CRIF is sponsoring the Nordic Fintech Summit being held in Helsinki on May 16, 2024.
The event, described as the “Fintech Gateway Between the Nordics and the Eurozone”, will bring together key players from leading Nordic financial institutions, Fintech companies, regulatory bodies and experts to discuss digital banking and payment solutions. The main objective is to facilitate the exchange of practical experiences and success stories.
During the summit, Alessandro Vilardi, CRIF’s EMEA & Asia Digital Director, will showcase CRIF’s holistic approach to the credit journey and how it can support financial institutions.
CRIF’s approach consists of five main pillars:
- New Customer Acquisition
- Customer Onboarding
- Loan Origination
- Customer Management
- Collection.
For this event, CRIF will emphasize the fourth pillar, Customer Management, focusing on mitigating risks and assisting financial institutions in monitoring and managing customers facing repayment challenges and therefore at risk of default. To address this issue head on, CRIF has developed early-warning models that help financial institutions to predict such scenarios and take preventive measures. Often, a simple adjustment of payment terms during difficult periods is enough to prevent the worst-case scenario.
CRIF's solutions aim to enhance 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 CRIF's Decision Engine and categorized using machine learning and artificial intelligence to provide structured insights. Additionally, when dealing with creditworthy customers, CRIF can identify investment opportunities, enabling financial institutions to offer additional services and boost business development through upselling and cross-selling.
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