Sanpower Group began operating in consumption in instalments and cash loans which were made available to Sanpower Group employees in the fourth quarter of 2015. Commercialized consumer finance services, which are oriented to external customers, has had five pilot programs in five stores for Hisap and Funtalk Telecommunications of Sanpower Group beginning from January 1, 2016. Currently, while shopping in these stores, consumers can mull about the “world installment”, which is a kind consumption in installment with a down payment as low as 10% without a need for collateral, mortgages or credit cards.

With the implementation of a consumer credit core system on January 31, Sanpower consumer finance has further quickened its pace in comprehensive business expansion. It’s predicted that, beginning from the second quarter of this year, consumer finance will cover Funtalk Telecommunications, Hisap, Nanjing Cenbest and other physical retail stores offline, including linking Lashou.com, Meici,  and other Internet platforms. It will also have access to the Group’s payment channel—Tianfubao and will finally build a financial service platform, which will be a collection of consumption in installment, cash loans, financial management and payments.

Building an integrated service system of “commodity + finance”

Sanpower Group, which began as a retailing group, has rich online and offline commercial resources. Analysing underlying data can more quickly and clearly sketch out potential demands and levels of risk regarding customers, which is beneficial to improving experiences of customers and strengthening risk prevention and control. Relying on the resources present in offline stores, Sanpower consumer finance has created a mode of “integrating merchandising services and financial services” as well. By arranging business training for current salespeople in consumer financing and building a new kind of sales model, in which sales representatives in the commodity system double as financial sales representatives, human labour costs will be greatly reduced and efficiency regarding business promotion will improve. Currently, Hisap Brookstone and five stores of Funtalk in Beijing, Suzhou and other cities across the country, which are piloting this program, have all adopted the integrated service mode of “commodity + finance”. The professional training team transferred by Funtalk Kaifei conducted the training for salespeople of all stores.

During the pilot period, the consumer finance team attached great importance to testing product design, consumer process and risk management efficiency. Up until now, various projects have gone well. In the future, with the implementation of the consumer credit system’s function of the second and third phases, consumer finance services will be officially and comprehensively expanded.

The system builds the broad platform of consumer finance synergistically

The expansion of Sanpower Group’s consumer finance business is the result of system synergy. The coordination and synergy between Sanpower Group’s Financial Culture Division and Hisap, Funtalk Telecommunications, Nanjing Cenbest and involves involve a great amount of work, such as, marketing, training for store staff, fund settlement and system coordination. Meanwhile, multiple teams inside the finance sector shall play different roles and coordinate with each other: Hongtu Technology Micro Loans Co., Ltd. shall be responsible for the design of consumer finance products and processes. The Funtalk Kaifei team shall be responsible for market development, training for salespeople, auditing of business risks, performance assessments, etc. Tianfubao shall be responsible for fund payments, and call centres at Lashou.com in Nantong shall be responsible for customer services, signing on and urging work on the inside. The Risk Management Department shall be responsible for the preparation of risk policies, analysis of fraudulent practices and other work, and the technology sector shall be responsible for the development and operation and maintenance of systems as well as collecting and fetching future third-party data…

Consumer finance, based on the situation, is the future of this industry. Sanpower consumer finance, with the advantages of flow and resources, will continuously integrate Sanpower resources to create new points of profit and growth. It was discovered that, in 2016, “Broad Commerce, Broad Health, Broad Finance” will be three key industries for Sanpower Group. Currently, Sanpower finance is pushing to create a financial industry layout which covers traditional finance, Internet finance, investment funds and other areas to create a financial holding group with complete licenses and a closed business cycle, which also combines online and offline services together.

The “World Instalment” shall indicate the installment period and monthly payment of each product.

Advertising poster for the “World Instalment” product in stores of Funtalk