May, 2020

Findomestic chooses CRIF for open credit

XS2A, categorization, and AI-based analytics as part of the digital transformation strategy.

Objective: business recovery, growth, and acceleration. In a context where digital transformation is no longer optional, lenders can play a key role in the open banking era by following certain guidelines, including:

■ Adoption of AI-based analytics and a data aggregation and validation approach to manage the huge quantity of data and build targeted actions aimed at new credit personas;

■ Adoption of as-a-service technology platforms to reduce the “time to yes” in automated decision-making processes;

■ Teaming up with a reliable partner who is recognized on the market to define and implement operational business support strategies. Even those players operating in the consumer credit segment, which have traditionally invested significantly in speeding up processes and achieving a favorable customer experience, have to deal with the challenges of digital transformation.

N.E.O.S. - New Evaluation Open Suite - the CRIF solution that allows you to access, aggregate, and classify payment and credit bureau information, is a practical response to seize the opportunities of PSD2.

N.E.O.S. is part of CRIF Digital Next, the open, collaborative platform, already used by Italian and international players, to accelerate digital transformation, develop the user experience, and aggregate system and open banking data in order to enable a customized, dynamic profiling process and determine the next best action.

“CRIF’s experience in the consumer credit market shows that the integration of payment data into assessment models can lead to a significant increase in business, with an increase in personal loan approval rates of to up to 80%, and greater financial inclusion. Indeed, on average, 50% of “Invisible Credit” prospects, those with no credit history, would become eligible for financing. All this while maintaining credit quality with an increase of up to +15% in assessment accuracy and an automatic data
recovery and analysis system that is easily integrated into digital and fast lending processes,” explained Simone Capecchi, Executive Director of CRIF.

A key testimonial for the CRIF solution comes from one of the most influential players in the Italian consumer credit market, which has been in the banking sector for many years: Findomestic.

“The project with CRIF is part of a strategy of digital transformation, positioning, and monitoring of the online channel. It has a dual “customer-lender” objective: on the one hand, to bring us ever closer to fully-digital customers and prospects, those accustomed to a 24-hour service on any device, who require a 100% online personal loan that is adaptable to their needs. On the other hand, to make the most of the opportunities offered by PSD2 within the context of an accurate and compliant creditworthiness assessment. This innovative data aggregation solution for financial movements, enriched with “augmented” quantitative models, fully meets our growth objectives. The CRIF solution strengthens our proximity to customers and enriches their digital experience, in line with their everyday needs,” concluded Riccardo Grazzini, Head of CRM - Marketing Analytics, Portfolio Management & Performance at Findomestic.

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