Do you struggle to maintain your legacy risk decisioning solutions? A lack of support from current vendors, evolving compliance regulations, increased competition and a need for digital transformation can all mean that the time has come to upgrade your outdated legacy technology. But upgrading can be overwhelming, and poses its own challenges, especially as you decouple your decisioning platform from other systems and integrations.
So what do you need to consider when it’s time to move? Check out our comprehensive list of considerations for a successful tech migration.
Want to learn more about our years of experience with large-scale migrations?
With extraordinary growth over the past twenty years, the financial services sector has seen incredible tech advancements that have changed the way products and services are developed and offered to customers. And Provenir has been along for the ride. We’re looking back at two decades of evolution and what’s next for innovation in risk decisioning.
Discover more about Provenir’s cutting-edge risk decisioning solutions.
Three easy ways to boost access to credit (and skyrocket operational efficiency)
Unleash the power of Equifax alternative data and AI-powered credit risk decisioning from Provenir
There’s a lot of pressure for today’s financial services providers, as consumer debt (and delinquency rates) continue to rise. So how can you ensure easier access to credit for your creditworthy customers? In this blog from our Data Marketplace partner Equifax, they highlight how to boost operational efficiency with the one-two punch of Equifax data and Provenir’s AI-powered decisioning platform.
In today’s digital economy, customers demand secure and smooth online transactions, while businesses struggle to prevent fraud without disrupting user experience. Listen to our panel discussion with data science, fraud, and product professionals from Mastercard, Sun Finance, and Provenir as we explore how financial services organisations can strike the balance between fraud screening and customer experience strategies while staying compliant with EU regulations. In our webinar, we discuss:
How to better leverage enriched data and machine learning to gain more insights across the customer journey and lifecycle
How to protect against synthetic identities at account opening as well as account takeovers and modifications, without impacting onboarding for good customers
The importance of breaking down organisational siloes and barriers when it comes to data sharing and decisions made on fraud prevention
Why building dynamic workflows that incorporate identity, device, and behavioural data is essential to improving risk decisioning and customer experience
Provenir Redefining Risk Decisioning for the World’s Leading Financial Services Providers
Flexible. Smart. Strategic. Instant 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?
A leading BNPL provider struggled with flexibility and speed when it came to accepting and processing applications with their in-house system. With Provenir’s intelligent decisioning platform, they were able to improve flexibility and return real-time decisions. Discover how in our case study.
We’re Behind Decisions Made by the World’s Leading Financial Services Providers
Powering Finance’s Finest for 20 Years
We’re a trusted risk decisioning partner to leading global financial services organizations that are innovating and disrupting the industry. But don’t take our word for it. Hear directly from our customers on why, when making the significant choice of a new technology vendor, choosing Provenir is the easiest risk decision you can make.
See what 20 years of innovation can do for your business. Ready to rethink your risk strategy?
10 Companies Leading the BaaS and Headless Banking Revolution
Enhancing the Customer Experience with Innovative Banking Solutions
With customer experience a top priority for just about every industry across the globe (and if not, it should be!), there are some organizations that clearly come out on top. When it comes to providing banking/financial products and services, there are often distinct winners in terms of engaging customers and ensuring a streamlined, positive experience. And a lot of that comes down to innovative, cutting-edge technology. Two such models of innovation are headless banking (decoupling the front-end user interface from the back-end banking process for greater flexibility without altering underlying banking mechanism) and Banking-as-a-Service, otherwise known as BaaS (which enables non-financial companies/non-banks to offer banking/financial services by integrating with a bank’s existing regulated infrastructure through APIs).
We’re looking at 10 companies that are using these banking models to bring customer experience, flexibility, and efficiency to the forefront of financial services.
Based in the U.S., Column is a nationally chartered headless bank built to enable developers to create new financial products, including card programs, bank accounts, lending services, and debt financing. With the notion of helping finance be both customer and internet first, the company is first and foremost a software company (with a banking license!) that enables its customers to build exactly what they need without relying on outdated, agility-limiting systems.
With a BaaS platform that enables companies to build their own unique banking products, Solaris Bank, headquartered in Germany, empowers its customers to offer embedded financial services with ease. As Europe’s largest embedded finance platform and possessing a full banking license, the company features straightforward APIs that allow fully embedded digital banking services.
UK-based Griffin is known as ‘the bank you can build on,’ with simple, quick, and cost-effective solutions that allow UK companies to develop and launch their own financial products. Combining the power of a licensed bank with the flexibility of modern SaaS technology, the company is built on secure, regulated banking infrastructure but also features modern APIs for the ability to seamlessly embed financial services into tech apps.
One of Singapore’s tech success stories, Pave Bank is aiming to reimagine how banking is built. With regards to product design and build, they are firmly a tech company, and when it comes to risk and compliance, they are a fully regulated bank, blending the best of both worlds to ensure security and transparency combined with innovation and flexibility for safer, more integrated banking experiences.
Billed as Europe’s BaaS leader, Paris-based Treezor offers a white-label solution that allows its customers to embed financial services directly into the client experience. With a wide range of available use cases (including gift cards, restaurant cards, neobanks, and employee benefits), the company enables creative banking with a modular, one-stop-shop solution, allowing customers to outsource payment needs to their tech experts.
Known as ‘the bank for banks,’ ClearBank doesn’t provide any services directly to consumers, but enables financial services providers, including fintechs and FCA-regulated companies, to build their own solutions and services that put customer experience and innovation at the forefront. Financial institutions use their cloud-based API to offer consumers fully regulated banking infrastructure, allowing FIs to focus on customer service instead.
Powering the next generation in Fintech, U.S.-based Green Dot offers an integrated bank, program management, and enterprise-grade APIs in one single platform. With major customers including Walmart and Uber, Green Dot provides end-to-end infrastructure for banking programs (including branded cards, payments, and payroll and tax services) that power growth and innovation.
Far from a startup tech company, multinational banking group BBVA is now offering BaaS products via API, connecting to BBVA’s core digital banking program. Their API market enables innovation in digital transformation, in a variety of combinations of use cases and regions (including Mexico, Spain, and global versions focusing on accounts, payments, collections, loans, and more).
Headquartered in Amsterdam but servicing customers across the globe, Mambu is a SaaS cloud-banking platform that enables its clients to build innovative banking experiences for their customers, quickly and flexibly. Featuring a composable approach to banking that overcomes some of the challenges of legacy banking systems, Mambu allows customers to build exactly what they need, using only the components required, and focusing strongly on the end-consumer experience.
With the belief that tech can enable real transformation for the banking industry, 10x aims to build better banks that put the customer first. With a proprietary cloud-native core banking platform, 10x offers a transformational end-to-end approach that empowers financial institutions to become agile and competitive.
There are plenty more innovative companies focusing on headless banking and BaaS, enabling truly customer-centric embedded banking and financial services. We’re keeping our eyes on where the industry is going next, but it’s clear that any organizations that offer the capabilities for integrated, frictionless customer experiences, while improving operational efficiency and flexibility, and enabling business growth, are the ones that will come out on top.
Additionally, headless banking can significantly impact your cost efficiency. By utilizing APIs to connect disparate systems and services, you can reduce the need for an extensive overhaul of the backend every time the front-end technology evolves or customer expectations change. This modular approach reduces development and maintenance costs, but also strengthens security protocols, enabling potential security breaches to be isolated and managed more effectively, and minimizing overall risk.
When it comes to regulatory compliance, headless banking offers an adaptable framework that simplifies the integration of compliance measures into both existing and new products. This flexibility is crucial for global expansion, and embracing open banking standards, allowing you to easily customize and localize your offerings to meet specific regional regulatory requirements as well as cultural preferences. The opportunity to expand your global footprint while enhancing your service delivery will help to drive business growth and customer satisfaction.
For more info on how headless banking and BaaS are transforming the industry, read the blog.
We’re behind decisions made by the world’s leading financial services providers, offering decisioning solutions that minimize risk and maximize customer value across the lifecycle, all with a single platform. Discover why Provenir is the easiest decision you can make.
Meet Provenir: Discover one decisioning platform for every customer touchpoint
Get proven results with Provenir’s holistic risk decisioning solutions. Meet your customers where they are with speedy approvals and personalized offers.
Meet strategic goals, manage risk, and maximize customer value.
With Provenir, you don’t have to compromise risk for growth – you can have it all.
YOUR NEEDS
PROVENIR’S DECISIONING SOLUTION
Low-code platform that increases autonomy and reduces vendor reliance to save time and cost.
Seamless solution integration with swift setup and real-time iteration to boost innovation.
Flexible, scalable platform that optimizes decisions across credit, fraud, and compliance for the entire customer lifecycle.
AI-optimized decisioning that uses the right data to approve more customers with the right risk decisions.
Rapid deployment gets you to market in as little as 90 days.
Embedded machine learning that hyperpersonalizes product offerings along each point of the customer journey.
Access, integrate, and orchestrate alternative data and bureau data to feed directly into your decisioning engine.
Proactive risk management from onboarding through collections.
Predictive portfolio performance analysis and deep business insights that enable forward-thinking risk strategies.
Customizable processes that support seamless integration of manual intervention into automated flows.
TESTIMONIALS
GM financial
JEFF LIVELY, VP OF DEALER SERVICES, GM FINANCIAL
“We have deep insight into every application and contract as we can instantly get real-time information whenever we need it.”
Novuna
ANDY DODD, MANAGING DIRECTOR, NOVUNA CAPITAL
“The flexibility of Provenir allows us to create our own risk decisioning workflows that can easily connect with any data source.”
d&b
EXEC., DUN & BRADSTREET
“Provenir plays a vital role in navigating this balance between compliance and speed, because it gives us the ability to orchestrate all of our scoring and compliance processes very quickly.”
Telia
FREDRIK NILSSON, CREDIT MANAGER, TELIA
“Provenir empowers the Telia Finance team to create and change credit offerings independently, process customer applications in seconds, and easily integrate to multiple data sources for better quality decisioning.”
Yapstone
MICHAEL GRAMZ, CHIEF RISK OFFICER, YAPSTONE
“Provenir’s no-code visual tools let us design and configure our business process and go live quickly.”
Proven Decisioning Technology Tailored to Your Unique Needs.
Discover the stand-out features and benefits of Provenir’s intelligent, centralized risk decisioning platform that powers lending innovation across the globe.
Our team is passionate about creating the future of risk alongside other industry thought leaders. That’s why when we’re not building the decisioning tech of tomorrow, we’re talking about what it might look like.
Tune in to our podcast, The Disruptor Sessions: The Visionary’s Guide to Fintech for insightful discussions on everything from how to foster financial inclusion to the hidden implications of AI in risk management.
