8DECEMBER 2022OPINIONIN MYBy Mrtis Brzis, Head of Digital Customer Experience, Deputy Business Development, Citadele BankTHE BANK'S EXPERIENCE: HOW A COMPANY'S USE OF FINTECH CAN ACCELERATE GROWTH AND MAKE EVERYDAY LIFE EASIERabout current and important issues: for example, what kinds of identification can be forged, and other risk factors. Based on this knowledge, a computer vision algorithm is compiled and regularly trained, and is therefore able to identify fraud attempts with extremely high precision. Of course, it is fairly inefficient, complicated and bad value for Citadele develop such a small niche. We would need to employ additional engineers who would work on nothing else. This means that Increasingly, businesses in different industries, including the financial industry, choose to use partners to develop a specific aspect of their operations rather than developing their tools themselves from A to Z. The use of services offered by financial technology businesses is also becoming an increasingly popular choice among banks. Citadele has worked with Fintech businesses on the development of several of its tools, both through the purchase or integration of prepared products, and by collaborating on the development of new services. Mrtis Brzis, Head of Digital Customer Experience and Deputy of Business Development at Citadele Bank, explains the bank's experience using Fintech services and the benefits of this approach. Correct collaboration with Fintech companiesTo understand the potential that a partnership with a Fintech company could bring, each company must be able to identify the business operations in which they will operate and be the most knowledgeable, and the ones in which the Fintech company will be more knowledgeable. In this way, companies can untangle the processes which they must develop themselves, as others simply cannot, from those which already have an established technology or process, developed thoroughly and available instantly as a ready module without the need for significant improvements in order to be integrated into the company's operations. For example, looking at Citadele's experience, becoming a bank customer remotely is almost completely a Citadele-created tool. The exception is the computer vision algorithm, which helps in the identity verification process; the selfie the customer takes is processed for Citadele by a partner who has developed and trains a special algorithm. Additional added value is given by the fact that the partner works with various forms of ID documents for different countries and is knowledgeable Mrtis Brzis
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