CRIF was invited to speak about digital transformation at a webinar organized by DigiLab Finance, an initiative of the International Finance Corporation (IFC). DigiLab Finance aims to support financial institutions by offering a structured approach to digital transformation through a hands-on acceleration program.

The program is designed to expedite the digital evolution of financial entities, with a focus on devising actionable strategies. Participating financial institutions are guided in structuring their digital transformation, drawing insights from emerging disruptive business models and technological trajectories. This capacity-building program is aimed at helping financial institutions to adapt to the rapidly changing digital landscape.

The current scenario within the financial industry

During the webinar, CRIF provided a comprehensive overview of the digital journey process, shedding light on the details of how its expertise and know-how can help financial institutions expedite their digital transformation while simultaneously enhancing the overall customer experience.

Indeed, in today's constantly evolving landscape, corporations and financial institutions are grappling with a multitude of challenges that have commonly become known as the "New Normal". These challenges include global issues such as the post-covid scenario, geopolitical tensions and escalating energy prices, as well as emerging trends such as the adoption of artificial intelligence and a growing emphasis on sustainable ecosystems. This landscape underlines the critical need for adaptation and presents a unique opportunity for financial institutions to transform their operations and stay ahead of the curve.

The traditional models of business banking are becoming obsolete as the banking industry evolves. For this reason, financial institutions must adopt innovative and customer-centric approaches as soon as possible to stay competitive.

To achieve this, banks must focus on every aspect of the credit journey, starting from seamless onboarding to efficient collection processes, all while maintaining a focus on customer satisfaction. Digital onboarding solutions, streamlined loan origination processes and robust customer management systems are critical in this landscape. Banks must also prioritize the automation of processes, risk assessment and fraud mitigation, while focusing on boosting business and increasing customer retention and satisfaction.

The role of Artificial Intelligence in digital transformation

AI decisioning platforms play a crucial role in this transformation process. Enterprises must leverage the power of AI to augment their decision-making processes. By combining AI capabilities with human expertise, organizations can unlock unprecedented insights and efficiencies. In June 2023, CRIF was recognized as a leading company in AI-based decision-making by Forrester, an independent global research firm. In particular, this recognition was attributed to the StrategyOne solution, a key component of the company‚Äôs portfolio which empowers business users to easily implement, test, monitor and modify business rules, credit scores, calculations and entire decision processes.

In conclusion, the collaboration between CRIF and DigiLab Finance underscores a shared commitment to ushering in a new era of digital transformation within the financial landscape, one characterized by agility, innovation and customer-centricity.