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Author: Amy Sariego

Provenir AI Shrinks the Cost, Complexity and Time-to-Market for Smarter Financial Services Risk Decisioning

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Provenir AI Shrinks the Cost, Complexity and Time-to-Market for Smarter Financial Services Risk Decisioning

Provenir adds AI horsepower to its decisioning platform to access,
analyze, and action data with greater accuracy

FINOVATE EUROPE 2022— March 22, 2022 — Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, today introduced Provenir AI, giving financial institutions the power of artificial intelligence (AI) for better and faster risk decisioning while eliminating barriers to entry via a no-code approach.

While AI offers the opportunity to radically improve risk decisioning, many struggle with time-to-value of AI initiatives. A recent survey by Provenir shows only 21% of financial services organizations begin to see a return on investment from AI initiatives within 120 days.

Provenir shrinks the cost, complexity, resource requirements and time-to-market of AI with models tailored and trained for risk decisioning across the customer lifecycle, including the orchestration of fraud prevention and financial inclusion.  

The solution solves many of the industry’s AI challenges:

  • Software-as-a-Service model reduces the cost of entry with zero upfront development costs.
  • Purpose-built models and data sets curated for specific risk decisioning use cases enable 60-to-90-day implementations for greater time-to-value.
  • Full AI explainability provides transparency around the “why” and “how” decisions are made.
  • Live model retraining eliminates downtime, supporting continuous improvement for greater decision accuracy.
  • Machine learning models orchestrate fraud prevention and financial inclusion across the customer lifecycle.

Additionally, Provenir AI is enhanced through the Provenir Marketplace to mitigate model bias with data diversity. With access to more than 535 country/data/partner combinations through a single API, the Provenir Marketplace provides pre-configured access to the required data and intelligence for holistic risk decisions.

Among the organizations looking at employing data-driven, AI approaches for competitive advantage is SoFi, the digital personal finance company. A key guiding principle of the company is to iterate, learn, and innovate by embracing data-driven decisions. “AI and machine learning are part of the modern toolset that financial services organizations need to build and fine-tune predictive models to deliver high levels of responsiveness and the best customer experience,” said Adam Colclasure, Senior Director, Risk Infrastructure for SoFi.

“Provenir AI propels faster innovation by supporting a lending strategy that delivers the best returns in customer satisfaction and revenues through deeper insights, continuous optimization and smarter, more accurate risk decisioning,” said Carol Hamilton, Senior Vice President, Global Solutions for Provenir. “AI finds relationships in your data that traditional decisioning cannot, empowering financial institutions to optimize their portfolio, support greater personalization in product offerings for improved competitive advantage, and elevate fraud prevention and financial inclusion.”

Provenir AI: A Key Element in Provenir’s Unified Platform for Data, AI and Decisioning

Provenir AI is a key element in Provenir’s approach to data fueled and AI driven smarter risk decisioning. Provenir is integrating powerful AI decisioning to the core of financial services processing by enabling universal data access – the quintessential fuel for data modelling – and the means to easily operationalize decisioning results.

This empowers newfound agility with up-to-the-minute risk assessment at speed and scale. Fintechs choose this platform to accelerate the launch of products such as Buy Now Pay Later (BNPL), small and mid-size enterprise lending, automotive financing, and more.

Through the unique combination of universal access to data, simplified AI and world-class decisioning technology, Provenir AI 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.

With a unified platform for data ingestion and integration, AI predictive modelling and decisioning, Provenir eliminates siloed approaches and model governance headaches.

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Provenir: Intelligent Decisioning for Acquiring Customers and Optimizing Lifetime Value

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Provenir: Intelligent Decisioning
for Acquiring Customers and Optimizing Lifetime Value

Flexible. Smart. Strategic. Decisioning technology that underpins your business goals.

Whether you’re looking for global expansion and new product lines, or hyper-personalization and maximized portfolio performance, our dynamic, strategy-friendly decisioning platform can help. Enable real-time approvals, inclusive services, customer growth, and more innovative product offerings – without the hassle of legacy technology, vendor reliance, limited data access, hard-coded rules, inaccurate models, and extensive build times.

Discover why Provenir is the easiest decision you can make.

The Ultimate Guide to Decision Engines

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

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Provenir Congratulates Customer NewDay on 2024 FStech Award Win

NEWS

Provenir Congratulates Customer NewDay
on 2024 FStech Award Win

Pioneering leader in consumer credit in the UK takes home top honours in the ‘Best Use of IT in Consumer Finance’ category.

LONDON, UK – March 15, 2024 – Provenir, a global leader in AI-powered risk decisioning software, today congratulated its customer and partner NewDay for winning the ‘Best use of IT in Consumer Finance’ category at the 2024 FStech Awards Gala.

The FStech Awards celebrates the outstanding achievements of companies within the financial services https://www.fstech.co.uk/awards/ sector across the UK and EMEA. Among the accolades, the ‘Best Use of IT in Consumer Finance’ category recognises organisations that have made significant strides in leveraging innovative technology to unlock cost efficiencies, streamline internal workflows, elevate customer service, and pave the way for future growth. Selected by an independent panel of expert judges, the winners of this category represent the pinnacle of innovation and excellence within the industry.

As a leading provider of consumer credit in the UK, NewDay provides responsible access to credit to nearly 4 million customers. Distinguished by its technology-enabled flexibility and innovation, NewDay offers a range of direct-to-consumer products as well as collaborations with leading retail merchants. Their merchant offering features a comprehensive suite of services, including co-branded credit cards and Newpay—a flexible digital finance platform catering to the diverse requirements of both large retailers and small-to-medium enterprises, which includes Buy Now Pay Later and instalment finance options.

Through re-architecting the entire acquisition platform, including the implementation of Provenir’s AI-Powered Risk Decisioning Platform, NewDay has transformed its credit risk management, securing a distinct competitive advantage in the consumer credit market. This partnership has led to significant enhancements across NewDay’s lending process, including streamlined operations, cost reductions, and enhanced customer experiences. Combining Provenir’s sophisticated model environment and extensive data integration with NewDay’s leading proprietary credit modelling, NewDay has achieved faster delivery cycles with notable benefits including the ability to process decisions in less than one second (2.5x faster than the previous solution) and an 80% improvement in speed of change.

“The Provenir team would like to extend our congratulations to NewDay on this well-deserved honour,” said Frode Berg, Managing Director, EMEA at Provenir. “We are thrilled to partner with NewDay in their credit risk management journey and are proud to see that our collaboration has not only positioned NewDay for future technological advancements but has also set an exemplary standard for strategic technology utilisation in the consumer finance industry.”

About Provenir

Provenir helps banks, fintechs and financial services providers unlock the secret to smarter credit risk decisioning.

Provenir’s AI-powered platform brings together the power of decisioning, data, and case management to drive intelligent decisions. This unique offering gives organisations the ability to power decisioning innovation across the full customer lifecycle, driving improvements in the customer experience, access to financial services, business agility, and more.

Provenir works with disruptive financial services organisations in more than 50 countries and processes more than 4 billion transactions annually.

Media Contact:

Sachini Hewawasam

Cognito Media (for Provenir)

[email protected]  +44 (0) 7951 260 037

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

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NatWest ‘Plans’ to Shut Down BNPL Offering; Why Are So Many Firms Taking a Step Back From BNPL?

<\/p>\n

However, since then, many BNPL firms and providers have crashed back down to reality; with the likes of Openpay, the Australia-based BNPL operator, halting operations for good and Klarna, the now self-proclaimed AI-powered payments network and shopping assistant (famous for its BNPL services), seeing an 85 per cent downturn in its valuation between June 2021 and July 2022.<\/p>\n

<\/p>\n

Now, reports suggest that NatWest is planning to shut down its BNPL offering for good, less than two years after its launch. After suggestions that the decision was made due to less-than-expected adoption of the service, it appears that even the biggest UK banks are struggling to make headway in the space.<\/p>\n

<\/p>\n

The Fintech Times<\/a> tapped industry experts, including our own Frode Berg, Managing Director, EMEA, to discuss the factors forcing so many BNPL providers to close their doors or take steps away from the space.<\/p>\n

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Despite Popularity, BNPL Will Not Overtake or Replace Credit Cards

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Despite Popularity, BNPL Will Not Overtake or Replace Credit Cards

The Fintech Times recently reached out to industry experts to ask if they believed BNPL could take over credit card usage as new technologies rise in popularity. Our own Corinne Lleti, Director General for Southern Europe, shares her thoughts on the benefits of both technologies and her prediction.

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

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TDS Mini: EMEA’s Crystal Ball 2024

<\/p>\n

They break down the rising prevalence of AI, how other initiatives like net zero are shaping business strategies, and the outlook on fintech in emerging markets. Tune in to see how their predictions stack up!<\/p>\n

<\/p>\n

Featuring<\/strong>:<\/span> Frode Berg<\/a><\/strong><\/span>, Managing Director, EMEA<\/a> & Adrian Pillay<\/a><\/span><\/strong>, VP of Sales for Africa, the Middle East, and Turkey<\/a><\/p>\n

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<\/p>\n

They break down the rising prevalence of AI, how other initiatives like net zero are shaping business strategies, and the outlook on fintech in emerging markets. Tune in to see how their predictions stack up!<\/p>\n

<\/p>\n

Featuring<\/strong>:<\/span> Frode Berg<\/a><\/strong><\/span>, Managing Director, EMEA<\/a> & Adrian Pillay<\/a><\/span><\/strong>, VP of Sales for Africa, the Middle East, and Turkey<\/a><\/p>\n

<\/p>“,”margin”:”default”,”margin_remove_bottom”:false,”margin_remove_top”:false}}]},{“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”:”Listen Now”,”text_align”:”center”,”title_color”:”success”,”title_element”:”h3″,”title_style”:”h3″}},{“type”:”text”,”props”:{“column_breakpoint”:”m”,”content”:”

Tune into our Podcast on Apple or Spotify by clicking the icons below.<\/p>“,”margin”:”default”,”text_align”:”center”}},{“type”:”table”,”props”:{“image_svg_color”:”emphasis”,”link_style”:”default”,”link_text”:”Read more”,”meta_style”:”text-meta”,”show_content”:true,”show_image”:true,”show_link”:true,”show_meta”:true,”show_title”:true,”table_hover”:true,”table_justify”:false,”table_order”:”2″,”table_responsive”:”overflow”,”table_style”:”divider”,”table_vertical_align”:true,”table_width_meta”:”shrink”,”table_width_title”:”shrink”,”text_align”:”left”},”children”:[{“type”:”table_item”,”props”:{“content”:”

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LexisNexis Risk Solutions

Partners

LexisNexis Risk Solutions

Digital Identity Intelligence

Key Benefits

  • Maximize trusted consumer experience and mitigate risk. Powered by digital intelligence gathered from billions of global transactions, we provide insights with advanced analytics to help you make more informed and automated risk-based decisions.
  • Enrich credit decisions across the customer life cycle. Access robust insight into consumer life events, not just at loan origination but throughout the relationship life cycle. From initial customer targeting to credit risk management to ongoing account management, we can help you grow your business while managing risk exposure.

Capture More Revenue While Delivering Excellent Customer Experiences

LexisNexis® Risk Solutions is a trusted leader in providing organizations with actionable insights to manage risks, find opportunities and improve results. We understand what it takes to navigate the evolving world of risk management and deliver targeted solutions that empower well-informed decisions. 

At the core of our vision is the integration of two of the most polarized, yet crucial strategic initiatives: meeting increasingly high expectations regarding customer experience while remaining vigilant to risk, escalating fraud and compliance. Our solutions help businesses make more confident trust and identity decisions across the entire customer journey. Partner with us to confidently capture more revenue while delivering excellent customer experiences.

Resources

About LexisNexis Risk Solutions

  • Services

    • LexisNexis® ThreatMetrix® – Real-time digital identity intelligence and risk assessment to safeguard online transactions and interactions against fraudulent activities
    • LexisNexis® Emailage® – Fraud risk scoring solution that uses global email intelligence to assess risk and approve transactions
    • LexisNexis® RiskViewTM – Credit risk assessment solution providing insight into key risk factors that traditional credit data alone may miss
  • Regions Supported

    • Global

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Mind the Gap: The Need for Speedy, Accessible SME Lending in EMEA

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Mind the Gap: The Need for Speedy, Accessible SME Lending in EMEA

Small-to-Medium Enterprises (SMEs) are the champions of economy, representing 90% of all businesses worldwide and providing more than 50% of employment. But despite their essential role, 40% of global SMEs don’t have access to the funding they need to operate. In EMEA, that figure encompasses roughly half of small-to-medium sized businesses.

That leaves a global $5.2 trillion funding gap that could help both businesses and lenders grow. 

So why hasn’t this opportunity been seized? Examine the biggest challenges facing SME lenders and discover the solutions that will help bridge the gap in our ebook, Mind the Gap: The Need for Speedy, Accessible SME Lending.

Uncover how you can tap into diverse lending opportunities and implement the technology to:

  • Simplify lending applications 
  • Power more accurate decisions
  • Increase agility and flexibility
  • Future-proof your processes

Ready for speedy, accessible SME lending?

RESOURCE LIBRARY

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NEWS: AI Risk Decisioning Leader Prov...

AI Risk Decisioning Leader Provenir to Sponsor Upcoming Banking and ...
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DATA SHEET: Fraud for Telco

Provenir: Application Fraud for Telcos Holistic Fraud Detection with Comprehensive ...
NEWS: 2025 New Global Survey
News ::

NEWS: 2025 New Global Survey

New Global Survey Shows Nearly Half of Financial Services Executives ...
Survey: 2025 Global Risk Decisioning Survey
eBook, Survey ::

Survey: 2025 Global Risk Decisioning ...

Survey: 2025 Global Risk Decisioning Survey What are the key ...
blog lending thumbnail
Blog ::

BLOG: Unlocking Success in Poland’s L...

Thriving Through Change: Unlocking Success in Poland’s Lending Revolution Adapting ...
BLOG AI Round up
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BLOG: Shaping the Future of Decisioni...

Shaping the Future of Decisioning: How These Leading Financial Services ...
EBOOK: How Telcos Can Boost Revenue Without the Risk
eBook ::

EBOOK: How Telcos Can Boost Revenue W...

Dial Into Profit: How Telcos Can Boost Revenue Without the ...
boss article
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NEWS: It’s Dentistry’s Turn to Open W...

It’s Dentistry’s Turn to Open Wide: Provenir partners with dental ...

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Mind the Gap: The Need for Speedy, Accessible SME Lending in Latin America

EBOOK

Mind the Gap: The Need for Speedy, Accessible SME Lending in Latin America

Small-to-Medium Enterprises (SMEs) are the champions of economy, representing 90% of all businesses worldwide and providing more than 50% of employment. But despite their essential role, 40% of global SMEs don’t have access to the funding they need to operate. In Latin America, 87% of SMEs are unable to get the funding they need.

That leaves a global $5.2 trillion funding gap that could help both businesses and lenders grow. 

So why hasn’t this opportunity been seized? Examine the biggest challenges facing SME lenders and discover the solutions that will help bridge the gap in our ebook, Mind the Gap: The Need for Speedy, Accessible SME Lending.

Uncover how you can tap into diverse lending opportunities and implement the technology to:

  • Simplify lending applications 
  • Power more accurate decisions
  • Increase agility and flexibility
  • Future-proof your processes

Ready for speedy, accessible SME lending?

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Mind the Gap: The Need for Speedy, Accessible SME Lending in Asia Pacific

EBOOK

Mind the Gap: The Need for Speedy, Accessible SME Lending in Asia Pacific

Small-to-Medium Enterprises (SMEs) are the champions of economy, representing 90% of all businesses worldwide and providing more than 50% of employment. But despite their essential role, 40% of global SMEs don’t have access to the funding they need to operate. Forty-six percent of those SMEs are located in APAC.

That leaves a global $5.2 trillion funding gap that could help both businesses and lenders grow. 

So why hasn’t this opportunity been seized? Examine the biggest challenges facing SME lenders and discover the solutions that will help bridge the gap in our ebook, Mind the Gap: The Need for Speedy, Accessible SME Lending.

Uncover how you can tap into diverse lending opportunities and implement the technology to:

  • Simplify lending applications 
  • Power more accurate decisions
  • Increase agility and flexibility
  • Future-proof your processes

Ready for speedy, accessible SME lending

RESOURCE LIBRARY

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