Wachovia Triples Small Business Renewal Volume with Provenir
January 15, 2002
(Parsippany, New Jersey, USA) - Provenir, a leader in real-time enterprise decision analytics and workflow management software solutions, announced today that Wachovia has created a more proactive approach to the customer and tripled its volume of small business renewals with no additional staff since implementing the Provenir Platform in October 2000. The Provenir Platform allows Wachovia to evaluate account renewals in real-time to increase customer satisfaction and efficiency in processing, improve the collection of existing renewal fees, and greatly expanded its business opportunities.
In its search for a system to automate some of its small business credit processing, Wachovia looked at systems from more than 30 vendors. Provenir was chosen based on its success implementing a credit scoring system in the bank's commercial card division. Over the last 18 months Wachovia has automated 55 to 70 percent of its renewal process with the Provenir Platform and also plans to expand the decision engine to originations. The application runs behavioral score models to determine how to best handle small business credit renewals.
"We have portfolio analysts who are directly responsible for creating portfolio strategy, deciding the basis for approval on renewals or originations. With Provenir, we own those business rule and strategies, rather than the IT shop owning them," said Thomas Bucciarelli, Vice President of Risk Management and Information Services at Wachovia. "In a typical business environment you hand the business decisions to your IT shop and they code the rules. Provenir's easy to use, front-end user interface allows a business analyst to create, test, and maintain the business rules and strategies."
"Wachovia has been a very important customer of ours for many years. Provenir has worked in many areas of Wachovia's business, including Commercial and Consumer Credit Cards. We have relied on their valuable feedback to help us build and enhance future releases and create new products," said Larry Smith, President of Provenir. "We are excited to see the great success Wachovia has had with the Provenir Platform and we look forward to growing our relationship with Wachovia with further achievements."
About Provenir
Provenir is a leading provider of enterprise software for managing the customer lifecycle. Founded in 1992, the company's historical focus on solutions for the financial industry has led to successful implementations at major banks and credit institutions. This proven ability to handle key financial data and processes is now enabling companies in other industries to make use of the Provenir Platform to manage their customer lifecycle interactions.
Companies use Provenir software to create customized systems from a common architecture, letting IT and business collaborate to maximize profitability of operations that impact financial performance. Business applications of Provenir technology include originations, prospecting, account management, collections and recovery, customer service, security, and compliance.
Provenir is privately held, with headquarters in Parsippany, New Jersey. Customers in the United Kingdom and continental Europe are served from offices in London. Asia/Pacific operations are headquartered in Hong Kong. Information about Provenir, the Provenir Platform, and professional services are available on the company's website at www.provenir.com.
About Wachovia
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia is the parent company of First Union National Bank. With assets of $326 billion as of September 30 and $29 billion in stockholders' equity, Wachovia Corporation is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through www.wachovia.com and www.firstunion.com.
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