CRIF launches CRIF.Digital in Germany, a modular platform for the customer journey

New onboarding solution for digital processes
CRIF.Digital is offered as a customer journey-as-a-service
The platform is modular, customizable and cross-border compatible
First customer projects show possible applications for banks, telecommunications, insurance companies, e-commerce, mobility companies and digital content providers

The global information service provider CRIF is now launching its platform solution CRIF.Digital in Germany. Along with this, the company is creating a new product category: Customer-Journey-as-a-Service (CJaaS). The modular offer is intended to enable companies and financial institutions to optimize the digital path of their customers from the initial contact to the conclusion of the contract entirely according to their individual needs. Be it with identification solutions, risk assessments, fraud prevention as well as open banking interfaces. The company chooses the building blocks it needs and integrates them into its existing processes.

"With its scope and modularity, CRIF.Digital is a new and unique offering in Germany," reports Alessandro Laraia, Director Sales CRIF.Digital in Germany. "At CRIF, we have been familiar and experienced with regard to the individual elements of the Digital Onboarding platform for a very long time, even across national borders. Along with the rapid increase of online business, we have observed in recent years that the need for identity verification, risk and fraud checks, and other information interfaces for online contracting is growing rapidly. CRIF.Digital is our answer to this demand."

CJaaS: a future topic for many industries

Digital contracting is now the most important customer interface for companies in many industries. In addition to e-commerce, banks, insurance companies, telecommunications providers, mobility companies and digital content providers are also relying more and more on the digital customer journey.

The digital onboarding process poses a number of challenges for providers in all of these sectors. One of the biggest is actually engaging interested visitors in the contract process as customers. "Digital contract processes are always about turning prospects into customers - in other words, conversion rates. In times of low attention spans and great competition, the most important task for digital contract providers is therefore to make the customer experience as smooth as possible from the first contact to the conclusion of the contract. At the same time, relevant information must still be captured and applicable regulations must be met," says Laraia. This is an area of tension that CRIF.Digital addresses.

The modules of the platform are based on the digital solutions of the CRIF Group. With them, interested potential customers can, for example, identify themselves via smartphone camera or conveniently capture required documents via smartphone. Providers can use CRIF.Digital modules to assess their creditworthiness risks more reliably or simplify them through open banking processes. For customers, this creates a convenient process, without media disruption or long waiting times.

The variety of application possibilities

On an international level, the CRIF Group is already using the CRIF.Digital service in practice. For example, for a globally active automotive company, profitability in lending could be increased by more than 60 percent across borders. With the help of CRIF.Digital's open banking connection, new data records could be recorded and managed. This, together with a web portal set up for this purpose, enabled more meaningful customer profiles to be created and facilitated lending decisions.

In another example, the platform increased the conversion rate for opening a current account with a major European bank by 80 percent and reduced the end-to-end process time for customers to less than five minutes. With the help of CRIF.Digital, customers were able to independently and easily capture all required documents, identify themselves and complete the registration process completely on their own.

One solution for many challenges

CRIF.Digital can be used as a modular or complete application, can be adapted to individual requirements and existing systems, and can be continuously optimized automatically with the help of machine learning applications. The goal is always to improve the customer experience. To this end, media discontinuities are avoided, process times are reduced, and user-friendliness is enhanced. As a true "as-a-service" solution, CRIF provides the necessary infrastructure and offers its customers to use the software modules as a service. The solution is available immediately for interested companies and financial institutions.

More information on the product is available on the platform website: https://crifdigital.de/