March 2022
March 2022
CRIF Poland was asked to participate in the preparation of the Technology Report of AleBank.pl - the largest Polish portal for managers in the banking area. The report is a compendium of knowledge on the evolution of attacks on banks and a description of the latest threats, anti-fraud methods, as well as analysis of the latest AML regulations - including risk assessment and new obligations for banking institutions.
CRIF Poland was invited to prepare the report as a market expert that combines theoretical knowledge with practical advice, and will present the technical part of the report in which it will describe the individual technologies so that the recipients not only fully understand them, but also learn about how they can be applied in the financial sector .
The topic prepared by CRIF Poland for the Technology Report concerns how anti-fraud solutions support the mitigation of information asymmetry in the online financial services market.
As online services have become more popular, the market of financing and procuring goods has expanded significantly. The pandemic has forced increasing creativity in most industries throughout the world. Trends have changed over the last few years, setting a new functional model for the market – also its financial sector.
The entire market is constantly growing in value.
These solutions won’t disappear after the pandemic, and they have allowed many participants to take a leap toward the next stage of service and contact virtualization, which not only involves searching for the buyer or bidder, but where all transaction phases are implemented remotely (order and contract, payment and financing, logistics – delivery and pick-up). At the same time, there are no restrictions to the buyer's status – it doesn’t matter if it's a natural person or a company.
Online services have opened up to an unlimited number of customers and the number of new consumers and companies becoming convinced to make e-purchases and take out e-financing is constantly growing. Stores and banks have closed their physical service outlets, concentrating on the online channel, while new players – present only online – have appeared.
In practice, this means that remote transactions have dominated for a number of months, while participants of individual purchasing or credit stages never meet in the real world. Market competition and buyer expectations additionally require an online service to be provided immediately, and delivery to be completed straight away (e.g., the release of funds in financial services) or at least the next day (e.g., delivery of a purchased product with a deferred payment in retail finance).
Being active on today’s e-market is a must, while the competition and UX demand a specific standard and speed of the supplied services because asymmetric information is a common feature of market interactions.
AleBank's Technology Report will be published in April 2022.
