Success Story: FAAREN and CRIF cooperate with a cross-border credit risk management solution

CLIENT: FAAREN acts as the first German car subscription platform between the car trade and the end customer. FAAREN thus enables every car dealer to offer his vehicles on a subscription basis via the platform. On the website, visitors can subscribe to a car at a monthly all-inclusive fixed price. The car subscription includes all costs except fuel. The booking is completely digital and can be completed in less than 3 minutes. The customer can flexibly change his kilometre packages every month or cancel the subscription. The booked car is already with the customer within 7 working days. FAAREN takes over the technical infrastructure for car dealers, takes care of customer acquisition and offers other services related to the car subscription. FAAREN thus opens up a completely new and unique online sales channel for car dealers.

NEEDS: FAAREN wants to guarantee its affiliated partners the highest possible data quality and security in the acquisition of new customers. FAAREN was therefore looking for a flexible solution to map creditworthiness checks for private and commercial customers in Germany and Switzerland. It should also be possible to roll out this solution to other countries. The prerequisite was that this could be set up with little IT effort and was easily scalable. The focus was on achieving a maximum acceptance rate in the application process and minimising bad debts.

SOLUTION: CRIF's Risk & Fraud solution checks private and commercial customers in Germany and Switzerland via a single interface in real time. On the one hand, FAAREN benefits from the unique data quality of the market leader in the DACH region and, on the other hand, additional countries, data points and functionalities can be integrated quickly and easily via the existing interface. Thanks to this modular and flexible structure, the solution can be individually adapted to the business model.

RESULTS: Thanks to CRIF's solution, FAAREN was able to introduce a sustainable international solution for credit assessment, which is also suitable for minimising fraud risks. Through a regular exchange and professional advice, the KPIs in terms of acceptance rate, conversion rate and collection rate can be met and optimised at short notice if necessary.

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