CRIF organized its first official event in Romania
On Tuesday June 20 at the Grand Hotel Continental in Bucharest, CRIF organized its first official event in Romania, an Executive Round Table on the roadmap towards paperless digital banking.
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