February 26, 2019
February 26, 2019
In order to support the evolving needs of original equipment manufacturers (OEMs) and car dealers in a rapidly changing environment, BNP Paribas Personal Finance and CRIF S.P.A. have developed a scalable, end-to-end credit platform designed at a HQ level, deployed in 14 countries and serving around 7 000 BNP Paribas Personal Finance car dealers.
All industries and services are being disrupted by the digital and technological revolution. This is particularly the case for the automotive industry through web services, social networking opportunities, and of course the rise of new technologies such as autonomous cars. In this scenario, the activities of OEMs (original equipment manufacturers) and car dealers are evolving tremendously, and so there is a need to transform their commercial and operating methods.
In order to develop their businesses in the most effective way, OEMs and car dealers are looking for a partner that provide seamless, cost-efficient and quick time to market solution, in the frame of their floor plan financing needs.
This is why BNP Paribas Personal Finance, leading consumer finance company in Europe, and CRIF S.P.A., specialist in credit and business information, predictive analytics and solutions, have decided to leverage their longstanding cooperation in Italy (where BNP Paribas Personal Finance operates under the Findomestic brand) and deploy the SONAR (Smart Online Assessment of Risk) platform in most of its European geographies. SONAR performs a fully digital and automated granting, monitoring and reporting process of auto stock financing facilities. It will optimize commercial relationship with OEMs and partners, reducing approval time, operational risks, and costs.
SONAR is a centralised tool linking all the countries and the top approvers together, automating all tasks without human added value, ensuring a controlled, homogeneous and leaner process for counterparts granting and monitoring, and providing better data quality with less operational risk thanks to the automation of manual tasks.
“It is key for BNP Paribas Personal Finance to be able to find reliable partners to industrialize the best practices identified and assessed within the group, and essential to meet both direct and indirect clients’ expectations and needs. This partnership with CRIF S.P.A. is a major illustration of our company ability to spread out a tool in multiple countries thanks to our international footprint in the automotive activity, one of our key business drivers”, says Laurent David, CEO of BNP Paribas Personal Finance
“CRIF S.P.A. is proud to have been selected by BNP Paribas Personal Finance as its strategic partner for the global development of the SONAR project. This agreement combines the successful, longstanding cooperation in Italy between Findomestic and CRIF S.P.A. with the unique capabilities and global best practices of CRIF S.P.A. in Credit Risk Management”, comments Carlo Gherardi, President and CEO of CRIF S.P.A.
About BNP Paribas Personal Finance
BNP Paribas Personal Finance is the leading consumer finance company in France and Europe through its consumer finance and home loan activities. A wholly-owned subsidiary of the BNP Paribas group, BNP Paribas Personal Finance employs more than 20,000 people and operates in some 30 countries. With brands such as Cetelem, Cofinoga, Findomestic and AlphaCredit, it offers a full range of personal loans in stores, at automobile dealers or directly to customers through its customer contact centres and online. BNP Paribas Personal Finance has rounded out its offering with insurance and savings products for its customers in Germany, Bulgaria, France and Italy. BNP Paribas Personal Finance has developed an active partnership strategy with retailers, automakers, car dealers, e-commerce sites and other financial institutions (banking and insurance), relying on its credit market experience and its ability to offer integrated services geared towards its partners’ business needs and sales strategies. It is also a key player in the areas of responsible credit and budget education.
www.bnpparibas-pf.com | @bnpp_pf
