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Author: Amy Sariego

Provenir Customer NewDay Named 2024 FSTech Award Finalist

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Provenir Customer NewDay
Named 2024 FSTech Award Finalist

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.”

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Steering Through Economic Challenges: Canadian Financial Services in 2024

<\/p>\n

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

<\/p>\n

Fintech.ca<\/em>\u00a0sat down with\u00a0Cheryl Woodburn, Country Manager of Canada for\u00a0Provenir<\/a>, a global leader in AI-powered risk decisioning software, to talk about everything from data and strategy to fraud and risk mitigation.<\/p>\n

<\/p>“,”margin”:”default”}},{“type”:”button”,”props”:{“grid_column_gap”:”small”,”grid_row_gap”:”small”,”margin”:”medium”,”text_align”:”center”},”children”:[{“type”:”button_item”,”props”:{“button_style”:”default”,”content”:”Read the Article”,”icon_align”:”left”,”link”:”https:\/\/www.fintech.ca\/category\/interviews\/”}}]}]},{“type”:”column”,”props”:{“image_position”:”center-center”,”padding”:”small”,”position_sticky”:”row”,”position_sticky_breakpoint”:”m”,”position_sticky_offset”:”100″,”style”:”card-default”,”width_medium”:”1-3″},”children”:[{“type”:”headline”,”props”:{“content”:”The Ultimate Guide to Decision Engines”,”text_align”:”center”,”title_color”:”success”,”title_element”:”h3″,”title_style”:”h3″}},{“type”:”text”,”props”:{“column_breakpoint”:”m”,”content”:”

What is a decision engine and how does it help your business processes?<\/p>“,”margin”:”default”,”text_align”:”center”}},{“type”:”button”,”props”:{“grid_column_gap”:”small”,”grid_row_gap”:””,”margin”:””,”margin_remove_bottom”:false,”maxwidth”:”medium”,”text_align”:”center”},”children”:[{“type”:”button_item”,”props”:{“button_style”:”default”,”content”:”Learn More”,”icon”:””,”icon_align”:”left”,”link”:”\/blog\/the-ultimate-guide-to-decision-engines\/”}}]}]}],”props”:{“layout”:”2-3,1-3″}}]},{“type”:”section”,”props”:{“image_position”:”center-center”,”style”:”secondary”,”title_breakpoint”:”xl”,”title_position”:”top-left”,”title_rotation”:”left”,”vertical_align”:””,”width”:”default”},”children”:[{“type”:”row”,”children”:[{“type”:”column”,”props”:{“image_position”:”center-center”,”position_sticky_breakpoint”:”m”},”children”:[{“type”:”divider”,”props”:{“divider_element”:”hr”}},{“type”:”headline”,”props”:{“content”:”LATEST NEWS”,”title_color”:”background”,”title_element”:”h1″,”title_style”:”text-large”}},{“type”:”grid”,”props”:{“content_column_breakpoint”:”m”,”filter_align”:”left”,”filter_all”:true,”filter_grid_breakpoint”:”m”,”filter_grid_width”:”auto”,”filter_position”:”top”,”filter_style”:”tab”,”grid_column_align”:false,”grid_default”:”auto”,”grid_divider”:true,”grid_large”:”3″,”grid_medium”:”3″,”grid_parallax_justify”:true,”grid_row_align”:false,”grid_xlarge”:”3″,”icon_width”:80,”image_align”:”top”,”image_grid_breakpoint”:”m”,”image_grid_width”:”1-2″,”image_link”:true,”image_svg_color”:”emphasis”,”image_transition”:”scale-up”,”image_transition_border”:false,”item_animation”:true,”link_size”:”small”,”link_style”:”default”,”link_text”:”Read more”,”margin”:”default”,”meta_align”:”below-title”,”meta_element”:”div”,”meta_style”:”text-meta”,”show_content”:true,”show_image”:true,”show_link”:true,”show_meta”:true,”show_title”:true,”title_align”:”top”,”title_color”:”success”,”title_element”:”h3″,”title_grid_breakpoint”:”m”,”title_grid_width”:”1-2″,”title_hover_style”:”reset”,”title_link”:true},”children”:[{“type”:”grid_item”,”source”:{“query”:{“name”:”posts.customPosts”,”arguments”:{“terms”:[52],”category_operator”:”IN”,”post_tag_operator”:”IN”,”users”:[],”users_operator”:”IN”,”offset”:0,”limit”:3,”order”:”date”,”order_direction”:”DESC”,”industry_operator”:”IN”,”language_operator”:”IN”,”resources_operator”:”IN”}},”props”:{“_condition”:{“filters”:{“condition”:”!!”},”name”:”author.name”},”title”:{“filters”:{“search”:””},”name”:”title”},”content”:{“filters”:{“search”:””,”limit”:100},”name”:”excerpt”},”image”:{“filters”:{“search”:””},”name”:”featuredImage.url”},”link”:{“filters”:{“search”:””},”name”:”link”}}}}]}]}]}]}],”version”:”4.4.1″} –>

<\/p>\n

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

<\/p>\n

Fintech.ca<\/em>\u00a0sat down with\u00a0Cheryl Woodburn, Country Manager of Canada for\u00a0Provenir<\/a>, a global leader in AI-powered risk decisioning software, to talk about everything from data and strategy to fraud and risk mitigation.<\/p>\n

<\/p>“,”margin”:”default”}},{“type”:”button”,”props”:{“grid_column_gap”:”small”,”grid_row_gap”:”small”,”margin”:”medium”,”text_align”:”center”},”children”:[{“type”:”button_item”,”props”:{“button_style”:”default”,”content”:”Read the Article”,”icon_align”:”left”,”link”:”https:\/\/www.fintech.ca\/category\/interviews\/”}}]}]},{“type”:”column”,”props”:{“image_position”:”center-center”,”padding”:”small”,”position_sticky”:”row”,”position_sticky_breakpoint”:”m”,”position_sticky_offset”:”100″,”style”:”card-default”,”width_medium”:”1-3″},”children”:[{“type”:”headline”,”props”:{“content”:”The Ultimate Guide to Decision Engines”,”text_align”:”center”,”title_color”:”success”,”title_element”:”h3″,”title_style”:”h3″}},{“type”:”text”,”props”:{“column_breakpoint”:”m”,”content”:”

What is a decision engine and how does it help your business processes?<\/p>“,”margin”:”default”,”text_align”:”center”}},{“type”:”button”,”props”:{“grid_column_gap”:”small”,”grid_row_gap”:””,”margin”:””,”margin_remove_bottom”:false,”maxwidth”:”medium”,”text_align”:”center”},”children”:[{“type”:”button_item”,”props”:{“button_style”:”default”,”content”:”Learn More”,”icon”:””,”icon_align”:”left”,”link”:”\/blog\/the-ultimate-guide-to-decision-engines\/”}}]}]}],”props”:{“layout”:”2-3,1-3″}}]},{“type”:”section”,”props”:{“image_position”:”center-center”,”style”:”secondary”,”title_breakpoint”:”xl”,”title_position”:”top-left”,”title_rotation”:”left”,”vertical_align”:””,”width”:”default”},”children”:[{“type”:”row”,”children”:[{“type”:”column”,”props”:{“image_position”:”center-center”,”position_sticky_breakpoint”:”m”},”children”:[{“type”:”divider”,”props”:{“divider_element”:”hr”}},{“type”:”headline”,”props”:{“content”:”LATEST NEWS”,”title_color”:”background”,”title_element”:”h1″,”title_style”:”text-large”}},{“type”:”grid”,”props”:{“content_column_breakpoint”:”m”,”filter_align”:”left”,”filter_all”:true,”filter_grid_breakpoint”:”m”,”filter_grid_width”:”auto”,”filter_position”:”top”,”filter_style”:”tab”,”grid_column_align”:false,”grid_default”:”auto”,”grid_divider”:true,”grid_large”:”3″,”grid_medium”:”3″,”grid_parallax_justify”:true,”grid_row_align”:false,”grid_xlarge”:”3″,”icon_width”:80,”image_align”:”top”,”image_grid_breakpoint”:”m”,”image_grid_width”:”1-2″,”image_link”:true,”image_svg_color”:”emphasis”,”image_transition”:”scale-up”,”image_transition_border”:false,”item_animation”:true,”link_size”:”small”,”link_style”:”default”,”link_text”:”Read more”,”margin”:”default”,”meta_align”:”below-title”,”meta_element”:”div”,”meta_style”:”text-meta”,”show_content”:true,”show_image”:true,”show_link”:true,”show_meta”:true,”show_title”:true,”title_align”:”top”,”title_color”:”success”,”title_element”:”h3″,”title_grid_breakpoint”:”m”,”title_grid_width”:”1-2″,”title_hover_style”:”reset”,”title_link”:true},”children”:[{“type”:”grid_item”,”source”:{“query”:{“name”:”posts.customPosts”,”arguments”:{“terms”:[52],”category_operator”:”IN”,”post_tag_operator”:”IN”,”users”:[],”users_operator”:”IN”,”offset”:0,”limit”:3,”order”:”date”,”order_direction”:”DESC”,”industry_operator”:”IN”,”language_operator”:”IN”,”resources_operator”:”IN”}},”props”:{“_condition”:{“filters”:{“condition”:”!!”},”name”:”author.name”},”title”:{“filters”:{“search”:””},”name”:”title”},”content”:{“filters”:{“search”:””,”limit”:100},”name”:”excerpt”},”image”:{“filters”:{“search”:””},”name”:”featuredImage.url”},”link”:{“filters”:{“search”:””},”name”:”link”}}}}]}]}]}]}],”version”:”4.4.1″} –>

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Leveraging AI to Power More Personalized and Profitable Customer Relationships

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Leveraging AI to Power
More Personalized and Profitable Customer Relationships

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).

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The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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AI-Powered Risk Decisioning Leader Provenir Adds Chief People Officer Lori Copeland to Executive Team

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AI-Powered Risk Decisioning Leader
Provenir Adds Chief People Officer Lori Copeland to Executive Team

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.”

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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Unlocking Africa’s Credit Potential through Smart Decision Making

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Unlocking Africa’s Credit Potential
through Smart Decision Making

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.

Listen to the Podcast

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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Consumer Duty Predictions with Quadient, Fujitsu, Weavr, Provenir, Eligible, Currensea, Zuto, Cardlytics, Fuse

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Consumer Duty Predictions
with Quadient, Fujitsu, Weavr, Provenir, Eligible, Currensea, Zuto, Cardlytics, Fuse

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.

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The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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What will digital transformation look like in 2024?

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What will digital transformation look like in 2024?

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.

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The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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2024 Global Risk Decisioning Survey: North America Special Edition

SURVEY

2024 Global Risk Decisioning Survey:
North America Special Edition

What’s top of mind for financial services providers heading into 2024?

Provenir surveyed more than 300 decision makers from a variety of financial services providers and fintechs around the globe in order to understand their:

  • Risk decisioning challenges
  • Customer management priorities
  • Confidence in the accuracy and flexibility of their risk models and anti-fraud measures

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:

  • Widespread adoption of AI
  • Democratizing data
  • Digital payment evolution

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Why Customer Retention is Now the Most Important Battle

ON-DEMAND WEBINAR

Why Customer Retention
is Now the Most Important Battle

Book a Meeting

For decades, customer acquisition and onboarding have been the primary focus of banks’ investments.

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.

Today, the biggest challenge facing banks isn’t how to acquire new customers. It’s how to retain the valuable customers that they already have.

In this webinar, Alex Johnson (Founder, Fintech Takes) and Kathy Mitchell-Stares (EVP North America, Provenir) will:

  • Explain why customer management has traditionally been underinvested in by banks and the implications of this underinvestment in today’s financial services ecosystem.
  • Explore how open banking and other fintech innovations have fundamentally altered the competitive dynamics within financial services and placed a premium on customer retention.
  • Provide actionable advice for how banks can improve their customer management decisions and business processes in order to strengthen their most important customer relationships and turn customer retention into a superpower.

Speakers:

  • Alex Johnson

    Founder, Fintech Takes

  • Kathy Stares

    EVP North America, Provenir


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Top 10 Banking Trends and Challenges in 2024

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Top 10 Banking Trends and Challenges in 2024

What to watch for in the year ahead

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. 

  1. Increased Regulatory Scrutiny: With global financial regulations becoming more stringent, banks will also face increased compliance demands. Effectively adhering to these evolving regulations, especially in areas like Anti-Money Laundering (AML) and Know Your Customer (KYC), remains a top priority.
  2. AI and Machine Learning in Fraud Detection: Artificial Intelligence (AI) and Machine Learning (ML) are becoming indispensable in fraud screening. Banks who are able to successfully leverage these technologies can better anticipate and mitigate fraud risks.
  3. Changing Landscape of Lending: The lending market is constantly shifting, with new types of financial services regularly emerging, including things like Banking as a Service (BaaS) and peer-to-peer lending platforms gaining traction. According to Acumen, the global P2P lending market size is set to grow to over $800 Billion USD by 2030, with a CAGR of 29.1%. 
  4. Digital Banking Adoption: Digital banking is no longer a luxury but a necessity. Over 90% of consumers view digital banking as an important factor in their choice of bank. Convenience, lower fees, ease-of-access and use, streamlining all of your financial services – the advantages are practically endless.
  5. Onboarding Innovations: Streamlining customer and merchant onboarding processes is crucial. Integrating advanced technologies (for example, biometric verification) can significantly reduce onboarding time and reduce friction in the customer experience.
  6. Data-Driven Decisions and Hyper-Personalization: Personalized banking services are becoming a key differentiator. “According to a study by McKinsey & Company, banks that successfully use customer analytics to improve customer experience can increase their customer satisfaction scores by 20% and their revenues by 15%.” Using advanced data analytics and a wider variety of data sources integrated into credit decisioning also enables more accurate risk assessment and the ability to (safely) say yes to more customers. 
  7. Sustainable and Ethical Banking Practices: Sustainability and ethical practices are increasingly influencing consumer choices. Banks adopting green policies and transparent operations are likely to gain customer trust and loyalty.
  8. Effective Collections Strategies: With economic uncertainties, effective collections strategies are vital. Employing empathetic and customer-centric approaches in collections can improve recovery rates and customer relationships, and using a holistic risk decisioning solution can help you identify the best treatment strategies and most effective communication channels. But it can also help your pre-collections strategy, with embedded intelligence enabling you to be proactive in predicting potential defaults and minimizing loss.
  9. Emergence of New Competitors: The banking sector is witnessing the continued growth of non-traditional players like fintechs and tech giants. Banks need to innovate continuously (and explore more inventive partnerships) to stay competitive in this evolving market.
  10.  The Continued Rise of Buy Now, Pay Later: Last but certainly not least, our favorite industry-disruptor, BNPL, comes to play. While widely popular because of its simplicity and convenience, BNPL is also a way to tap into some of the more underserved market segments. Banks that can integrate BNPL into existing banking services can help ensure a more comprehensive (and competitive) financial solution to customers – and enable penetration into a wider customer base.  

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.

Check out our 2024 Global Risk Decisioning Survey.

Read the Report

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