Creditinfo from data provider to trusted industry leaders; a case study from Guyana
Ben Riley, Global Consultant Creditinfo and David Falconer, Sales Manager Creditinfo Guyana
In many ways the country of Guyana is unique. Considered part of the Caribbean region even though it is on the South American mainland. The only English speaking country in South America more interested in cricket than football. On the lowest population density countries on earth (just behind Iceland) but with 30% of that population residing in the capital city of Georgetown. However in the area of Credit, Guyana is proving again that a Creditinfo Credit Bureau can by the driving force behind market development and the opening up of affordable credit to all.
Indeed since the establishment of Creditinfo Guyana in 2013 the business and industry has changed almost beyond recognition. From a market environment where is was so challenging that it required the passing of legislation to legally mandate the use of credit reporting products in the financial sector, to the present day environment marked by an open, forward looking mind-set in which Creditinfo’s core portfolio and value-added products are a perfect fit for the needs of various industry sectors.
We are delighted to announce that in October 2018 Creditinfo Guyana was able to close multiple sales deals for 3 of Creditinfo’s value added products; Monitoring, Benchmarking and IFRS.
Creditinfo’s access to market data and demonstrated expertise drove the development of highly predictive ECL (Expected Credit Loss) models for IFRS-9 reporting and compliance, which has been bought by a selection of both large and small lenders. Indeed some of the larger banks who initially thought themselves quite capable of developing their own internal models are now turning to Creditinfo for assistance as they recognise that our IFRS models are the most accurate available.
Our Benchmarking Reports which capture market specific data on a variety of performance metrics has captivated most of the mainstream lenders in the financial sector and has already been sold to a few who lost no time in adding this formidable asset to their toolkit for gaining competitive advantage in this, small but fiercely contested market.
Our Monitoring Solution has recorded significant buy-in and sale in the financial sector and is expected to drive a more profitable hands-on approach to the management of individual loan portfolios. Simply by showing potential clients actual monitoring results we have found the sales process almost becomes easy.
These successes, which will deliver steady annual recurring revenues from the value-added products themselves, have the additional benefit of delivering significantly increased revenues from the use core Credit Bureau Reports as they help drive credit in the market. A double win if you like for Creditinfo. It is important to note that these sales are not driven by mandatory legal requirements but rather by the actual choices and preference of our subscribers responding to our sales efforts. We have driven market change in Guyana and are particularly proud of this.
Most importantly though is the extent to which Creditinfo is now interwoven in the very fabric of the Guyanese credit market itself. We have evolved from being a mere data collector and aggregator who is simply a vendor of legal mandated data driven credit reports. Creditinfo Guyana is now viewed as an active partner for Credit providers. Creditinfo’s expertise, experience, knowledge and unrivalled access to market data can positively affect the daily operations and profitability of our clients. Indeed we can positively impact the entire market through our introduction of innovative, realistic and modern solutions. Creditinfo Guyana is become the respected authority in Credit whom the banks and other providers turn to for assistance.
Internally we wish to share what we believe was a very significant factor that has brought about this positive change for Creditinfo Guyana; “One Creditinfo”.
The new, increased thrust of full support in product trainings, personal site visits, and not least of all the open-door attitude which has unlocked access to some of the more experienced thinkers and planners in the group has helped transform the efforts and the approach of the local office. The direct result – hard won as it were by logging endless hours, days, weeks and months of tireless sales presentations, marketing initiatives, public relations outreaches and some really innovative out-of-the-box thinking has been rewarded by sales in not one but three different value-added product categories.
As an international company, Creditinfo has first-hand experience in many different kinds of markets, each no doubt at different levels of development. By deploying the full strength of “one Creditinfo” we can play a leading role in the development of all our markets and position Creditinfo as the trusted authority in Credit Risk.
Each and every one of Creditinfo’s markets is unique in its own way. However Guyana has shown that by working together as One Creditinfo we can drive the development of the credit industry and position ourselves as trusted partners in the industry. This not only drives financial performance for Creditinfo but improves our strategic position greatly. Guyana has proven that this is possible; let us replicate this in all our markets.
Changes in Consumer Protection Law adopted by Saeima (Latvian Parliament) obliging consumer lenders to exchange positive credit information about consumer and to use this information in assessment of creditworthiness is a positive step, said “Kredītinformācijas Birojs”.
“Despite the fact that both licensed credit bureaus of Latvia are keeping the data on 95% of loans of individuals issued by banks and almost 90% of loans issued by other consumer creditors, no information was exchanged between these two groups. There was no exchange of the information between both credit bureaus either. Amendments adopted in the Consumer Protection Law and related amendments to the Law on Credit Institutions will at last eliminate these restrictions by ensuring that both groups of creditors have complete information on borrowers’ liabilities and late payments to companies of all other sectors (utilities, telecommunications, debt collection, health care, etc.). An important step has been taken to reduce the fragmentation of credit data and to ensure that information contained in credit history is complete”, tells the Chief of the Board of “Kredītinformācijas Birojs” Janis Timermanis.
Our colleague Alexandra Aproiants from Creditinfo Solutions, Prague was recently presenting the Benchmarking solution. Benchmarking reports focus on showing trends over time that enable credit grantors to make objective strategic decisions and to fully understand the impact on the business and customer portfolio of any changes in trends, which can help to better drive credit risk, product growth and marketing strategies. In addition, the effectiveness of past strategies can be assessed highlighting any differences from industry norms and any influencing factors.
Creditinfo continues to successfully develop and grow the project for the central bank, Da Afghanistan Bank (DAB). Earlier this month, adding to the existing project, DAB contracted with Creditinfo a further multi-year Service Level Agreement (SLA) where Creditinfo’s expert team of programmers, analysts and consultants, will continue to service and maintain the DAB’s credit bureau solution, CBS5. Creditinfo’s CBS5 system is fully integrated into DABs credit information and risk management processes. Continue reading »
Creditinfo Solutions have opened their doors to a new refurbished office space. It looks very modern and bright, creating a really great work environment for our colleagues in Prague. To celebrate the launch and as a small thank you for their patience over the last 5 weeks working amongst the noise, decorators and disruption.
On the day the office doors fully re-opened a Cupcake was placed on everyone’s desk along with an invitation to the Friday afternoon party.
Check out the photos from the party below:
Our colleagues at Creditinfo Solutions in Prague, Czech Republic are celebrating All Hallow’s Eve in style. You can see in the photos, Almar (CEO, Creditinfo International) was a cowboy. At the team meeting, he made a grand entrance, strutting his cowboy boots to the main theme from The Good, The Bad and The Ugly https://www.youtube.com/watch?v=AFa1-kciCb4
The offices of Creditinfo Solutions in Prague, Czech Republic are currently undergoing a major refurbishment to enhance the working environment for our employees. Creditinfo staff are highly valued and we want to ensure that they look forward to coming to work each day by improving their working conditions. We are investing in improving our facilities to boost morale and to create a work space that will promote more ideas, creativity and innovation throughout the team.
Hot off the press! The Creditinfo Solutions team felt like shooting each other ….so they did! LOL :o) – don’t worry, only with lasers! Glad to see they are all smiles. It looks a fun night out!
Recently, Nataliya Soldatyuk from Creditinfo Solutions joined the CIS “Scoring Olympus”. She is not new to the business, however we wanted to mention that she is currently completing her Ph.D. in Econometrics. In just a few weeks from now, she will be presenting her Ph.D. “white paper” in a public industry forum, as a speaker at the 20th Conference of the International Federation of Operational Research Societies. Check out the link http://www.ifors2014.org. Maybe we should also mention that the conference is going to be held in Barcelona… during the summer… Well, we will try not to be too jealous! ;o)
The CIS team just wanted to say publicly that they are very proud of their colleague… Go Nataliya!
Project Manager/Project Management Office
Radka believes that she will utilize her experience from international environment, change management projects in Africa, and become „universal “ Project Manager. And we believe so! Actually, she is already doing it. That means that there will be no limitation in the project that she leads. She is participating on our internal as well as external projects, covering entire portfolio of CIS products.