CRIF organized its first official event in Romania

Bucharest, August 4, 2017

​The event was attended by bank executives and national institution representatives: executives of the Ministry of Internal Affairs; the Romania banking association; and Romania National Bank

During its speech, CRIF presented and shared its own perspective on digital banking transformation, and in particular the drivers identified to push forward digitalization, including:

• Informed decision-making thanks to an updated information framework
• Fast response and implementation of new processes

The presentation focused on three main building blocks:
Credit process automation: namely, the design of optimized and automated credit processes to support a digital distribution paradigm.
Credit Decisioning: namely, the need for a digital evolution in credit decisioning in which data infrastructure, policies, and procedures have to be translated or reviewed to sustain digital distribution.
Technology: increased business through the digital channel will result in the evolution of existing technology. Specifically, in relation to E2E digital loan onboarding, CRIF has identified the fundamental components as: the use of identity verification solutions, fraud prevention tools and integration with new data sources (big data).

It is fundamental to have an information framework that includes a governance process to prioritize information, a high level of cross-functional coordination and an IT infrastructure that facilitates the analysis and management of relevant information. The result is the ability to make fact-based decisions in a timely manner.
Special guest, Mbank, attended the meeting as a benchmark in digital banking transformation, focusing on its strategy for credit via mobile phones, and talked about the beneficial collaboration with CRIF to boost its business model transformation:

• Creating a customer-centric experience from the start, by focusing on customer satisfaction with the right products
• Developing tailored, multichannel capabilities to serve clients with state-of-the-art digital technology (self-service experience or customer facing technology)
• Offering a simpler product, as transparently and simply as possible
• Simplifying end-to-end processes, by identifying and optimizing the processes