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PSBC Develops Auto Finance to Create a Better Life for People

Date: 2019-04-17

On April 16, Postal Savings Bank of China (hereinafter referred to as the “Bank” or “PSBC”) joined hands with Sohu.com to launch a themed campaign during the auto show in Shanghai, at which it displayed its business strengths in auto finance industry chain through on-line and off-line channels, expanded cooperation with automotive manufacturers and further promoted products and services of auto loans.

Relying on logistics, e-commerce and other business service networks as well as rich channel resources of China Post Group, the Bank has developed its auto finance business and helped automakers extend their reach to counties and rural areas. It is introduced that PSBC has strong financial strength, large customer base and service networks penetrating both urban and rural areas. With stable and sustained funding, it serves 578 million individual customers, of which customers with consumer loans reaching 9.17 million. Besides, it has approximately 40,000 outlets covering all cities and almost 99% counties in the Chinese mainland. These have become PSBC’s distinct advantages in serving the auto industry.

In an effort to support China Post Group in building its “China Post Vehicle Business” brand and supplement it with financial services, the Bank has set up a financial work group for auto industry chain and kept improving its financial product system covering the complete industry chain, all customer groups and all stages of the auto industry, with a view to provide customized financial service solutions to large group customers and “package” services covering both wholesale and retail needs.

It’s heard that the “China Post Vehicle Business” service has attracted many automotive OEMs for cooperation since its launch, bringing new opportunities for the Bank to carry out cooperation in the intelligent eco-chain of auto finance. At present, the Bank has conducted extensive and in-depth cooperation with many well-known auto companies and actively explored new modes of auto sales.

Currently, the Bank has provided full industry chain services for the auto industry: deepening customer relationship with auto manufacturers in the upstream; expanding customer acquisition channels to cover the broad retail customer groups in the downstream; making business plans and building information systems with the leading level in the industry to realize high-quality customer experience.

Meanwhile, the Bank has also constantly improved financial product systems covering all stages of the auto industry.

At the production stage, the Bank integrates its corporate and retail business departments to design integrated service packs called “Financing Connect”(Rong Zi Tong) which include services like corporate loans, investment banking, trade finance, supply chain finance and fund settlement for OEMs, raw material and parts suppliers and dealers. By leveraging logistics service of EMS, the Bank offers integrated service packs called “Quick Banking Connect”(Su Yin Tong) and provides “logistics + finance” integrated supply chain solutions.

At the sales stage, the Bank closely collaborates with China Post Group in many business sectors and builds a bridge between the supply and demand sides in urban and rural areas through "“micro auto shows”, “micro exhibitions” and “micro marketing” at its outlets so as to provide information, auto show, inclusive financial loans as well as supporting services at customers’ doorstep and achieve one-stop services such as car shopping, selection, purchase, loan application, auto insurance, ETC, vehicle registration and licensing, vehicle mortgage, logistics and delivery, etc.

At the post-sales stage, the Bank provides more convenient and quality services to car buyers via the convenience service platform of China Post Group with a focus on “people + car + life” diversified consumption scenarios.

In the future, the Bank will follow the new trend of quality improvement and transformation in household consumption and rely on networks and channel resources of China Post Group to further enhance its integrated service capabilities. It will work together with the auto industry to build an intelligent financial service system for the complete industry chain from production, sales to post-sales services, and try to penetrate markets in tier 3, tier 4 and lower-tier cities with brand-new auto retail scenarios satisfying consumers’ needs for car shopping, selection, purchase, use and even change, in a bid to provide users with quicker and easier financial service experience and create a better life for people.

Quoted from Xinhuanet

April 17, 2019