While better economic news is on the horizon, there are indicators that financial service providers need to pay close attention to in order to serve their customers in turbulent times.<\/p>\n
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NEWS
A pioneering leader in consumer credit in the UK recognised for excellence and innovation in the ‘Best Use of IT in Consumer Finance’ category
LONDON, UK – January 17, 2024 – Provenir, a global leader in AI-powered risk decisioning software, today congratulated NewDay for being named a 2024 FSTech finalist in the ‘Best use of IT in Consumer Finance’ category.
FStech Awards spotlight companies excelling in the UK and EMEA financial services sector. The ‘Best Use of IT in Consumer Finance’ category recognises organisations for their innovative use of technology to achieve significant cost benefits, streamline internal processes, enhance customer service and lay the foundation for future success. FSTech Award winners, selected by independent expert judges, will be revealed at the FSTech Awards 2024 Gala on March 14th at the London Marriott Hotel, Grosvenor Square.
NewDay is a leading provider of consumer credit in the UK, providing more than 4 million customers responsible access to credit. With an emphasis on technology-enabled flexibility and innovation, NewDay offers direct-to-consumer products as well as collaborations with merchants. Their Merchant Offering includes co-branded credit cards and Newpay, a flexible digital finance product catering to both large retailers and SMEs, with Buy Now Pay Later and instalment finance options.
By leveraging Provenir’s AI-Powered Risk Decisioning Platform, NewDay is able to streamline every step of its lending process to create an end-to-end, fully integrated solution that extends across the entire credit lifecycle from originations through to management of charged-off and debt-sold accounts. The integration of Provenir with NewDay’s extensive data lake accelerated a sophisticated and data-rich model environment. This has enabled NewDay to achieve faster delivery cycles, allowing the delivery of multiple changes within the same sprint. The end result is a service team that can drive change in the business quickly to respond to market pressures, customer needs and industry trends.
Implementing Provenir’s AI-powered risk decisioning platform has revolutionised NewDay’s credit risk management, enhancing processes, reducing costs, and improving customer experiences. By partnering with Provenir, NewDay has experienced a 13% increase in auto loan accept rate, a 46% increase in referral accept rate, speed of change reduced by 80%, incident detection reduced from more than 2 hours to less than 5 minutes and an increased product exposure on aggregator sites from 2 products to 13 all with real-time quote and decisioning, providing NewDay with a competitive advantage.
“We would like to extend our congratulations to NewDay on being named as a FSTech Award finalist in the ‘Best use of IT in the Consumer Finance Category,”stated Frode Berg, Managing Director, EMEA at Provenir. “At Provenir, we take pride in our supportive role within NewDay’s credit risk management and are delighted that this collaboration has positioned NewDay for future technological advancements under its ‘NewTech’ initiative, setting a benchmark for strategic technology use in consumer finance.”
“Provenir’s solution has been an excellent addition to NewDay’s tech stack,” said Mandy Sumner, Head of Strategic and Operational Implementation at NewDay. “The platform’s advanced data analytics capabilities have allowed us to make faster, more accurate risk decisions, improving customer experiences and operational efficiency. Provenir’s commitment to innovation and continuous improvement has been instrumental in our success. We are proud to partner with Provenir and recommend their solution to any organisation seeking to unlock the power of their data.”
What is a decision engine and how does it help your business processes?
While better economic news is on the horizon, there are indicators that financial service providers need to pay close attention to in order to serve their customers in turbulent times.<\/p>\n
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NEWS
Use of risk decisioning platforms often focuses on onboarding and loan origination, however investment in the beginning of the customer journey is only the start. A financial institution’s growth depends not only on attracting new customers, but also on maximizing the value of its existing customer base.
In this Financial IT feature, Kathy Stares, EVP, North America for Provenir, outlines the tools financial institutions can use to enable more accurate, faster decisions across the customer lifecycle to provide a superior experience and retain loyal customers (pages 32-33).
What is a decision engine and how does it help your business processes?
NEWS
ndustry veteran brings more than 20 years’ experience in human resources leadership and talent acquisition to the fintech leader
Parsippany, NJ –Jan. 9, 2024 – Provenir, a global leader in AI-powered risk decisioning software, today announced the appointment of Lori Copeland as Chief People Officer.
In this role, Copeland will be responsible for developing and executing human resource strategy in support of the overall business plan and strategic direction of the organization. She will provide leadership and guidance to all HR functions and develop recruiting plans to bring new talent to expand Provenir’s workforce, which spans 25 countries across the globe.
A senior human resources executive with more than 20 years’ experience, Copeland has proven ability to engage key stakeholders, deliver results and drive initiatives across complex global matrix organizations. Prior to joining Provenir, Copeland was Global Vice President, Human Resources, with LGC, a private equity owned leading, global life science technology company. Prior to this, Copeland was Global Human Resources Leader at General Electric (GE), Digital, a growth IoT startup within GE.
“Lori has an impressive background in human resources and organizational development and brings a dynamic blend of passion and expertise to our leadership team,” said Larry Smith, Founder and CEO of Provenir. “Lori’s leadership will be instrumental in supporting our people operations and cultivating a high-impact workforce as we grow.” “I am excited to join Provenir as the company grows globally and invests in its employee base to deliver innovative solutions to the financial services market,” said Copeland. “As Provenir continues to deliver the technology to power financial institution and fintech success worldwide, I look forward to growing and nurturing the company’s biggest asset – its people.”
What is a decision engine and how does it help your business processes?
NEWS
As banks grapple with increasing pressure to better manage their credit books to properly vet customers before granting them loans, effective deployment of the power of decisioning and advanced data analytics can help them to increase their competitiveness and reduce their risk exposure.
In this exclusive podcast with RegTech Africa, Adrian Pillay, Vice President of MEA for Provenir, shares his insights on lending and credit risk trends across Africa, how AI can contribute to the transformation of the credit risk process, the consumer data protection movement and current/impending legislation and regulations across Africa.
What is a decision engine and how does it help your business processes?
NEWS
Consumer Duty, a set of rules aimed at enhancing consumer protection in the UK financial services sector, came into force in July 2023. The Financial Conduct Authority’s (FCA’s) new rules mean that firms selling financial products now have to meet much higher standards.
In this Fintech Times article, Carol Hamilton, Chief Product Officer at Provenir, joins other experts across the fintech industry in sharing predictions for 2024, including a collective focus on collaboration between fintech firms and traditional banks, driven by a commitment to enhance customer benefits, transparency and personalisation.
What is a decision engine and how does it help your business processes?
NEWS
In this exclusive Fintech Magazine interview, Frode Berg, Managing Director for EMEA at Provenir, outlines his expectations for 2024 when it comes to digital transformation in the financial services sector and how much he believes Gen AI will impact the industry.
What is a decision engine and how does it help your business processes?
SURVEY
Provenir surveyed more than 300 decision makers from a variety of financial services providers and fintechs around the globe in order to understand their:
This special North America edition includes 2024 opportunities for providers in the region from Provenir’s Executive Vice President of North America, Kathy Stares. She covers:
ON-DEMAND WEBINAR
This made perfect sense. Competition for prime banking customers was fierce, and banks spent a lot of money trying to capture their business. When fintech came on the scene, banks rightly concluded that investments in digital account opening were critical for fending off these new competitors and maintaining their market share, especially with Millennial and Gen Z customers.
It made perfect sense … until it didn’t.
The nature of competition in financial services has changed. The digitization of banking products, the emergence of lead aggregators, and, most importantly, open banking have made it easier for bank customers to shop around and to switch financial service providers than it has ever been.
In this webinar, Alex Johnson (Founder, Fintech Takes) and Kathy Mitchell-Stares (EVP North America, Provenir) will:
Founder, Fintech Takes
EVP North America, Provenir
BLOG
As we make the leap into a new year, the banking sector continues its transformation. From evolving lending practices to new competition, and changing fraud risks and compliance needs, banks are constantly adapting to a shifting landscape. We’re looking ahead to 10 trends and challenges to watch for in the coming year.
2024 could be a pivotal junction for the banking industry – and the financial services industry as a whole – where embracing change and innovating risk management strategies will be key to staying relevant and successful. Understanding these trends and adapting to the challenges at hand will be crucial for banks to thrive in this dynamic landscape.
