Al Etihad Credit Bureau (AECB) held its “Subscriber Forum” at the Ritz Carlton DIFC, Dubai. Representatives from its 64 subscribers throughout the UAE attended the event.
Following the launch of the Credit Score on the 17th April, the event was a great opportunity to share that more than 64% of Credit Reports requested since launch are with the Credit Score and it was encouraging to hear subscribers explaining how they are already making the Credit Score an integral part of their decisioning systems.
Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau, thanked the subscribers for their continuous support and contribution to the bureau’s overall success. According to Lutfi, Enquires increased by 44% compared to the previous year. “Data provided by Al Etihad Credit Bureau is becoming a core part of the Financial Institutions’ decision making process” said Lutfi.
Daniele Lavalle, Senior Manager Product Development & Data Operations at AECB, led a session on Data Acquisition and Correction. Lavalle thanked the subscribers for their efforts and recognized a number of financial institutions for their significant role in data quality and availability. The awards were:
• Best Data Accuracy: RAK BANK
• Best Correction TAT: Citi Bank
• Best Data Correction Tool Usage: Dunia Finance.
Following this session, Ian Hodges, Senior Advisor at AECB, discussed the benefits that the bureau’s products and services are adding to the banks’ risk assessment and decision-making process. Hodges also announced that, the soon to be launched, Benchmark Report, would allow the banks for the first time in the UAE, to accurately compare their performances to the overall market, and their peers.
Wrapping up the event, Lutfi mapped the Bureau’s future enhancement plans, which includes new products, non-financial data sources, improving the bureau’s IT infrastructure and enhancing customers’ experience in collaboration with the Banks.
Commenting on the event Vinci Rosario, from Citi Bank, said:” The forum was very pragmatic and to the point. It clearly shows the improvement the team have been able to drive in the bureau’s environment”
Jagannathan Desikan, Head of Consumer Risk Management at ADCB, said: “AECB has made giant strides in bringing relevant data for risk management in the past few years. Overall, an impressive half-a-day session.”