important subject to provide inclusive finance services for new citizens. As a licensed financial institution, Consumer Now has taken the lead in the gold consumption industry and launched a number of measures to serve new citizens. On December 11th, Immediate Consumption, together with its product Anyihua, and Southern Metropolis Daily, released the first survey report on new citizens in the consumer finance industry in China, showing new citizens’ new lives and improving the quality of new citizens’ services by gaining insight into their consumption preferences, entertainment methods, living habits, personal investment and financial use scenarios.
Most of the new citizens who participated in this survey were migrant workers, accounting for more than 80% of the participants. They are mainly distributed in super-first-tier cities such as Beishangguangshen and Shenzhen, and quasi-first-and second-tier cities with fast economic development such as Hangzhou, Chongqing, Chengdu, Dongguan, Qingdao and Xi ‘an. Their age is concentrated in 20-40 years old, and they become the main force after 80, 90 and even early 00. Compared with the previous junior high school education, the education of new citizens is constantly improving, and the proportion of high schools, technical secondary schools and junior colleges is constantly rising.
It is worth noting that they have been working hard in the city for a long time, and their ideas, lifestyles and development demands have been deeply influenced by the city. They have long been different from traditional migrant workers and have a stronger desire for urban life and resource sharing. In the past, new citizens were labeled as "long working hours", "high mobility", "low income", "moonlight", "monotonous amateur life" and "high proportion of peer-to-peer lending". Now these have changed: through the survey data, we can find that they pay attention to practicality and cost performance in consumption; It is no longer just a corner where there is only one bed in the village in the city, and food, clothing and housing are the main things, but more and more attention is paid to the quality of life; Instead of just making money and not spending money in the city, more and more attention is paid to leisure and cultural travel, and even there are many actions in self-investment.
In terms of employment, 90% of the new citizens interviewed this time have stable jobs and incomes. On the basis of stable work, some new citizens will also expand sideline business to increase their income and improve their living standards. According to the survey, 20% of the new citizens who participated in the survey all have 1-2 sideline jobs. In their view, multiple jobs represent more opportunities and provide more possibilities. Employment opportunities increase, and income is better, stable and considerable. The data shows that the average monthly income of new citizens exceeds 6,000 yuan, accounting for nearly 70%.
In terms of consumption, most of them are more cost-effective, taking into account the function and practicality of goods, and changing from "making do" to "paying attention". For example, in the survey, more than 75% of the new citizens have a per capita housing area of over 40 square meters, and nearly 70% spend more on each meal than in 20 yuan. Over 60% of the new citizens will actively participate in social activities, outdoor leisure, sports and fitness, shopping and so on. Some of them will spend more time and money on learning and upgrading, accounting for nearly 30% of their income in self-improvement and education investment.
In terms of finance, they will ease the economic pressure brought by daily consumption and unexpected situations through installment repayment, and will also use consumer loan products such as Anyihua. Zhang Xiao, a new citizen with an income of 8,000 yuan, explained the reasons. "Because our parents-in-law do housework, many of them are introduced by intermediaries and friends. The money is transferred by WeChat, and there is no bank card, so there is no credit record. I can’t get a loan in case of emergency. However, consumer financial products such as Anyihua are different. They can respond to emergencies and are still an indispensable means for me. "
Like Zhang Xiao, many new citizens often face the dilemma of strict banking supervision, strict internal risk control and weak qualifications of new citizens when obtaining financial services. From the demand side, the demand of new citizens for financial services is highly coincident with the long-tail customer groups served by financial institutions. From the policy point of view, strengthening the financial service ability of new citizens is the proper meaning for licensed consumer financial institutions to actively respond to the development of the industry and fulfill their social responsibilities.
Consumers immediately understand this, try first in the industry, and innovatively carry out a number of service measures. According to the data, this year, consumers immediately distributed coupons through Anyihua marketing activities, and held interest-free activities to benefit the people. Anyihua staging mall launched 254 interest-free activities to benefit the people in 3C digital, household daily use, rural revitalization products and other fields, distributed 1.002 million coupons, and distributed coupons worth 22.81 million yuan, providing benefits to 3.45 million new citizens.
In the depth of serving users, immediate consumption will improve the level of financial services for farmers, returning rural groups and new agricultural business entities, and effectively meet the financial needs of new citizens such as agricultural transfer population. It expanded inclusive finance business to third-and fourth-tier cities, county towns and rural areas, with an average loan of about 3,000 yuan, serving 33 million rural users and 39 million county users.
In addition, in the battlefield of financial services for new citizens, the advantage of consumer financial institutions lies not only in the high fit of the people covered, but also in the support of cutting-edge technology and strong risk control ability. Taking immediate consumption as an example, relying on more than 1,000 sets of core technology systems and 100,000+derivative variables, we can broaden the radius of customer service, and also achieve second-level lending, meet the needs of users for timely use of funds, and improve the efficiency of financial services. Not long ago, I immediately consumed the self-developed large model "Tianjing", put AIGC technology into practical use, and empowered financial business links such as intelligent marketing and intelligent customer service.
In addition to focusing on the financial services needed by the new citizen groups, it is also necessary to constantly pay attention to the growth of the groups. This year, immediate consumption has taken the lead in doing three things in the industry in serving new citizens — — Employment, dreams, peers, let the service for new citizens go deeper and more practical, and help new citizens tide over the difficulties.
In May of this year, Consumption Now launched a new project — — Escape Job. The original intention of a project with high cost but free for users is to help new citizens who need to find jobs. The data shows that since its launch, the "Looking for a Job" area has visited more than 2 million people, providing nearly 220,000 jobs to choose from, and nearly 50,000 people have submitted their job hunting intentions. In September this year, the Yi Li Dream Building Public Welfare Platform jointly established by Consumption Now and Science and Technology Development Foundation was officially launched. This public welfare project is mainly aimed at groups, including new citizens, to help them realize their wishes of solving basic living problems and improving their living conditions.
Since the beginning of this year, the consumption of comfortable flowers has also started the story of the real people of new citizens, "Those who chase the light", showing the struggle figure of new citizens and providing them with struggle funds. The second season will be launched in 2024, which will continue to explore user stories and show their optimistic and tenacious spirit in the face of difficulties and dilemmas in life. Simultaneously launch the "Craftsman Plan" in 2024. Focus on traditional culture, pay attention to non-legacy craftsmen, a special group of new citizens, and explore their stories of keeping the arts.
Through this survey, we can find that the new citizens are a group of energetic and creative people with a wide range of interests and unique personalities. They grow together with the city and strive for a better life. Pay attention to new citizens immediately, and try first in the field of serving new citizens in the consumer finance industry. It has served 2.56 million people and spent 100 million yuan on serving new citizens.
In the future, the initial intention of immediately consuming "user-centered" will not change, and we will provide financial services with temperature for new citizens, give them the longest-lasting companionship, and join hands with more new citizens to start a better life. Let the wind of inclusive finance blow to more new citizens.
