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Author: Amy Sariego

EV Exclusive NBFC AMU Leasing Onboards Provenir’s Decisioning Platform to Accelerate Loan Decisions

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EV Exclusive
NBFC AMU Leasing Onboards Provenir’s Decisioning Platform to Accelerate Loan Decisions

With Provenir, AMU Leasing will be able to disburse loans to its end users with speed, accuracy and precision

New Delhi, India – Provenir, a global leader in AI-powered risk decisioning software, announced today that AMU Leasing, India’s leading and only woman-led, tech-driven NBFC startup exclusively serving the Electric Vehicle ecosystem. With this partnership, the Delhi-based company will be able to make faster decisions and offers to end-users, putting it ahead of its competition.

AMU Leasing’s goal is to support India’s emerging initiatives for self-employment and micro entrepreneurship for citizens across Tier 2 and 3 cities. By supporting the alternate fuel-based transportation sector, they plan to propel and sustain revenue generation for self-employed livelihoods.

The government of India is targeting EV sales to account for 30 percent of private cars, 70 percent of commercial vehicles, 40 percent of buses and 80 percent of two and three-wheelers by 2030 to help reduce carbon emissions. The combination of AMU Leasing and Provenir is ideal for new as well as existing customers seeking EV financing solutions with seamless processing and a world-class user experience.

“We are focused on helping develop an efficient ecosystem where leasing, financing and purchasing electric vehicles is one seamless process,” said Nehal Gupta, CEO of AMU Leasing. “We needed an automated decisioning solution that would enable us to make faster decisions and extend offers to end users. Provenir’s low code interface empowers our business users to easily design, build and test decisioning models themselves. The Provenir Marketplace also provides access and easy integration to new data sources, providing us with greater insights to make more accurate decisions.”

“The EV market is quickly growing and AMU Leasing is well positioned to support the entire value chain, particularly entrepreneurial businesses,” said Varun Bhalla, Country Manager, India for Provenir. “Our AI-Powered Data and Decisioning Platform provides the access to data, AI and decisioning capabilities needed to accelerate and improve their lending decisions and expand with them. We look forward to helping them meet their goal of one million EV disbursements by 2027.”

Provenir’s industry-leading AI-Powered Data and Decisioning Platform delivers smarter risk decisioning. The solution, managed through a single UI, empowers organizations to innovate further and faster than ever before, driving the continuous optimization they need to power growth and agility, without increasing risk.

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Client Management with Provenir + Mobile Intelligence

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Client Management
with Provenir + Mobile Intelligence

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Discover Our Global Support Capabilities

Have you been wondering what Provenir’s Global Support Team is all about? Interested in hearing about our new investments to better serve your needs and enhance client management? Watch now and discover how we’re constantly improving our support capabilities to help you achieve your business goals.

Tune in and learn:

  • How we are working to improve the support portal for a better ticket management experience
  • Why we’ve moved to a tiered support model to keep your business running more efficiently
  • How we’re enhancing our customer engineering team to continue the focus on our ‘customer first’ approach
  • The ins and outs of maintenance/incident notifications, ticket priority definitions, and steps to raising/submitting support tickets

Speakers:

  • Julie Manella

    Vice President, Client Experience

  • Jason Panke

    Senior Director, Operations


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WISE AI

Partners

WISE AI

WISE EKYC – an AI-Powered Identity Verification Solution

Key Benefits

  • Instant identify verification and authentication in under three minutes. Transform identity verification with WISE EKYC, an AI-powered technology that delivers a fast and seamless customer experience. Say goodbye to time-consuming and manual onboarding. Experience effortless identity verification in under three minutes.
  • Lower cost with enhanced security. With WISE EKYC, companies can achieve lower costs and enhanced security in their onboarding processes by eliminating human verification costs, while AI can provide a more secure solution. Say goodbye to expensive manual processes – choose eKYC for a cost-effective and secure solution.

“We have no doubts about WISE AI, and we encourage industry players to explore what WISE AI can offer to their ecosystem.”

RICHARD KER, HEAD OF INNOVATION & INDUSTRY DEVELOPMENT AT CYBERVIEW SDN BHD

Empowered Organizations with AI-Powered Identity Service

  • Expertise with proven business use cases in Financial Institutions, Fintech, Government Services, Education, Certificate Authority and many more
  • Technology house with the ability to localize the technology and the processes to meet the regulations and policy needs
  • Technology is verified and tested by NIST from US, National Institute of Standards and Technology
  • The solutions comply with the regulations and policies under the central bank of Indonesia and Malaysia
  • Covering over 190 countries, national IDs and Passport

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About WISE AI

  • Services

    • WISE EKYC
    • WISE ID Document OCR
    • WISE Liveness
    • WISE ID Fraud
    • WISE Face Compare
  • Regions Supported

    • APAC
    • Malaysia
    • Indonesia

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The Future of Risk Decisioning: Harnessing the Power of Data

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The Future of Risk Decisioning:
Harnessing the Power of Data

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Empowering Smarter Credit Risk Decisioning with Real-Time Data Access

Currently about 50% of India’s population is credit unserved and another 20% underserved. But it’s difficult to make accurate credit decisions without easy access to the right kinds of data. And while there is no shortage of data available to the industry, many financial institutions struggle with data access and integration. Harnessing the power of real-time data, from a variety of sources, is an immense opportunity for financial institutions to offer targeted products that enable greater access to credit for those who need it.

Watch the webinar where we’ll show you how real-time, simplified data access can improve risk decisioning accuracy and improve financial inclusion.

During this in-depth discussion you’ll learn:

  • How simplified data access to alternative and non-traditional data can reshape your business
  • The ways integrating real-time data, including alternative data sources, can help you manage risk, explore new opportunities, and respond to market changes faster
  • How to utilize advanced analytics to optimize pricing and make more personalized offers
  • Why a unified solution for data, AI and decisioning drives the agility and flexibility needed to power exceptional consumer experiences
  • How to power financial inclusion with alternative data and advanced analytics

Speakers:

  • Varun Bhalla

    Country Manager, India, Provenir

  • Nehal Gupta

    CEO, AMU Leasing

  • Pramey Jain

    CEO & Co-Founder, Tartan


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The Future of FinTech: Building World-Class Digital Lending Experiences

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The Future of FinTech:
Building World-Class Digital Lending Experiences

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More than 70% of South-East Asian consumers remain underbanked (or unbanked) today. And when it comes to SMEs, millions of small and mid-size companies are unable to get the funding they need to operate and grow. Enter in digital lending, where AI, open banking and embedded finance are creating the opportunity for innovation in credit assessment, lending, and the customer experience.

Join our discussion with Bharath Vellore, GM of APAC at Provenir, and Aditya Chintawar, Chief Product Officer at KoinWorks, a pioneering financial Super App in Indonesia. Bharath and Aditya will chat about the current state of the economy in APAC, its impact on the lending experience, and how to build world-class digital financial/lending experiences with tech advancements like AI/ML, real-time data, and automated risk decisioning.

Highlights of the conversation include:

  • How to meet customers’ rising expectations and find growth opportunities, while still efficiently managing risk.
  • The strategies we’ve found most effective in adapting to rapidly changing market dynamics.
  • Ways that data can be accessed and integrated more effectively for risk management and business growth.
  • The continued growth of Buy Now, Pay Later, and how it can encourage financial inclusion for the underserved.
  • Why digitizing the lending application process and automating credit decisioning can provide faster, more accurate approvals and experiences for your customers.
  • How to use AI-powered credit decisioning to optimize decisions across the entire customer lifecycle and maximize business impact.
  • The rise of Super Apps and what it means for the future of lending.

Don’t miss this exciting discussion!

Speakers:

  • Bharath Vellore

    GM of APAC at Provenir

  • Aditya Chintawar

    Chief Product Officer at KoinWorks


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Data on Demand

Partners

Data on Demand

ID.VU – Personal Data to Identify Vulnerable Consumers

Key Benefits

  • Identify Vulnerable Consumers to Meet Regulatory Requirements. The FCA published four key drivers of vulnerability and has defined the characteristics of a vulnerable person. ID.VU maps back those characteristics to score individual consumers as Highly Vulnerable, Currently Vulnerable or with Historic Vulnerability.
  • Identify Vulnerable Consumers to Lower Your Credit Risk and Create Better Outcomes. The solution allows businesses to identify and manage credit risk, prevent over-indebtedness, provide help to the customers most at risk of harm and meet their obligations to the regulators.

Identification. Verification. Communication.

Data On Demand builds consumer data products and solutions for service providers and end-users. We help organizations improve their understanding of their customers to enable better consumer outcomes.

We are well established as a provider of alternative data solutions to consumer debt collection companies in the UK who use our FIN.TRACE and RES.ID solutions. We provide 4.ID to global organisations who operate identity verification services for businesses with UK consumers.

Our ID.VU solution was created in July 2020 as a response to the pandemic and the changes in regulatory requirements for firms to identify vulnerable customers.

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About Data on Demand

  • Services

    ID.VU – uses data from high-cost, short-term loan applications and the Vulnerability Registration Service to identify financially stressed individuals.

    4.ID – aggregates over 73 million individual data records to help users improve customer onboarding and fraud.

  • Countries Supported

    United Kingdom

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Provenir Achieves Significant Revenue and Customer Growth in 2022: Expands Global Market Leadership in Data and AI-Powered Risk Decisioning for Financial Services

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Provenir Achieves Significant Revenue and Customer Growth in 2022:
Expands Global Market Leadership in Data and AI-Powered Risk Decisioning for Financial Services

The company adds new customers around the globe and grows its employee count as it continues expansion in key markets worldwide

Parsippany, NJ — February 14, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today announced strong growth in 2022, achieving 35 percent growth in revenue and expanding its customer base by 24 percent, adding new customers worldwide including AMU Leasing, AutoChek, Davivienda, DeltaPay, Investree, Provu, Quick Finans, Topi and Varo.

Provenir also grew its global workforce, appointing industry veterans in senior sales and leadership roles to support the company’s continued growth in key markets, including Latin America, Africa, Middle East, Europe, Canada, and India, with expansion into France, Germany, Italy, Spain, Turkey, the Balkans and Benelux; Colombia, Brazil and Mexico; and Indonesia, the Philippines and Vietnam.

Provenir also established a new global technology and operations hub in India to meet the growing demand from fintechs and financial services providers for the company’s industry-leading AI-powered data and risk decisioning software for real-time credit decisioning. The hub serves as a centralized location for Provenir global technical teams to develop new solutions to solve customers’ most significant challenges.

“I’m incredibly proud of Provenir and our talented global workforce as we celebrate a year of exciting milestones and continued growth,” said Larry Smith, Founder and CEO of Provenir. “Our results, despite uncertain economic conditions globally, underscore the fact that fintechs and financial services providers need a flexible platform that can provide deep insights instantly. Those organizations that can leverage additional data sources and use AI to test and deploy new strategies quickly will be able to better serve their customers, detect fraud, and capture new market share.”

Additional key highlights / milestones in 2022:

  • Launch of the Provenir AI-Powered Data and Risk Decisioning Platform: Addressing the rapid adoption of artificial intelligence in the fintech and financial services markets, Provenir introduced its award-winning AI-Powered Data and Risk Decisioning Platform, which delivers a unique combination of data, decisioning and AI that provides the foundation for more accurate, automated risk decisions across identity, credit and fraud – allowing organizations to stay focused on innovation and optimizing the customer experience.
  • Introduction of Provenir Brazil: Provenir also introduced its fifth entity, Provenir Brazil, as part of its country-focused market strategy expansion. Brazil is the tenth largest economy in the world, accounting for approximately three out of 10 fintech startups in Latin America.
  • Growth of Provenir Marketplace Data Partners: The Provenir Marketplace expanded to more than 100 data partners, achieving 57 percent growth over the past year. The Provenir Marketplace is a comprehensive fintech data and intelligence ecosystem covering the whole customer lifecycle. This data adds value across key areas such as KYC, origination, credit risk, financial inclusion and fraud.
  • ISO/IEC 27001 and Helios Accredited Certification for Data Security: The company announced it has achieved ISO/IEC 27001 and Helios certifications – globally recognized information security standards which require compliance across all aspects of information security and operations.
  • New Global Partnerships/Collaborations: Provenir established new partnerships and collaborated with key industry leaders to provide its AI-Powered Data and Decisioning Platform to the financial services market. These include:
    • TransUnion Strategic Alliance Distribution Program Through this alliance, TransUnion clients can take advantage of Provenir’s platform to gain deeper insights from more data sources to power a new level of decisioning speed and accuracy.
    • Visa Ready for BNPL – As a member of the Visa Ready for BNPL program, Provenir provides lenders offering Buy Now Pay Later (BNPL) services the ability to make data-fueled and AI-powered intelligent decisions.
  • Award Recognition for Excellence in Innovation: Provenir’s excellence in innovation was recognized throughout the year with distinction in the following industry awards programs:
    • Named to Credit & Collections Technology Power List of Top 20 Companies in 2022.
    • Winner – “Best Credit Risk Solution” in the Credit & Collections Technology Awards 2022.
    • Winner – “Data Solution of the Year for Finance” in the Data Breakthrough Awards 2022.
    • Gold Winner – “AI Platform” in the Juniper Research Future Digital Awards for Fintech & Payments 2022.

Provenir was also recognized as a finalist in the following awards programs: Tearsheet Data Awards 2022, US Fintech Awards, Fintech Futures Banking Tech Awards, and Credit Strategy Lending Awards.

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

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Alternative Data: The Catalyst for Financial Inclusion

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Alternative Data:
The Catalyst for Financial Inclusion

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Addressing financial inclusion is a priority for many fintechs and financial services providers: there are almost 6 million unbanked households in the US alone. 

This large population of unbanked individuals represents significant growth for innovative organizations, but the reliance on traditional financial data makes it difficult to evaluate creditworthiness for those with thin or nonexistent files.  

To make financial services available to the unbanked and underbanked populations, alternative data provides new insights to support credit decisions while also detecting fraud.

Join this panel of experts for a discussion on how to harness the power of alternative data to catalyze financial inclusion and expand your customer base, without increasing risk.

Topics include:

  • The gaps using only traditional data leaves in determining credit risk
  • How alternative data can catalyze financial inclusion while reducing risk and fraud
  • The role of alternative data in the larger picture of tech-enabled financial inclusion
  • How alternative data opens opportunities for market expansion
  • Actionable steps you can take to incorporate alternative data into your decisioning

Speakers:

  • Kathy Stares

    EVP Americas, Provenir

  • Erin Allard

    General Manager, Prism Data

  • Mia Huntington

    Head of BNPL/POS Lending, US Bank

Moderator:

Todd Anderson

Chief Content Officer, Fintech Nexus


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Payday Loan vs. Unarranged Overdraft: Which is More Expensive?

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Payday Loan vs. Unarranged Overdraft:
Which is More Expensive?

When it comes to borrowing money, people often think of payday loans as a costly option due to high-interest rates and fees. However, according to consumer group Which?, dipping into an unarranged overdraft can be more expensive than a payday loan.

In this no-nonsense guide, we will explore the differences between payday loans and unarranged overdrafts, including the pros and cons of each option.

Payday Loans

A payday loan is a short-term loan typically used to cover unexpected expenses or emergencies. Here are some key points to keep in mind:

Pros:

  • Quick access to cash
  • Easy to apply for
  • Fixed fees

Cons:

  • High-interest rates
  • Short repayment periods
  • Can lead to a cycle of debt if not managed properly

Unarranged Overdrafts

An unarranged overdraft is when you spend more money than you have in your bank account and don’t have an agreed-upon overdraft limit in place. Here are some things to consider:

Pros:

  • Quick access to cash
  • No need for pre-approval
  • Can cover unexpected expenses

Cons:

  • High fees and interest rates
  • Can lead to a cycle of debt if not managed properly
  • No cap on charges, can be more expensive than a payday loan

Comparing Costs

As mentioned earlier, the charge for a £100 payday loan over 28 days has been capped at £22.40 since January 2015. In contrast, going overdrawn on an unarranged overdraft for the same amount and period can cost up to £90.

While banks do offer loan services, including arranged overdrafts, these options may not be accessible to everyone. Many customers go overdrawn when they cannot get arranged borrowing or during a short-term cash flow situation. The Financial Conduct Authority introduced the cap on payday loans to protect these borrowers, but there is no similar cap on unarranged bank overdrafts.

Payday loans are often viewed as a costly way to borrow money, an unarranged overdraft can be even more expensive. It’s essential to understand the pros and cons of both options and ensure you are aware of all fees and charges before making a decision.

When considering borrowing money, always evaluate your options carefully, and only take out a loan or overdraft if you can afford to repay it on time. With the right approach, borrowing can be a useful tool to help manage short-term financial difficulties.

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Provenir’s Data Integration Tools

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Provenir’s Data Integration Tools

Data Integration Tools To Access the Data You Need When You Need It

As a financial services organization you know that having access to the right data at the right time is essential for smarter decisioning. But, it’s more than that. The right data will make you more competitive, more agile, and ready to rapidly respond to evolving business needs. Put data access in the hands of your business users with Provenir data integration tools!

Provenir can be quickly and easily integrated with any data source, whether internal, external, structured or unstructured. In today’s digital world new data sources are constantly emerging. When a new data source becomes available that you want to access integration can often take weeks or months, which means that you miss out on valuable information and opportunities while you wait to get connected.

Not with Provenir.

If you want to integrate to a new data source Provenir data integration tools give you the power to create integrations in a visual environment. So, no coding, no dependency on us, and no long waits to get connected. In fact, integrations can be completed in hours. Simply use our data integration tools to create the connection you need to start using the data now, not months from now.

Building Your Risk Analytics Ecosystem

As a financial services organization you’re always looking at the bigger picture. Your organization doesn’t exist in a vacuum and neither should your risk system. To fully understand risks and explore new opportunities you need technology that empowers you to build one cohesive risk analytics ecosystem that connects across all of your business systems and with essential external data sources.

We work with clients just like you who are looking for an efficient way to build their risk ecosystem and they want to know; how do we simplify integration to support a cohesive risk system?

To make the answer simple, Provenir data integration tools offer different routes to connectivity:

  • Integration Adapter—to connect with any data source, both internal and external, with ease
  • Pre-Built Adapters—to reduce integration time to Salesforce, AmazonML, and Spark ML
  • ProvAPI—to develop and expose business functions and models as discrete services

Provenir Integration Adapters

You can use the Provenir Adapter technology to create integrations with some of the most popular data sources in the financial services industry, including FICO, Dun & Bradstreet, Experian, Lexis Nexis, Moody’s, Kelley Blue Book, TransUnion, and many others.

But, as an innovative financial services company, you’re probably looking to explore alternative data sources too. The Integration Adapter can connect to any source.

Our integration capabilities offer:

  • Connectivity, security, transaction support and, data conversion, parsing, and transformation.
  • Two-way communication so you can listen, gather, evaluate, orchestrate, analyze, and respond.
  • A visual or graphical data mapper guides the user through the task of establishing the integration and mapping the required input/output data.
  • Visual testing to check the accuracy of the integration – tests can be run independently or placed in a business logic process for a more comprehensive test. (Provenir provides instant feedback along with a detailed breakdown of the results to show you exactly what happened during the test.)

In addition to our flexible cloud-based data integration platform we also offer a selection of pre-built adapters:

Provenir Integration Adapter for Salesforce

Salesforce is the go-to customer relationship management (CRM) solution for many financial services firms. By pairing Provenir with Salesforce, you can:

  • Eliminate the manual work required to move data between legacy systems with Provenir’s ability to listen for, read, and write data into and out of Salesforce.
  • Automatically decision applications, displaying results to your loan originations interface within Salesforce.
  • Leverage information aggregated from Salesforce and other systems to generate customer-specific, real-time sales and marketing offers.

Amazon Machine Learning Integration Adapter

Using this adapter, Amazon’s Machine Learning service automatically feeds the predictive score returned by the Amazon Machine Learning model into the risk decisioning process in Provenir. The Provenir Platform then automates that process, instantly executing a pass, fail or refer result from a risk score. This powerful adapter:

  • Makes machine learning models more accessible to lenders that don’t employ dedicated machine learning experts.
  • Can give you a head start on machine learning with Amazon’s as-a-service model while capturing the full value of complex risk analytics and decisioning with Provenir.

Spark ML Integration Adapter

With this adapter you can feed the score from Spark ML into the risk decisioning process in Provenir. The Provenir Platform then uses the score to automatically return a pass, fail, or refer result. The Spark ML adapter:

  • Makes it easy to expose data to a huge variety of machine learning models.
  • Lets you combine the power of advanced machine learning with Provenir’s sophisticated decisioning and data analytics capabilities.

Modernize Your Risk Stack with ProvAPI

You want to build a future proof risk analytics solution, we get it. Why waste time creating the perfect technology stack if you then have to replace it in a couple of years?

An essential component for future-proof technology is having the ability to develop and expose business functions as discrete services. That’s why Provenir is designed to support a Microservices architecture and the steps needed to move to one.

Provenir is:

  • Distributed – Can be deployed full stack or distributed by functionality.
  • Container Ready – Compatible with Amazon Container Service and Docker.
  • Extendable – Users maintain control with the power to add screens and Platform REST API’s.
  • Monitored – Cloud admins are alerted for all events occurring outside established thresholds and performance SLA’s.
  • User-friendly – Data and functionality within Provenir is exposed using the visual ProvAPI interface.
  • Scalable – Provenir supports cubernates and autoscaling so the technology can easily adapt to changing business needs.

With Provenir, you have the power to create REST APIs, which means the opportunities are endless. Using ProvAPI, you can expose the following (and much more) for use in a decisioning process.

  • Models and Scorecards
  • Age Calculations
  • Blacklist and OFAC Checks
  • Calls to third-party data providers
  • And more

Machine Learning Credit Risk Models are More Accessible Than You Thought

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