THE BLOG

07
Apr

Sigrún Ragna Ólafsdöttir became a New Board Member of Creditinfo Group

Sigrún Ragna Ólafsdóttir has joined Creditinfo Group as external Board Member, replacing Hákon Stefánsson who temporarily held this position and remains Deputy CEO of the company as well as Executive Director for Credit Bureau Operations at Creditinfo.

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06
Apr

Creditinfo to launch Collateral Registry as a stand-alone system

Creditinfo Decision Analytics is launching the Collateral Registry as an essential stand-alone solution to contribute in ensuring a healthy financial ecosystem by enabling to centrally manage information on collaterals and thus avoid duplications or potential fraud.

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27
Mar

Creditinfo Volo signs contract in Benin and now covers all countries of the West Africa Monetary Union

The signage of contracts for data sharing between the Credit Bureau (BIC) of West Africa Monetary Union (WAMU), Creditinfo Volo and 26 Benin institutions, amongst which 15 banks and 11 other large microfinance institutions, represents a very important step in concluding legal proceedings to build a strong financial ecosystem in West Africa. Benin is the final country from the 8 members of the WAMU to enable such information sharing and therefore will contribute in strengthening and increasing the efficiency of credit management in the whole region.

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21
Mar

Lenders in transformation to optimize the use of new data source

The vast data source in the Kenyan credit bureau are currently under utilized by the markets’ banks and MFIs according to credit bureau expert Kamau Kunyiha CEO of Creditinfo Kenya. The lenders will need to transform their processes or be left behind by the competition.

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02
Mar

Creditinfo Trend Report 2017

Check out latest industry developments on Creditinfo Trend Report 2017

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22
Feb

Alternative meets classics in credit risk management at Creditinfo Global Forum 2017

On 20-21st September, Marrakesh (Morocco) will become the capital city of lenders, credit risk managers and industry experts, as Creditinfo will be hosting its bi-annual worldwide conference — the Global Forum 2017.

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31
Jan

Creditinfo Lithuania‘s R&D project approved for EU funding

Creditinfo Lithuania together with partners received an approval for more than 430 thousand euros EU funding. Funding is allocated for research and innovation activities.

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31
Jan

Creditinfo Lithuania – at TOP3 most advanced companies in Lithuania

Knowledge Economy Forum, Lithuanian think-tank for country’s progress, nominated Creditinfo Lithuania for „Knowledge economy company’s 2016” awards.

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30
Jan

Interview with Paul Randall

Paul, why all those corporate changes and the fuss around the new Decision Analytics unit at Creditinfo?

Well, those are exciting times for the industry and for Creditinfo. Decision Analytics is right at the core of it all. The industry is changing and we are changing. The recent restructuring made our corporate structure more agile, empowering the international sales and consulting department (CIDA, as we are called right now) to bring Creditinfo sales to another level. This means that we are better prepared, better synchronized and are becoming much more aggressive in going to market as well as in dealing with our current customers and assisting them throughout their whole customer lifecycle.

To be more concrete, there are 2 main benefits that occurred after the change:

1) we are better synchronized to sell international products ourselves;

2) we can cooperate and use international synergies to better serve our local credit bureaus.

The second part is really critical for the Group.  When Creditinfo is providing both decision solutions and credit bureau solutions to the same customer. Both parties will sell more of their products and we are less likely to lose either part to a competitor.  I have seen this be a very effective strategy over the years working in many credit bureau. I believe that this is really important and will contribute in helping Creditinfo achieve its growth ambitions for 2020.

 

Most of the products sold by Decision Analytics unit today have been previously sold by Creditinfo Solutions. What products would become priority following the change, in your opinion?

The first thing I would say is that our aim is to provide solutions to our customer’s problems, for that we would normally provide a combination of a number of products.

CIDA products fall under 2 categories: the sale of credit bureau & related software and decision analytic, software & consulting products, which basically enable to turn raw data into intelligent information, such as our application processing engine for instance. I want to emphasize that we paint a bright future for our consultancy services, considering the complexity of our industry and the brilliant analytic resources we have to serve it. Yes, many of the products are created and delivered by Creditinfo Solutions, there may be other products delivered by other teams in the Group or possibly some third party solutions which are not in our repertoire at the moment.

What we envision to do, is to incorporate credit bureau data deep within an institution’s infrastructure, making of it an inseparable part of every single credit decision that is being made on the clients’ side. The more we integrate, the more barriers we build for potential competition to enter the market or for existing competitors to displace our credit bureau within a client. This is a long-term strategy to build strong relationships and gain customer loyalty. As far as priority products are concerned, well, everybody should be familiar with our CBS5 and the basic value added products that we provide, such being our monitoring or scoring service, as well as some of the newer ones: benchmarking, portfolio screening, batch processing, collateral registry service, collections system…

On the decision products our BEE decision engine, credit scores, behavioural scores, Application Processing Systems, consultancy are the core products but this is just the starting point. The key is maybe not the products by themselves, but the understanding of how we, at Decision Analytics can help our clients to cross-sell and up-sell. This is simply mandatory nowadays, but not self-evident. We need to support our customers on a daily basis, to make sure that we don’t miss opportunities and that we are the first contact they would use in case they’d have a question related to credit decisioning.

 

OK, so how do you go to market?

Changes are falling into place and despite the fact that we already have a strong and experienced team of consultants, analytics and sales people, we are about to grow and hire more region-specific staff, to be closer to our regional clients. We are about to have new, but experienced professionals to join us in Asia and Africa, as those are the positions that are being filled as we speak. We believe that more professional staff working closer to our international clients would help making a difference. So you will find DA staff or agents are already in Kenya, Monaco, Iceland, Singapore, Azerbaijan as well as Prague and this will continue to evolve with interviews recently in Cote d’Ivoire, Jamaica and Morocco.

 

How will these international CI DA experts cooperate with local offices? Will they compete or will they support? How will that work?

Creditinfo is one company and we will all be working and cooperating as a team, but with parallel objectives working in the same direction. In many of the cases it might end-up being integrated sales, which would result in a win-win situation and benefit both: the bureaus and CIDA. Let me give you an example: we were working with a major bank in Kenya on a very exciting project, consisting of implementing scoring and decision consultancy for mobile lending products. We sold our expertise via consultancy and credit scores, nevertheless, a very important part of that same sale and that solution was credit bureau data and credit bureau scores from our credit bureau in Kenya. It’s a fantastic case we hope to replicate as many times as we can.

 

Thank you Paul and all the best!

Cheers.

25
Jan

The Reserve Bank of Zimbabwe launching online exchange of information between banks via Creditinfo Credit Bureau Solution

The Reserve Bank of Zimbabwe (RBZ) announced on January 1st the official launch of the system for online exchange of information between banks via Creditinfo Credit Bureau Solution. The operation is live already. 

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