Commerzbank AG


Digital self-disclosure


Credit granting

Added Value

Extensive customer evaluation

Self disclosure: Our solution at Commerzbank

Commerzbank AG is the second largest bank in Germany and one of the world’s leading commercial banks with locations in almost 50 countries. Commerzbank offers its private and business customers products in the areas of account management, investment and financing.

Background to granting of loans

When awarding a loan, there are many things to keep in mind: How high should the loan be? Can my client afford the loan? What about the credit rating? This is exactly where the digital self-information from fino comes in. Current data can be used in real time and thus provide a sound profile for banks and end customers. This profile is used for lending and therefore results in a quick and meaningful picture of creditworthiness

The digital self-disclosure

The digital disclosure of one’s financial data structures and categorizes transaction data. Afterwards the information gained is aggregated to develop an overall picture of the customer.

Banks and other companies can carry out a comprehensive customer evaluation and minimize their risk with the digital self-information. Customers receive an overview of their finances on this basis and can thus decide whether a purchase or loan fits into their financial framework. In this way, answers to important questions from the lender to the borrower, as well as the other way around, are provided quickly and easily.

The aggregated data is prepared differently for the respective use case, depending on the specifications and goal of the partner. In addition, a credit check and, optionally, a Schufa query can also be carried out. Digital self-disclosure can not only be used when granting loans, but also offers various application options, such as forecasting, proof of income, immediate tenant information or merchant protection.

Implementation at Commerzbank

Since April 2017, Commerzbank has been using our digital financial self-disclosure as a white label solution in its branches. There are three different handling cases:

  • The potential debtor already has an account with Commerzbank
  • The potential debtor wants to use the service in online banking
  • The potential debtor does not have an account with Commerzbank

In the latter case, the end customer needs an internet-enabled smartphone. After entering the mobile number for the process, an SMS is sent to the end customer. This SMS contains a link to the iOS Appstore or Google Playstore and downloads the account analysis app. With this app the customer logs into the online banking area of his house bank. This step is not necessary if the end customer already has an account with Commerzbank.

Since the end of September 2017, customers have also been able to use this service from home. The usage is similar to the previous case. Here, end customers visit the Commerzbank website and select the installment loan. After entering the personal data and the mobile number, the process is also started by the addressed SMS including a link. The transaction data is then obtained in the background via an interface of the bank and analyzed by a self-learning algorithm. The algorithm structures the data, classifies each transaction and aggregates the information into an overview of revenues, expenses and customer-specific characteristics. The relevant data is then transferred back to Commerzbank in order to carry out creditworthiness calculations based on its criteria. This allows customers to be classified accordingly. The decision regarding the granting of credit is thus made in real time.

The added value of our solution

Banks and other companies can use the digital self-disclosure to

  • carry out a comprehensive customer evaluation: The parameters of digital self-disclosure often create new value for banks and companies because they reflect an even more valid picture of customer creditworthiness.
  • save time: By using current data, the scorecard can be enriched even better, which makes it more meaningful. It can also be used more easily for new rating models
  • minimize risk: Due to the automatic calculation of the parameters, a better and real-time data quality is available than with manual input and paper submission by the customer.
  • expand your target group: Customers who do not have sufficient account history with the new bank yet, can use their old account a base for digital self-disclosure.

fino also solves a problem on the side of the end customer: The customer receives an immediate confirmation without formalities and can therefore dispose of the credit even faster.

We are pleased to be able to support Commerzbank as a partner in offering its customers a high standard in the future as well.

Since April 2017, Commerzbank has been using our digital self-disclosure as a white label solution in its branches.