CRIF: European Businesses want Financial Services Innovation

CRIF has released its second report in its Banking on Banks series, titled ‘Closing the financial services gap for European businesses’. 

The report, which surveyed over 5,000 consumers and 500 businesses in Europe, details how European businesses feel about the current expectations and services provided by their financial institutions. 

A clear gap is forming, as the report reveals that 57% of businesses think financial services are more efficient and easier for consumers than for companies. 

Just over half of respondents (52%) note it is harder to meet eligibility requirements in business finance than it is in their personal lives. 

Speaking exclusively to Finance Chief, Sara Costantini, Regional Director for the UK & Ireland at CRIF, says: “Businesses are the engines of growth, and with economies stalling across much of Europe, this unnecessary friction is holding them back at a time when quick access to funding, more efficient processes and providers that can keep pace with their changing needs could help unlock the growth the continent needs.”

Innovation may come from elsewhere 

A lack of innovation in financial services is having a stifling impact on growth for European businesses, according to 41% of respondents. 

Close to half  (45%) note that they don’t feel like a first priority to financial services providers. Four in ten (43%) believe that financial services offered to businesses receive less innovation that customer-focussed services. 

Sara continues: “Closing this gap is a significant opportunity. Providers that give business customers the same convenience, responsiveness and innovation as their consumer customers will be better placed to build long-term relationships, support businesses to scale and strengthen the competitiveness of Europe’s economy.”

Additionally, 56% highlight an increase in bureaucratic procedures and manual workflows within corporate banking, while 52% indicate that satisfying eligibility criteria proves more challenging for commercial options than individual solutions.

Consequently, 54% express a desire for streamlined access to business banking tools similar to consumer offerings, including mobile applications. 

Meanwhile, 40% consider corporate digital capabilities inferior to those available for personal use.

Zooming in on the UK 

Over half (61%) of the UK businesses surveyed also note that consumers receive a simpler, faster service.

In the last 12 months, 11% of UK businesses have taken out a loan with an alternative lender. 

The research highlights that alternative lenders and fintechs are more responsive to the business needs of at least 44% of respondents. 

According to 36% of UK organisations, banks alongside other financial institutions fail to grasp the specific requirements of business entities such as theirs.

CRIF partners:

Taishin Bank (2025): CRIF partnered with Taiwan’s Taishin Bank to accelerate local ESG transformation. By integrating CRIF’s Synesgy global platform, Taishin Bank can efficiently evaluate and manage the sustainability practices of its corporate clients and supply chains. This collaboration empowers enterprises to meet international standards and support reasonable sustainable financing. 

Beltone Capital (2024): Beltone Capital, a subsidiary of Beltone Holding, formed a joint-venture agreement with CRIF to establish a credit rating agency in Egypt. Operating under Financial Regulatory Authority guidelines, the venture delivers comprehensive credit rating, scoring, and business information solutions.

Know Your Customer/ PAOB (2023): CRIF and RegTech provider Know Your Customer teamed up with Hong Kong’s Ping An OneConnect Bank (PAOB) to transform digital onboarding for SMEs. The partnership integrates real-time company registry data and risk automation tools, significantly streamlining anti-money laundering checks and speeding up business account openings.

Arab Financial Services (2023): Arab Financial Services (AFS) collaborated with CRIF to deploy advanced open banking capabilities across the Middle East and Africa. By integrating CRIF’s specialised data analytics and open banking solutions into the AFS Open Finance platform, financial institutions can deliver personalised services, optimise credit assessment processes and offer seamless digital experiences to regional bank clients.