Professionals of inclusive finance urged small Internet finance companies to focus on designing products that meet the demands of a segmented client group.

On Tuesday, founder and president of haodai.com Li Mingshun said, "We are calling for market segmentation of the financial sector so that small online financial companies have no need to build a huge sales network. Instead, some other companies will provide them with capital, risk management services and marketing services. Otherwise, the costs of innovation will be too high for small online financial companies."

Li told a forum held by msxf.com that Internet-based financial service providers should be committed to making innovative, individualized products targeting different segments of clients, such as loans designed for chain restaurants or for training agencies to provide vocational training for college graduates.

Liu Zhijun, chief data officer of msxf.com, said risk control, product quality and user experience are three key elements affecting the development of consumer finance companies, which specialize in providing loans directly to consumers who are unable to secure bank loans.

"A number of factors, including the efficiency of approval for loan applications, the interest rates of financial products, and the level of disclosure of personal information, will have an impact on a client’s decision. It is important for the companies specialized in this field to make product and risk control strategies based on knowing their clients," Liu said.

Zhang Zhengping, professor of the school of economics at Beijing Technology and Business University, advised Chinese companies to develop inclusive finance with a sustainable business model, on the basis of fully understanding refined demands of target clients.

"It means a number of increasingly diversified financial institutions will make innovations by using information technologies, thus providing more diversified financial services to those whose financial demands were not satisfied by commercial banks in the past," Zhang said.