BEYOND BANKING: CRIF REDEFINES CUSTOMER MANAGEMENT AT HELSINKI'S FINTECH SUMMIT
On May 16, 2024, CRIF will sponsor the Nordic Fintech Summit taking place in Helsinki.
The Nordic Fintech Summit is described as the “Fintech Gateway Between the Nordics and the Eurozone”.
The aim of the event is to bring together key stakeholders from leading Nordic financial institutions, fintech enterprises, regulatory bodies and other experts in the field to discuss current issues relating to digital banking and payment solutions. The primary aim is to foster the exchange of practical experience and success stories.
During the event, Alessandro Vilardi, EMEA & Asia Digital Director at CRIF, will show how CRIF’s holistic approach to the credit journey can support financial institutions. This approach encompasses five pillars:
- New Customer Acquisition
- Customer Onboarding
- Loan Origination
- Customer Management
- Collection
In Helsinki, CRIF will focus particularly on the fourth pillar: customer management.
Starting from risk mitigation, CRIF can help financial institutions to monitor and manage those customers that may encounter challenges during the repayment phase, thereby increasing the risk of non-payment. To proactively address this risk, CRIF has developed early-warning models that empower financial institutions to anticipate such scenarios and undertake preemptive measures before they escalate. Often, a simple adjustment of payment terms during challenging periods proves sufficient to avert the worst-case scenario.
Looking in more detail, CRIF's solutions facilitate the enhancement of risk mitigation strategies by enabling the restructuring of lending conditions, while bypassing traditional data sources (such as credit bureaus, business records and current account information) and incorporating new types of data streams, such as open banking data. This data is processed through the Decision Engine and categorized by CRIF’s proprietary categorization engine based on machine learning and artificial intelligence that turns unstructured data into structured insights.
Conversely, in dealings with creditworthy customers, CRIF can highlight investment opportunities for financial institutions, leveraging valuable insights such as customers' savings, enabling them to offer additional services such as insurance products and leasing. This provides a boost to financial institutions' business development by increasing upselling and cross-selling opportunities.