Smarter Lending

Giovanni Catinari, Business Development Manager at CRIF, recently delivered a speech on Smart Lending focused on the credit union sector and automation of credit decision processes. Speaking about CRIF’s multi-bureau solution, he outlined how CRIF can help Irish credit unions with portfolio analysis, credit policy review, acquisition strategy optimisation, and simulations.

Despite surpluses putting pressure on the credit union business model and more aggressive competition between personal loan providers, the evolution in consumer expectations could open up new opportunities for credit unions. CRIF’s proposal is based on a combination of the CCR, ICB, and smart data analytics to create a multi-bureau solution, enabling credit unions to rely on an enriched and personalised credit score to take faster and more accurate lending decisions. By using the CRIF multi-bureau information and pooled data, the credit application process can be summarised in 4 simple steps:

1. Eligibility criteria
2. Affordability
3. Credit risk assessment (powered by CRIF’s decision engine)
4. Final decision
 
In short, CRIF can help Irish credit unions through:

• One-stop-shop data acquisition
• Rule-driven data acquisition workflow
• Data integration and blending
• Multiple data providers and data sources (credit bureaus, business information providers and asset registers)