Banks explore alternatives to traditional services

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As banking services are undergoing a profound change amid the development of technology and shifting preferences of consumers towards new means of payment, a new concept is taking shape and revolutionizing the financial industry: open banking.

The use of algorithms has taken mobile banking to an unprecedented level, making Ivo Grigorov – CEO, Credefi Ltd estimate to 300 billion the number of alternative online transactions (outside traditional banking) worldwide last year, with a forecast of doubling until 2026.

Credefi in Italy is using algorithms from Experian, the world’s leading global information services company, and this allowed it to cope with the changes induced mostly by the pandemic which began in 2020.

Organizations are now trying to create a digital customer journey as much smooth, easy and transparent as possible.

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