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Trust Building and Credit Reporting with Big Data in the Digital Age

In: The Palgrave Handbook of Technological Finance

Author

Listed:
  • Wensheng Peng

    (China International Capital Corporation Limited)

  • Feng Zhu

    (Luohan Academy)

Abstract

Trust is the foundation of modern commerce and finance, much more so in the digital age where complete strangers seek to make deals on digital platforms. While trust building, including credit reporting, has a long tradition, the rise of digital economy, big data analytics and new business models centering around data have brought exciting opportunities and new challenges. This chapter reviews a number of existing credit reporting models in the major economies, focusing on China’s trust building experiences and on credit reporting in the digital age. To facilitate online trade and financial transactions, new efforts have been made to develop trust building mechanisms based on information sharing that goes beyond the traditional realm of credit scoring. The new approach attaches great importance to integrating technology with business ecosystems and serving the real economy; a broadening range of data sources; and the use of alternative data and AI methods to assess and manage risks to support key business decisions. Digital technologies have played a central role, and in China, tech companies have pioneered a growing number of promising trust building practices that have supported the rise of digital platforms and the sharing economy.

Suggested Citation

  • Wensheng Peng & Feng Zhu, 2021. "Trust Building and Credit Reporting with Big Data in the Digital Age," Springer Books, in: Raghavendra Rau & Robert Wardrop & Luigi Zingales (ed.), The Palgrave Handbook of Technological Finance, pages 809-836, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65117-6_29
    DOI: 10.1007/978-3-030-65117-6_29
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    Cited by:

    1. Feng Zhu, 2022. "Comment on “Big Data in Asian Central Banks”," Asian Economic Policy Review, Japan Center for Economic Research, vol. 17(2), pages 272-273, July.

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