Revenues from smart analytics and operation services surging by over 40% in the first quarter
Bairong Inc. (“Bairong” or “the Company”, 6608.HK), a leading independent AI-powered technology platform in China, achieved steady growth in the first quarter of 2022, with total revenues reaching RMB451 million, an increase of 10% year-on-year.
Revenues for Bairong’s three major business segments, smart analytics and operation services, precision marketing services and insurance distribution services, were RMB199 million, RMB93 million and RMB159 million, respectively, in the first quarter of 2022.
Its largest business segment, smart analytics and operation services, witnessed the strongest growth in the first quarter, with revenues jumping by 41% year-on-year. The segment benefited from Bairong’s capability to retain key clients. Its retention rate for key FSP clients was 91.6% by the end of last year.
The segment’s soaring growth was also driven by the increasing demand for SaaS operations. Bairong has been expanding its services for SaaS operations with various tools and solutions, including smart voicebot, cloud SaaS operations platform, wealth management system, and smart decisioning support. In the first quarter, revenue from SaaS operations accounted for 22% in the segment, up from 3% in the same period of last year.
Bairong focuses on supporting the digital transformation of the financial industry in China, and provides AI solutions covering the whole business process for banks and other financial institutions. Bairong’s client base includes the majority of state-owned banks, regional banks, consumer finance companies and main insurance companies. By the end of the first quarter of 2022, the Company provided services to 5,900 FSP clients in China, including 3,501 paying FSP clients.
Bairong has been increasing investments in R&D and leveraging innovative technologies and products to drive the digital transformation for financial institutions. In 2022, Bairong will continue to invest in smart voice technologies and explore new technologies in the wealth management field.
In the first quarter this year, Bairong officially became a member of “Privacy Preserving Computing Alliance” led by China Academy of Information and Communications Technology (CAICT). It is working with Tsinghua University for training of data science talents and exploring the cooperation between the academia and industry. The Company was also granted six national invention patents in the fields of privacy computing, machine learning, federated learning and smart voice.
One patent on smart voice, “a smart external call interruption method and system”, can help the smart robot accurately recognize the beginning and end of the user’s voice when there is silence or sudden interruption in the call, realizing natural man-machine communications. Through this system, Bairong can identify human voice from non-human voice by analyzing the input audio stream. Based on automatic speech recognition (ASR), the system can react quickly and prepare appropriate speeches to help users solve their problems. It can also be deployed for outbound calls to fulfill service and marketing purposes with high quality and efficiency.
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