Keep an eye on Partners’ Payments, Lithuanian experts advise
The current situation in Lithuania compels businesses to regard its partners with a deeper mistrust. The enterprises face challenges of their survival – how to ensure the continuity of activities, reorientate its services, and not lose the clients. Even those businesses which have a sufficient number of clients, feel worried about whether their partners are still trustworthy and will make payments on time.
In Morocco, Financial Inclusion seen as key to Development
Last October, King Mohammed VI of Morocco made a speech to mark the beginning of the new session of Parliament. In the yearly address which traditionally signals the general policy direction for the next 12 months, he called on banks and financial institutions to play “a greater role” in the country’s development. He specifically referred to “simplifying and facilitating access to loans…. and financing the creation of small and medium sized enterprises.”
Digitalization Helps Lenders Overcome Challenges Caused By COVID-19
The rapid spread of the Coronavirus is impacting economic growth and market volatility is increasing thus impacting the industry through weakening investment returns and potentially adverse impact on the capital position of financial institutions around the world. A sustained economic slowdown triggered by the outbreak will put negative pressure on revenues and lead to a material increase in credit risk and a potential spike in claims including for health, credit and event cancellation insurance.
Trusting Creditinfo Bureau Score in a Crisis
The quality of predictive algorithms plays a crucial role in Creditinfo operations. We strive to help our Clients perform efficient credit decisions through smart and innovative use of data.
Visibility is Key for Credit Providers in these challenging times
In these troubled times, credit providers are searching for actions to take to protect themselves from the worst of the economic storm. Many different options are available however what is often overlooked is the critical need for having accurate and timely visibility on your loan portfolio. This can be the difference between a defaulted credit contract or a recovery.
Never Has There Been Stronger Evidence for Mobile Loans in West African Economic and Monetary Union region
With many countries in the West African Economic and Monetary Union (WAEMU) region in lockdown, bank branches empty and movement constrained; the case for a true, robust mobile lending ecosystem is stronger than ever. In global markets where mobile lending is nascent or inexistent, and the credit market is relegated to physical interaction between underwriter and customer, physical confinement and countrywide lockdowns are the equivalent of death sentences. Credit markets are frozen because critical communication is impossible. On the other hand, where digital wallets and e-money are common, no such barriers exist.
How to manage risk in a crisis
With the stock markets falling and unemployment increasing as a likely outcome of the current virus-led situation, it is important for credit providers to start thinking about management of their portfolios. List of areas to review ranges from collections management, payment holidays to anti-fraud policies. The immediate focus should be on C.A.L.M (Cut-off Analysis and Limit Management). This article provides initial guidelines for those wanting to STAY C.A.L.M.
Íslandsbanki launches new self-service affordability calculator and loan application system
PRESS RELEASE
Íslandsbanki – one of Iceland’s three largest banks – launches new self-service affordability calculator and loan application system developed in collaboration with Creditinfo.
Íslandsbanki is a leader in financial services in Iceland. A universal bank with roots tracing back to 1875. The Bank offers comprehensive financial services to households, corporations, and professional investors in Iceland. It has a strong market share across all domestic franchise areas (Retail Banking, Corporate Banking, Capital Markets, and Wealth Management) and a 25% – 50% market share across all local industry segments.
With a team of 800 employees and a vision of being #1 for service, Íslandsbanki prides itself on being ranked first among banks in the Icelandic Customer Satisfaction Index for six out of seven years. The Bank was voted ‘Best Bank in Iceland’ by Euromoney four years in a row (2013- 2016) by the anker (2014, 2016 & 2017) and ‘Best Investment Bank in Iceland’ by Euromoney (2014).
The product
Íslandsbanki customers can now apply for a mortgage, complete the affordability calculations and application process online, and get results from the affordability calculations in real-time. If followed up with a loan application, they also get confirmation within the day. This very same process would take up to two to three weeks before.
The affordability calculator works for multiple loan types (mortgage, car leasing, and other consumer lending). There is also a new feature for up to three unrelated individuals to apply for a mortgage together. This feature will make it easier for friends, unmarried/unregistered couples, parents, and their children to buy together and thus serves to simplify the buying process for first time buyers.
Creditinfo’s role in the process has been to develop the affordability calculations in collaboration with Íslandsbanki. The Bank connects to Creditinfo’s API but developed the front-end and user interface themselves. Creditinfo data sources used in the calculations can be seen below:
“This is an important step in our strategic partnership with Íslandsbanki. The implementation has been very successful, and we look forward to contributing to their clients improved journey,” says Dagný Dögg Franklínsdóttir, Head of Sales at Creditinfo Iceland.
“This process has so far been more or less manual so there has been a lot of waiting around for our customers, but now we have a fully automatic payment assessment,” says Linda Lyngmo, Project manager of digital solutions at Íslandsbanki. “Now everyone can apply for a credit assessment for mortgages, car loans or other loans on the Íslandsbanki website and get an answer about their payment capacity right away.”
Creditinfo Jamaica appoints John Matthew Sinclair as CEO
PRESS RELEASE
National Commercial Bank of Jamaica veteran joins Creditinfo team to help credit providers embrace digitalisation and boost financial inclusion.
How alternative data can help unbanked population acquire traditional loans
By Dmitry Borodin, Head of Risk Analytics at Creditinfo Group
In societies of Digital Nomads, working from home Millennials, global migrations and emerging economies, lenders are often facing a shortage of relevant data to score and assess a big pool of population. Consequently, lenders are often unable to make decisions on so called ‘thin files’ due to a lack data. Thin file customers then remain excluded from formal finance.
