CRIF open banking solution enables access to payment accounts in order to accelerate creditworthiness evaluations, both for consumer and business, categorizing customer account transactions, profiling the spending behaviours and revealing related development opportunities.
Thanks to CRIF ML and AI technology, financial institutions can leverage their customers’ transaction data (current account, credit etc..) with accurate categorization for specific profiling , KYC/KYB and indicators for effective risk avoidance plans and loss reduction.
- ACCESS TO ACCOUNT
CRIF is able to provide connectivity needed to access to bank accounts.
Consent needed is acquired in two different ways: recurring and one-time access
CATEGORIZATION ENGINE & KPIS
CRIF is able to collect customer’s Open Banking consent and access to bank accounts.
Then, a proprietary categorization algorithm classifies the current account transactions into different categories
CRIF has developed an analytics suite of structured insights from unstructured data. Insights and KPIs are then integrated to assess the customer portfolio in terms of risk monitoring as well as KYC and cross-/upselling strategies.
CRIF Score is entirely based on current account information and on the categorization of banking descriptions performed by ML and developed using Advanced Analytics techniques.
OPEN BANKING SUITE KEY BENEFITS
- Improved profiling processes
- Powerful set of insights
- Improved active customer management
- Evaluation of new-to-credit & new-to-country subjects
- Reduced risk of loss
- Risk mitigation
- Improved customer knowledge
- Growth in business opportunities
- Differentiated and targeted marketing intelligence
- Cross-/upselling strategies and plans
OPEN BANKING SUITE MAIN FEATURES
- Open banking
- Access to Account
- KPI calculation
- Score calculation
- Account transaction categorization
- Cash flow Indicators
- Customer portfolio risk monitoring
- Customer portfolio profiling
- Marketing intelligence insights