Case study from February 2022
With around 35,100 members and around 330 employees in 12 branches, Volksbank Eifel eG is committed to the region and supports people in achieving their goals. As part of the Genossenschaftliche FinanzGruppe, it works with its partners to secure sustainable regional economic structures and thus makes a significant contribution to overcoming global challenges.
Volksbank Eifel eG was looking for a provider that could standardize and automate its process in this area to ensure the long-term quality of all commercial customer data records. The focus was on full information that provides insight into company structures. Permanent monitoring of the entire database was to maintain the high data quality in the long term.
Initial situation and challenge
Volksbank Eifel eG already used the VR rating in agree21 for the risk assessment of commercial customers, but without taking additional score values into account. In addition, employees obtained full information from third-party providers on a situational basis, but without the option of regular automatic updates. For MLA checks, the bank had to rely on its customers' own information and was unable to reconcile it technically. Manual data enrichment was time-consuming and did not cover the entire portfolio.
Volksbank Eifel eG decided to implement the SCHUFA full credit report, the SCHUFA MLA report and a combination of the SCHUFA HR InfoService with data monitoring. In this way, it automatically fulfills the regulatory requirements for the corporate customer portfolio.
The full reports provide an insight into the financial position and creditworthiness of a company and also contain interlinking information.
The chronology shows how the data has changed in recent years. Thanks to the integrated SCHUFA-HR-InfoService, Volksbank Eifel eG is automatically informed of legally relevant announcements, such as changes in ownership or insolvency proceedings.
The additional monitoring ensures that all data records are up-to-date at the time of application. The regular checking of data quality opens up cross-selling potential: a change of managing director or location or a newly developed sector of the economy offer sales employees opportunities to actively approach commercial customers.
The implementation
Volksbank Eifel eG implemented the SCHUFA full credit report in the former FSR and the new VR-Rating Corporate Clients. The system requirements were created in advance by SCHUFA in coordination with atruvia, parcIT and BVR. Volksbank Eifel eG uses the existing interface for private customer business to obtain company information. The expertise of atruvia and parcIT served as a justification for use with regard to the selectivity and informative value of the data basis.
Before the data was automatically implemented in the mirror portfolio, it underwent digital monitoring. As part of the B2B quality check, including a deviation analysis, SCHUFA also provided the bank with the data as a csv file. After an internal bank check of the data, it was imported in a batch run. In this way, the bank benefited directly from its information advantage.
After the quality check, the SCHUFA full information in the deliverable area covered almost 100% of the individual data points after enrichment.
Whereas the bank had previously only retrieved information on individual commercial customers on a case-by-case basis, this information is now available at all times for all customers, including rating-relevant score values, which are also automatically included in the VR rating. As a result, the selectivity in the portfolio has improved. The bank also benefits from process advantages thanks to the quality and timeliness of the data. Thanks to digitalization, all steps are tracked; all data is in the right place at the right time. This also enables the sales department to act promptly. Thanks to the SCHUFA full information including balance sheet score, Volksbank Eifel eG has doubled the number of balance sheet values taken into account in the VR rating - in addition to its own balance sheet data, it uses the automatically available SCHUFA balance sheet score for just as many customers without available balance sheet documents. This also led to an increase in the selectivity of the rating.
Previously, the bank had to manually enter B2B creditworthiness information into the core banking system. There was also previously no way to incorporate a SCHUFA score into the bank's established rating systems. The new solution therefore needed to include digital information that could be accessed at any time without media discontinuity, as well as a fully integrated score.
Increase in data quality
Process optimization
Information available 24/7
Find out about our extensive range of services for cooperative banks.