Credem has partnered with CRIF to launch a project aimed at expanding the range of services for its customers, involving account aggregation and personal finance management services. Specifically, Credem intends to offer a solution that allows a complete and intelligent management of personal finances, also through the activation of the Account Aggregation and Personal Financial Management (PFM) services.

With this new solution, which joins a broader framework of initiatives for the evolution of the digital ecosystem, Credem wants to support its customers in managing their daily expenses by providing valuable information in a simple, user friendly, and also multi-bank way (aggregating information from all customer current accounts). In fact, the service facilitates the management of financial activities, for example the control of expenses by category or the setting of personal budgets. There will be features in the evolution that will help users reach their financial and life goals faster, such as saving funds to send their children to college or buying a new home or car.

The solution will be immediately integrated into Credem's new mobile banking APP and subsequently also included in the Internet banking platform. CRIF supported Credem with targeted advice to bring the first functions ashore. The launch of the Account Aggregation function, after a first pilot, took place in May 2022 and, in the first weeks alone, has already seen over 2,000 active users.

The solution leverages a categorisation engine, based on artificial intelligence technology, ‘trained’ on over 5 million current accounts and 1 billion transactions, which classifies – on the basis of the proprietary CRIF taxonomy – each current account transaction into a expense or income category. Developed on ad hoc deep artificial neural networks, the algorithm has an accuracy of 94%, reportedly higher than the market average. As regards the Personal Financial Management service, Credem will proceed with the gradual launch starting from the 2 macro functions: budget management and spending limits by category: a solution that allows consumers to create monthly budgets, with a configurable limit, which show how much has been spent and how much they want to spend for the selected category, such as means of transport, utilities, and all the other categories present, providing timely alerts on their performance; dashboard, which is a complete series of views to support finance management, starting from a visibility of the balance and its trend daily.

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