Open banking initiatives are developing across the globe, and both established and new lenders are developing digital capabilities, such as credit decisioning based on real-time data available through open banking. These features aim to meet the diverse needs of consumers and SMEs by offering faster and easier access to flexible lending and financing options, such as Buy Now Pay Later, personal loans, mortgages, crowdfunding, invoice and cash-flow financing, working capital, leasing, asset finance, and project finance.
SILVRR wanted to introduce a faster, smoother way of evaluating shoppers’ credit applications and were looking for a strong partnership to develop its business starting from Italy and France, but aiming to expand this service to other European countries in the future.
As part of this challenge, SILVRR had the following goals:
- increase the customer base
- automate the risk assessment
- adopt an Open Banking instant application process
- reduce credit risk
- reduce time and costs
In order to support the development of the business, SILVRR decided to adopt the CRIF Digital Open Banking solution to boost its online application process and improve customer evaluation by adopting:
- Open Banking Access to Account
- Categorization Engine
- Analytics (automated KPI strategy for customer evaluation)
When SILVRR customers choose a flexible payment option at the checkout, they’ll start on an Open Banking Journey, with PSD2 consent and banking authentication. The CRIF Categorization Engine, based on Machine Learning (ML), and Artificial Intelligence (AI) technology, combined with a powerful set of analytics will help a major player like SILVRR to leverage the value of data, automating risk decisions, and developing its business toward future growth.
SILVRR is powered by the Akulaku Group, a leading banking and digital finance platform that started in Southeast Asia and now operates in 7 countries: Germany, Spain, France, Italy, Indonesia, Malaysia, and the Philippines. SILVRR believes in improving people’s quality of life through digital financial services by allowing their customers a flexible payment option at checkout.
SILVRR is a self-built e-commerce platform with BNPL services, providing selected goods with competitive prices and flexible payment options; the customer can decide to Pay Later (in 30 days), or Pay in 3, Pay in 4 or Pay in 6-12 installments. By delivering flexible payment plans, SILVRR empowers shoppers to split their purchases into installments, take full control of their spending, and live a financially healthy life.
SILVRR allows users to apply for credit digitally and the consumer can purchase products online and in retail stores. Discover more at https://www.silvrr.com.
Source: CRIF News