In financial institutions, the implementation of technology has been essential to improve banking processes and services offered to users, which is why the search for new tools, applications or functions that generate new benefits continues.

Furthermore, investment in technology in banks and finance companies in Latin America is increasing, to the point that in 2022, 65% of the institutions surveyed for the third Latin American Study on Digital Banking increased their investments in technological innovations. In addition, it is expected that many entities will increase their investment even more in 2023.

How has the technological transformation in financial institutions been?

In the years before the use of computers, the banking process was very tedious because everything had to be done on paper and in ink. Going to the bank required hours to line up, go through with the executive, take a series of documents from the account and determine the type of operation desired so that it would be approved if viable.

In the case of granting credit, a detailed investigation had to be carried out (which was often time consuming and expensive), contracts and clauses had to be signed, a large number of documents had to be presented and various requirements had to be met in order to obtain it.

With the advent of technologies such as the computer, mobile networks and the Internet, the digital transformation in financial institutions took a huge leap that was reflected in offering a better service and more efficient processes. Specifically, the transformation can be identified as follows:

1. Traditional banking, before the use of the internet.
2. Transactional banking with the advent of the internet, ATMs became possible.
3. Online banking thanks to the innovation of laptops.
4. Mobile banking that allows the use of digital devices, such as cell phones, to carry out operations.
5. Digital banking with a diversity of services, such as requesting loans, investments or transfers.

However, in the technological transformation of financial institutions, not only is the development of the Internet the main tool, since different technologies have been created, such as the API SAT of CRiskCo, a software for credit analysis with the implementation of Artificial Intelligence in its operation, among other innovations that optimize and secure financial services.

What is the role of the CRiskCo API SAT in financial institutions?

The CRiskCo API is designed as a tool that helps to evaluate the conditions and financial history of people or companies, taking information from the SAT and accounting system databases and saving it in the cloud to be able to consult any detail of clients or prospects, easily and in real time.

In this sense, the application of the CRiskCo API benefits financial institutions by carrying out a complete credit analysis in a matter of minutes, with which better decisions can be made in granting credit.

In addition, it is very easy to integrate the API into the processes of the entities and it provides options to carry out weekly, monthly or customer-selected monitoring so that the data is always updated.

Definitely, the CRiskCo API is a great success for banking and financial services in their credit products, since it offers the guarantee of a complete, reliable analysis that can be available in just a few minutes.