LexinFintech Grabs Award for Best Artificial Intelligence and Innovation Lab in China

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NASDAQ-listed LexinFintech Holdings has grabbed the Best AI and Innovation Lab Award in China for 2020 from financial news publication The Asian Banker.

The Asian Banker highlighted the the impact of Lexin’s use of AI technology on the the bottom line of the Shenzhen-headquartered online consumption and consumer finance platform.

“Lexin’s AI Lab significantly enhanced the company’s operating efficiency and increased its profitability by providing automated artificial intelligence services throughout every step of its transaction processes,” said The Asian Banker.

“Both of its research and development (R&D) expense and R&D personnel as a percentage of total employee headcount have been maintained at levels that lead the industry.”

R&D expenditures at Lexin posted a 30% YoY rise in 2019 to reach 416 million yuan, accounting for 18% of total operating expenses, while one third of Lexin’s staff work for its R&D or risk management units.

Lexin bills itself as a “leading online consumption and consumer finance platform for educated young professionals in China,” providing a range of fintech services via its Fenqile e-commerce platform and its Le Card membership platform.

According to Lexin its “Lingxi” AI operating system can solve 97% of customer inquiries without the need for “manual intervention,” while its “Hawkeye” proprietary risk management system is capable of automatically processing 99.8% of new customer loan applications within a matter of minutes, by making use of over 4,700 decision rules and more than 15,900 data variables.

“Wormhole,” Lexin’s fund matching system, subsequently matches loan requests that have obtained approval to one of over 100 financial institutions in real time.

Lexin says this system has a success rate of 95%, and is capable of processing almost one million transactions per day.

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