Open Banking
In addition to providing quick credit rating data, Open Banking also enables additional services to be offered to customers: because no matter whether video-on-demand, insurance or financial products – modern customers want product recommendations that fit their lives. Open Banking makes precisely this possible: account data can be used as a source to identify suitable events for an appropriate product offer. Assuming the customer grants their consent, the Open Banking model looks at account transactions from the previous few months, then aggregates, categorises and evaluates bookings: What does the customer spend on telecommunications, on education and entertainment or on transport and travel? Account transaction-based algorithms analyse the customer’s needs and propose the most appropriate offer that matches their consumption behaviour. For example, a current instalment loan for a new car could trigger a corresponding attractive offer for car insurance. If the customer is convinced, the contract can be concluded directly online: simply select, click and you’re insured.
Machine learning for more success
Implementation also requires very little effort; CRIF offers automated creditworthiness and fraud checks practically turnkey. The “New Evaluation Open Suite” (N.E.O.S.) software package converts business metrics into key performance indicators (KPIs) and scoring models of its users and thus provides supplementary data for assessing the creditworthiness of consumers and companies in real time. The highlight: with the help of machine learning, N.E.O.S. continues to develop over time in line with the requirements and needs of its users, enabling providers to recognise fraud patterns, but also to identify typical behavioural patterns of regular customers and frequent users – and those who could potentially become such. With the customer’s consent, CRIF can analyse account data in real time and match this information against all available data sources of an internationally operating Account Information Service Provider. Combining these complementary modules makes it easier to distinguish fraudsters from ‘good’ customers. With CRIF’s analytics, companies can thus more clearly identify solvent customers and new business opportunities and leads.
What is N.E.O.S.?
- N.E.O.S. is an Open Banking solution that converts business metrics into key performance indicators (KPIs) and scoring models of its users and thus provides supplementary data for assessing the creditworthiness of consumers and companies in real time.
- Cross-border “as a service” solution with a single interface for access to banks in multiple countries
- With the customer’s consent, CRIF can analyse account data in real time and match this information against all available data sources of an internationally operating Account Information Service Provider
- All creditworthiness checks and fraud detection solutions or Open Banking services such as digital budget accounting, enhanced customer scoring, are available from CRIF as individual services.
