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Author: Amy Sariego

Provenir appoints Andrea Fassari as Country Manager in Italy

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NEWS

Provenir appoints Andrea Fassari
as Country Manager in Italy

Sales and growth industry expert Andrea Fassari joins Provenir’s team to respond to the increasing demand in a digital-first market for the company’s automated decisioning, real-time data and advanced analytics

Provenir, a global leader in data and AI-powered risk decisioning software, today announced that Andrea Fassari has been appointed Country Manager in Italy. Fassari will lead Provenir’s sales operations in the region, responsible for implementing new strategies to enhance the company’s plans to further expand their risk decisioning solutions to financial services businesses in the region.

Fassari brings more than fifteen years’ experience in sales, marketing and operations, with strong expertise in overall sales performance, as well as closely aligning sales objectives with a companies’ core strategy. He’s held senior roles at UNGUESS, CONNEXIA and Accenture, where he successfully implemented new target-market initiatives by coordinating large teams to meet client needs.

Provenir is experiencing significant demand for its industry-leading data and AI-powered risk decisioning platform that blows past traditional credit decisioning software by letting businesses harness the power of decisioning, data and AI from one unified, no-code user interface. Based in Milan, Fassari will be a crucial part of Provenir’s international sales team to drive sales strategies to enable the achievement of the business’ goals and targets.

“Financial services firms worldwide are increasingly looking for a credit risk decisioning platform that allows them to make smarter decisions, faster,” said Frode Berg, Provenir’s Managing Director of Europe. “As a recognised industry leader, Provenir is helping its clients to be more competitive, more agile and ready to rapidly respond to evolving business needs, but we won’t stop there. Andrea will form an integral part of our expansion into Italy, as we continue on our journey to delivering our unified risk decisioning ecosystem. We’re excited to have him onboard!”

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Provenir Garners Finalist Honors in the Banking Tech Awards USA 2023

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NEWS

Provenir Garners Finalist Honors in the Banking Tech Awards USA 2023

Provenir’ AI-Powered Data and Decisioning Platform provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle

Parsippany, NJ — April 26, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today announced its Data and Decisioning Platform has been named a finalist in the “FinTech of the Future – Data & Insights” category for the Banking Tech Awards USA 2023.

In this, the second year of the Banking Tech Awards USA, outstanding achievements in the banking and fintech industry across the country are recognized. Winners of this year’s awards will be announced at a gala dinner ceremony in New York City on June 1.

“Provenir is honored to be named a finalist for this awards program that celebrates the best in financial services technology across the country,” said Kathy Stares, Provenir’s Executive Vice President for North America. “Our AI-Powered Data and Decisioning Platform provides financial institutions with the data, automation, and forward-looking predictions to power smarter risk decisioning.”

Provenir’s AI-Powered Data and Decisioning Platform is managed through a single UI, empowering organizations to innovate further and faster than ever before, driving the continuous optimization they need to power growth and agility, without increasing risk. Financial services providers and fintechs are empowered to take control of their risk strategy with unified decisioning, data and AI, capabilities via a unified, no-code platform.

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AI Strategies to Mitigate Banking and FinTech Fraud

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NEWS

AI Strategies to Mitigate Banking and FinTech Fraud

As financial fraud and risk vectors constantly evolve, artificial intelligence (AI) is well-positioned to stay one step ahead of nefarious activity by accessing real-time data and applying it to the latest defensive measures in a fully automated manner.

In this IBS Intelligence podcast, Carol Hamilton, Chief Commercial Officer with Provenir AI, explains the current challenges financial institutions face when it comes to fraud prevention, why AI is “fit for the fraud fight,” and the key advantages of an AI-infused approach to fraud prevention.

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Provenir Recognized as Finalist for ‘Best Technology Provider’ in the 2023 Credit Awards

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NEWS

Provenir Recognized as Finalist
for ‘Best Technology Provider’ in the 2023 Credit Awards

Company’s AI-Powered Data and Decisioning Platform delivers a unique combination of decisioning, data, and AI resulting in more accurate, automated risk decisions in the areas of identity, credit and fraud

Parsippany, NJ — April 19, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today announced it has been recognized as a finalist for “Best Technology Provider” category in the 2023 Credit Awards.

Known as “the Oscars of the industry,” the Credit Strategy Credit Awards recognize and celebrate innovation, best practice and the hard work of individuals, business divisions and pan-global conglomerates across the industry.

Winners will be unveiled at the May 31 awards ceremony at the Grosvenor House Hotel in London.

“Provenir is honored to be recognized as a leader in the ‘Best Technology Provider’ category as technology innovation has exploded across every part of financial services, creating a customer-first world that demands more from data and timely decisioning,” said Frode Berg, General Manager, Europe, for Provenir. “With Provenir, organizations can access and orchestrate new alternative data sources, glean insights from the data and make more accurate and instant decisioning. The result is more inclusive lending, a superior customer experience and a dynamic fraud mitigation strategy that is a win-win for financial institutions and their customers.”

Provenir’s AI-Powered Data and Decisioning Platform is comprised of three essential components – decisioning, data and AI. The platform provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle – with diverse data for deeper insights, auto-optimized decisions, and a continuous feedback loop for constant improvement.

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Railz

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Partners

Railz

The Railz API: Building a Future of Data-Powered Finance

Key Benefits

  • Real-Time Financial Analytics at Your Fingertips. Railz offers real-time SMB financial data and analytics for informed investment decisions. With accurate data, financial institutions can assess creditworthiness and provide valuable services to SMB clients, using accurate, up-to-date data.
  • Transform your Financial Analysis with Streamlined Efficiency. Railz streamlines SMB financial analysis for efficient data collection, underwriting, and product launches. It saves time, reduces errors, and offers clients a seamless experience.

“Our bank partners love that we have access to real-time accounting data. That was huge in getting a credit facility.”

ZACH JOHNSON, FOUNDER & CEO AT DASH.FI

The Future of Finance Needs Access to Financial Data

Railz: Revolutionize financial services with the largest financial data network in the world.

Railz solves challenges faced by financial institutions in obtaining high-quality financial data for SMBs. We provide one access point for normalized SMB financial data, collected from multiple sources including accounting, banking, tax, and commerce. Railz offers unique features and tools including Railz Credit Score™, Railz Accounting Accuracy Score (RaaS™), cash flow forecasting, benchmarking, and real-time analytics visualization. We help FIs make fast and calculated decisions in lending, business financial management, payment reconciliation, and insurance. Railz normalization process ensures that data is organized, standardized, and up-to-date, making it easy for FIs to safely make informed decisions.

Resources

About Railz

  • Services

    • Railz API: connects to all major accounting service providers like QuickBooks, Netsuite, Xero, Banking via Plaid, and E-Commerce such as Shopify & Square.
    • Lending: optimize credit approval and monitoring process and streamline loan origination and servicing.
    • Valuation and Forecasting: business valuations, cash flow forecasting.
    • Railz Credit Score™: A modern business credit score
    • Accounting Accuracy: Railz accounting accuracy Score (RaaS™) measures accuracy of accounting data when overlaid with banking data.
    • Benchmarking: Financial ratios by market, geography, age of business
    • Railz Normalization: Makes sense of messy financial data across commercial customers in real-time.
    • Railz Dashboard™: Configurable dashboard that provides highlights and insights to build customized dashboards.
    • Railz Visualization SDK: a collection of standardized web components to build customized financial dashboards and develop the next-gen of embedded finance products.
    • E-commerce Integration: integration with Shopify and Square: Pull e-commerce data directly into your application to help reconcile and keep financial records up to date.

  • Regions Supported

    • North America

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Myths vs reality in upgrading your credit decisioning technology

Written by Amy Sariego on . Posted in Blog.

Myths vs Reality in Upgrading Your Credit Decisioning Technology

Powering Up: How Banks Can Leverage Automated Credit Risk Decisioning for More Agility and Speed

Financial institutions are under pressure, and banks are feeling the heat. Consumers are even more resistant to friction in their customer experience journeys, whether they are buying appliances, vacations, vehicles, or applying for credit. So how can banks focus on growth and meeting consumer needs and expectations, while still managing risk effectively? In many cases, it means it’s time to look at your data and decisioning technology. 

Upgrading your credit risk decisioning technology sounds daunting. But we’re here to talk about some of the myths that persist around upgrading your tech – and the reality counterpoint. 

Myth #1:
Traditional Credit Data is Good Enough

Reality:
Traditional credit data is rarely enough to paint an accurate, holistic picture of a customers’ creditworthiness. Alternative data sources, including mobile/telco info, rent and utilities data, social media/web presence, and open banking info can help you gain a more comprehensive view of a potential customers’ financial health as well as their ability and willingness to pay.

The Data Challenge:
There is a ton of data out there, and it can often reside in siloed environments, making it difficult to access and costly to integrate into your decisioning. On top of that, it can be easy to assume that more data is the answer. But it’s not always what you need. The key to optimizing your data strategy is not necessarily more data but having the right data at the right time. According to IDC, in 2022“over one hundred thousand exabytes of data will [have been] generated, crossing the 100k threshold for the first time.” Yet 74% of decision-makers we surveyed said they struggle with their organization’s credit risk strategy because data is not easily accessible, and 70% say alternative data is not easily integrated into their current decisioning system. The use of alternative data to supplement traditional credit data (primarily bureau data) is critical to not only giving you a more accurate, real-time view of your customers’ creditworthiness, but it also expands your lendable market. By being more inclusive and saying yes to individuals who may have lower traditional credit scores, you’re improving financial inclusion and ensuring greater access to financial services andgrowing your business at the same time.

Myth #2:
It’s Too Costly to Upgrade Your Decisioning Tech

Reality:
It can be easy to assume that changing your decisioning tech will involve a massive amount of upfront investment (not to mention the fear of ‘wasting’ previous investments in your legacy tech). But can you afford not to upgrade? And keep in mind additional cost savings realized with self-sufficiency when changing your decisioning workflows and launching new products.

The Cost Challenge:
Cost pressures are everywhere. So it’s not surprising that sometimes banks are reluctant to consider changing technology platforms. With the hours of time and monetary investments made in implementing decisioning infrastructure, it can seem wasteful to transition away from legacy systems. But it’s important not to let the fear of past investments hold you back. Because with increased competition, demanding consumer expectations, and a shifting regulatory environment, having next generation decisioning tech is key. The cost of doing nothing will catch up to you – acquiring new customers, keeping your existing customers, preventing fraud, satisfying compliance requirements… non-action is a non-option. Upgrading your decisioning tech results in a lower total cost of ownership, thanks to eliminating product launch and iteration delays that lose you customers, the ability to automate risk decisioning workflows for more efficient processes, and improved fraud detection/prevention.

Myth #3:
It’s Too Difficult to Overhaul our Current Systems

Reality:
It’s not an all-or-nothing situation. Look for decisioning solutions that can run in parallel to your current software, or for ways to orchestrate your data more efficiently with a data ecosystem. This can create buy-in with other departments and lines of business when they see the improved efficiency and the way upgraded tech improves the overall decisioning process.

The Difficulty Challenge:
We’ve talked about the cost aspect of upgrading, which sounds daunting, but it’s about more than just money. Many people-hours are often put into choosing and implementing decisioning platforms – so why opt to do it all over again? Because the long-term benefits are worth it, and it may not be as difficult as it sounds. Rarely do you need to rip and replace all of your decisioning tech in one go. There are more flexible, agile decisioning platforms available that can integrate into or run alongside your existing workflows or you can choose to upgrade one line of business at a time. The key is choosing a technology platform that makes this easy and has experience with swapping out competitive decisioning platforms. (Provenir for example has vast amounts of experience replacing legacy, competitive decisioning systems, and can get you up and running, fast – however large the implementation may be).

How to Run the Smarter Race

One of the most common challenges banks are currently facing is competition – and the subsequent need to power risk decisions faster in order to keep up. But the key is to do this without sacrificing your risk strategy. It is possible to become more agile and self-sufficient, which allows you to make faster, more accurate risk decisions and launch new products in less than half the time – and one of the best ways to do this is upgrading to next-generation decisioning technology. Look for a partner that can offer you these key elements:

Real-time data access to hundreds of data sources through a single API

  • Advanced analytics based on your unique risk profiles
  • Integrated case management for a complete end-to-end perspective on credit applications
  • The ability to handle evolving compliance regulations and security demands
  • Low-code, business-user-friendly UI that enables self-sufficiency when changing processes and iterating workflows
  • Experience with swapping out legacy technology/competitive decisioning platforms to ensure a seamless transition
Leveraging automated, integrated data and more agile risk decisioning technology can help you increase your flexibility, accuracy, and speed. With the right tools on hand, you can keep up with new entrants in the market and also meet regulatory compliance requirements, all while making more informed credit decisions that improve the customer experience – and do it faster than the competition. Because in the race for customers… speed is everything.
Ready to improve your agility and run the smarter race?
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Provenir Wins Second Consecutive Data Breakthrough Award

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NEWS

Provenir Wins Second Consecutive Data Breakthrough Award

Prestigious International Awards Program Recognizes Outstanding Data Technology Products and Companies

PARSIPPANY, N.J., April 13, 2023 – Provenir, a global leader in data and AI-powered risk decisioning software, today announced that for the second year running, it has been selected as winner of the “Data Solution of the Year for Finance” award in the annual Data Breakthrough Awards program conducted by Data Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global data technology market today.

Provenir Data is a global data and intelligence platform that makes accessing data fast and easy. Through a single API, it brings together a curated range of data and data solutions to enable businesses to make smarter risk decisions across identity, fraud and credit. With this solution, users experience simplified data access, fully managed integrations access to a wide variety of traditional and alternative data, and insights to make smarter decisions across the whole customer lifecycle.

Provenir’s breakthrough solution allows financial institutions to access third-party data sources to make accurate credit decisions in real-time without the high-dollar overhead of a credit decisioning infrastructure. This streamlined process enables organizations to simply feed the applicant information into risk models, test the impact of the data of their choosing and receive decisions in real time.

“We are honored to be recognized again as the ‘Data Solution of the Year for Finance’ by Data Breakthrough,” said Larry Smith, Founder and CEO of Provenir. “Provenir provides organizations with access to diverse data for deeper insights, auto-optimized decisions, and a continuous feedback loop for constant improvement both at onboarding when assessing risk and monitoring ongoing transactions for fraud. Banks and fintechs are now empowered to take control of their risk strategy with unified data, artificial intelligence, and decisioning capabilities via a centralized, no-code platform.”

“Data is at the core of today’s digital business and this is especially evident in the financial services market as innovative fintechs and financial institutions are looking beyond traditional data sources,” said James Johnson, Managing Director, Data Breakthrough. “In this new world, to really level-up their decisioning, businesses need more data, automation, sophisticated processes, and forward-looking predictions to break through. With the unique combination of real-time, on-demand data access, machine learning and world-class decisioning technology, Provenir provides a compelling and robust risk ecosystem that enables smarter decisions across identity, fraud, and credit. Congratulations for the second straight year on being our choice for ‘Data Solution of the Year for Finance.”

Now in its fourth year, the annual Data Breakthrough Awards is the premier awards program founded to recognize the data technology innovators, leaders and visionaries from around the world in a range of categories, including Data Analytics, Big Data, Business Intelligence, Data Storage and many more. The 2023 Data Breakthrough Award program attracted more than 2,000 nominations from across the globe.

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Datasheet: Provenir for Banking

Written by Amy Sariego on . Posted in Resource. No Comments on Datasheet: Provenir for Banking

DATA SHEET

Provenir for Banking

Make risk decisions faster than the competition without sacrificing your risk strategy.
The way consumers interact with financial services products is changing, rapidly – consumers expect more instant decisions, personalized offers, and automated, digital experiences. With the rapid increase in financial services competition, banks need to think about upgrading their decisioning technology to become more agile, innovative, and flexible in order to win more business.

Are you struggling to stay ahead of the competition? Discover how to take your credit risk strategy to the next level with Provenir’s AI-Powered Data and Decisioning Platform. From the agile, business-user-friendly, low-code user interface to powerful automation and data integration technology, Provenir gives your team the tools it needs to get ahead, and stay ahead, of the competition.

Want more info on upgrading your decisioning?

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ADDITIONAL RESOURCES

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Canadian Lenders Association Risk Roundtable

Written by Amy Sariego on . Posted in Resource, Webinars. No Comments on Canadian Lenders Association Risk Roundtable

ON-DEMAND WEBINAR

Canadian Lenders Association
Risk Roundtable

Book a Meeting

Featuring Cheryl Woodburn, Country Manager of Canada, Provenir

At the Canadian Lenders Association’s recent Risk Roundtable, Provenir’s Country Manager of Canada, Cheryl Woodburn, had the opportunity to discuss current challenges in growing your lending business, the ever-growing issue of fraud, and why accessing the right data is more important than ever.

Despite ongoing macroeconomic challenges putting significant stress on lenders, there are opportunities for growth in Canada. But to effectively take advantage of those growth opportunities, lenders need to look carefully at their data.

Watch now and hear from Cheryl on how data can improve your business agility, how to overcome common obstacles on leveraging data, and tips to more successfully action it.

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