SHENZHEN, China, July 19, 2021 /PRNewswire/ -- LexinFintech
Holdings Ltd. ("Lexin" or the "Company") (NASDAQ: LX), a leading
online consumption and consumer finance platform for new generation
consumers in China, has been named
as the only Chinese winner in the Global Finance Magazine's 2021
Innovators Awards. The Company won for Outstanding Financial
Innovators-Fintechs – in the Asia
Pacific region, for its technological innovations in the
financial services industry.
Lexin deployed innovative technologies such as artificial
intelligence and big data throughout every step of its transaction
processes, including customer acquisition, risk management, fund
matching, and operations, to enhance operational efficiency.
For risk management, Lexin established AI capabilities in
forecasting users' life cycle delinquencies to reduce risks and to
improve efficiency in loan issuance, transaction processing, and
anti-fraud, etc. Its automatic attribution feature significantly
enhances the efficiency of risk management by diagnosing the causes
of risks in real-time, sparing analysts the time and effort for
data collation.
Lexin's asset quality continues to improve thanks to its
technological innovations. Lexin's 90 day+ delinquency rate was at
1.84% as of March 31, 2021, and the
first payment default rate (30 day+) has been below 1% for 8 months
as of March 31, 2021, effectively
resolving the pandemic-related risks while maintaining a high level
of performance. To date as of the end of the second quarter,
Lexin's coincident 1+ days past due is at 4.92%, as compared to
last year's 8.08% for the same period, representing a 40% decrease.
Its latest recovery rates for bad debts has reached an all-time
high, improving by 30% as compared to the same period last
year.
Aside from its own risk management purpose, Lexin is also
leveraging its over seven years of solid internet product
experience, operating capabilities, and financial technologies to
help financial institutions tackle challenges such as traffic
acquisition, developing new operating models, and improving
efficiency in risk management. Lexin's risk profiling and strategy
optimizing services can effectively identify the quality portion of
denied loan applicants and help financial institutions improve
loan-issuance rates by 20-30 percent while maintaining stable asset
quality.
The Innovators Awards are intended to shine a spotlight on
organizations that regularly identify new paths and design new
tools in finance, and all selections were made by the editorial
board of Global Finance with the input of reporters who are experts
on the functions being served by these innovators, according to
Global Finance.
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumption and
finance platform for new generation consumers and users in
China. The Company provides a
comprehensive range of consumption, financial and business services
including financial technology services, "buy now pay later"
("BNPL") services, and membership benefits through its ecommerce
platform Fenqile, BNPL product Maiya, and membership platform
Le Card. The Company works with
financial institutions and brands both online and offline to
provide a comprehensive consumption ecosystem catering to the needs
of young professionals in China.
Lexin utilizes advanced technologies such as big data, cloud
computing and artificial intelligence throughout the Company's
services and operations, which include risk management, loan
facilitation, and the near-instantaneous matching of users' funding
requests with offers from the Company's many funding partners, and
other consumption and financial services.
For more information, please visit http://ir.lexin.com
To follow us on Twitter, please go to:
https://twitter.com/LexinFintech
Media inquiries:
Limin Chen
Tel: +86 (755) 3637-8888 ext. 6993
E-mail: liminchen@lexin.com
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SOURCE LexinFintech