CRIF UK

As we welcome a new year, we extend our wishes for a 2025 filled with peace, prosperity, and opportunities. Reflecting on 2024, it has been a remarkable year of growth and innovation within our industry. We are proud of the strides we’ve made and remain dedicated to delivering excellence in everything we do. This year, we reaffirmed our commitment to ESG principles and social responsibility by facilitating financial inclusion and improving access to credit for underserved communities. In line with this, CRIF proudly supports Women’s World Banking’s mission to expand the economic opportunities and financial power of low-income women and their households. Together, we strive to create a more inclusive financial future. Wishing you all a joyful and prosperous New Year! #CRIF #NewYear2025

What does ESG mean for insurance companies? 🌱 For insurers, ESG considerations are becoming more and more relevant for streamlining their risk management strategies. By embedding ESG data into their risk models, insurers can have a more comprehensive profile of their business clients and propose tailored policy premiums. Insurers should gradually adapt their models to account for new and extreme climate-related risks and evolving regulations, ensuring they meet industry standards and drive positive change. A recent survey carried out by CRIF in collaboration with Insurance Post revealed that the top environmental risks that insurers consider in the underwriting process include waste and energy management, with business ethics and competitive behaviours being top of mind in terms of governance. When asked if ESG data and analytics can deliver pricing competitiveness by exploiting a correlation between ESG key indicators and loss ratio, 57.2% of the insurers interviewed agreed about it. This shows a general belief that potential benefits can be explored and gained. Have more questions about ESG and sustainability? Explore our full FAQ to learn more: https://hubs.ly/Q02XWRJH0 #ESG

Half (48%) of consumers aged 25-34 find visiting a bank branch inconvenient, in contrast to only 24% of those aged 55 and older. This trend is particularly evident in the US (41%), UK (39%), and Italy (39%). For financial providers, these evolving preferences highlight the importance of creating a seamless experience that incorporates both digital and in-person services. Find out how in CRIF’s latest Banking on Banks report! https://hubs.ly/Q02_KjtN0 #customerexperience #customerservice #bankingonbanks

How important is good customer service? It is undeniable that consumers today place significant value in a financial provider they feel has their best interests at heart. The importance placed on good customer service is especially pronounced in Austria (46%), Germany (41%), and France (40%), where the proportion of consumers is significantly above the average across the rest of Europe and the US. Find out more in CRIF’s latest Banking on Banks report! https://hubs.ly/Q02-VG_J0 #customerservice #consumercredit #bankingonbanks

📊 Customer experience matters more than ever in financial services Our latest Banking on Banks 2024 report reveals: 🔹 2 in 5 consumers factor customer service into their provider choices 🔹 65% abandon applications if they’re too complex or time-consuming 🔹 1 in 2 consumers dislike submitting paper forms Learn how digital transformation can meet rising customer expectations while keeping a personal touch. 🔗 Download the full infographic here: https://hubs.ly/Q02_Kk_y0 #CustomerExperience #DigitalTransformation

We marked the season in style with end of year celebrations 🌟 It was a great chance to come together, reflect on our achievements, and create memories that will last well into the new year. A heartfelt thanks to our incredible team for their dedication and hard work throughout 2024. Here's to continued success, and the strong connections that make it all possible!

Consumers now have extremely high expectations for the speed of decision-making in accessing and using financial products and services. How many customers expect a decision on the same day? • 74% for savings accounts • 67% for insurance applications • 55% for opening an investment account • 49% for loan applications 65% of consumers report that they would abandon signing up for a product or service online if it became too difficult or time-consuming. Find out more in CRIF’s latest report! https://hubs.ly/Q02_JMmm0 #BankingonBanks #CustomerExperience #CustomerService

New blog 💡 Sara Costantini shares her insights in Finextra, examining how financial providers can enhance their digital offerings without neglecting the personal touch. As services across our lives have become increasingly instant, it is logical that these expectations now extend to services from banks and insurers. Today, customers quite reasonably expect interactions to be fast and convenient, with minimal delays in both processing applications and making decisions on approvals. While this trend is happening right across Europe, our research finds that customers in the UK are the ones expecting the quickest turnaround on decisions for financial products and applications. Learn about how financial providers can innovate their offerings and speed up the decision-making process: https://hubs.ly/Q02_BWLM0 #DigitalTransformation #CustomerExperience #BankingonBanks

What are some key aspects consumers consider when selecting a financial provider? CRIF’s research reveals that nearly 4 in 10 (38%) consumers factor in customer service when selecting a bank, insurer, or financial provider. What’s more, around a quarter (23%) of European and US consumers would be willing to change banks or insurers if customer services did not meet their needs. This sentiment is especially pronounced among younger generations, with many having already moved providers for this reason. Discover the differences by age or country by downloading CRIF’s latest report! https://hubs.ly/Q02-VG_B0 #consumercredit #digitaltransformation #bankingonbanks

When customer services fall short, consumers are willing to abandon their applications and potentially choose another financial provider 🏦 To effectively compete in an era of heightened consumer expectations, more traditional banks and insurers must refine their approach by embracing digital transformation without sacrificing human contact when required. How can you balance increasingly diverse customer needs while also staying innovative? Find out more in CRIF’s latest Banking on Banks report! https://hubs.ly/Q02-VGpc0 #customerexperience #customerservice #bankingonbanks