May 2022

CRIF experts took part in the largest conference in Poland on the subject of technology in finance and the e-commerce industry - Fintech & E-Commerce Linking Days 2022 - organized in Łódź. This conference was an event for representatives of both industries who contribute to the technological revolution in the sectors by implementing solutions based on the latest technologies.

An event for the Fintech and e-commerce industries

The conference was also aimed at bringing together representatives of both sectors to talk about common issues related to managing the cost of customer acquisition and retention, the KYC (Know Your Customer) procedure, risk management, as well as dealing with legislative and compliance challenges. All this is in light of the increasingly higher expectations of customers and the ever-changing market.

This time, the conference focused on four key areas related to Fintech and e-commerce: administration, business, trends, and the future of the industries. Topics included: creating a common technology ecosystem thanks to the cooperation of the Fintech community with the local administration; promoting an entrepreneurial mindset and mature businesses taking on the role of mentor in local initiatives such as business incubators or startup accelerators; the latest trends and their impact on the future of both sectors; and considering whether their actions will be more like collaboration or competition.


Information consolidation as a tool for quick counterparty verification

The event was opened by the conference organizers and representatives of the Łódź City Hall with an official dinner at the Łódź aquarium. "This is a prelude to the 2-day conference, combining the experience of administration, business, Fintechs, and Startups," commented Rafał Tomkowicz, Editor-in-Chief of Banking Magazine. At the end of the evening, Adam Brzostowski, Director of the Economic Development Office and International Cooperation at Łódź City Hall, encouraged participants to become one team and achieve ambitious goals.

The conference opened with a discussion on how local governments and non-governmental organizations can support the development of the technology business. Next, CRIF experts - Joanna Kmak-Chodźko and Jakub Musiał - gave a presentation on the consolidation of information as a tool for quick counterparty verification and reliable credit decisions. They presented a case study of a company which on the surface seems to be an ideal business partner, looking deeper, a warning light appears. They also shared with the audience some tips on how to choose a good business information provider and invited them to the CRIF stand, where partners could check counterparties using CRIF business reports such as Credit-Check Business or SkyMinder.


Sustainable development and ESG-related issues

After the coffee break, there was time for topics related to sustainable development. ESG (environmental, social, and corporate governance) issues are having an increasing influence on the shaping of strategies and actions taken by enterprises. Not only due to the legislative requirements that are currently being imposed on companies, but also due to the growing awareness of businesses and consumers.

After the presentation given by Prof. Monika Marcinkowska on the topic of sustainable finance, it was the time for the discussion “About ESG. Environmental aspects in the development of Fintech and e-commerce,” with the participation of Piotr Badura, Vice President of CRIF and KBIG together with: Arkadiusz Jadczak, Business Development Manager at Binarapps, Prof. Monika Marcinkowska from the University of Łódź and Wojciech Mróz, Co-Director at Ashoka.

Adapting to ESG requirements involves companies defining specific goals, indicating how they will achieve them, as well as consistently implementing them and reporting them correctly. In the discussion on sustainable development, the panelists raised issues related to:

 ✔ collecting data and reporting ESG indicators by enterprises, including the availability of reporting for small businesses,

✔ proper allocation of funds in line with ESG standards as a financial management strategy,

✔ introducing changes in financial institutions in line with the ESG strategy, i.e. increasing requirements, lowering ratings, including information on ESG in the credit score, as well as giving companies the so-called ECO-label,

✔ environmentally friendly products and their growing popularity among consumers who may pay more for responsibly produced products.

An interesting idea emerged during the discussion: to introduce ESG as a virtual currency to support the implementation of diversified development strategies.


Do not buy a pig in a poke - check your counterparty!

On the second day, participants could join discussions on legal regulations in terms of the synergies between the Fintech and e-commerce sectors, the future of money and traditional banking, and the geopolitical situation and its influence on the cryptocurrency market.

On the same day, at the CRIF stand, we welcomed conference participants and analyzed the business reports of sample contractors. We had one-on-one conversations about the methods of verifying a potential business partner and making a safe decision about cooperation. From the discussions, we concluded that the verification of business partners using a single tool that aggregates many data sources is very important to them. It not only speeds up the entire process but also gives a sense of greater security and confidence in decision-making.