Provenir 9: The Closest Thing to Building Yourself Without Building Yourself

Author: Veejay Jadhaw

When it comes to developing your technology ecosystem, it makes sense to consider an in-house build. As a financial services organization in a rapidly evolving digital market you want, no need, to be in control of making technology work for you. You need to be in charge of when and how you respond to market threats and opportunities. You need a solution that’s tailored to your needs, not a generic, one-size-fits-all system.

And let’s face it, historically, vendor technology hasn’t had the best reputation for any of these things…

The vendor/client relationship revolved around needing ongoing support for changes, fitting your business around the technology rather than having the technology adapt to your needs, and accepting that delays were inevitable. So, why should you consider using partner technology instead of building in-house?

There’s one huge reason: because it allows you to focus…

…on the products and services that make your business unique, not on the underlying technology that support these products.

Partner Technology That Doesn’t Make You Sacrifice Flexibility, Freedom, Or Independence

I’ll just go ahead and say this now; this blog is shameless self-promotion for Provenir 9. But, I wanted to write this article as many of our potential clients want to know if one, the Provenir Platform will make them reliant on Provenir, and two, if Provenir can offer the same customized technology that an internal build can.

I’m going to break down how Provenir is the closest thing you can get to building in-house without having to build technology from the ground up.

1. You’re in control—no vendor reliance and low-code interface

One of the main things that frustrate risk and analytics teams is having to rely on vendors for changes to systems. Waiting for a vendor makes you less competitive, less able to respond to threats, and incurs costs at a rapid rate. The Provenir Platform is designed to remove vendor reliance and put your team in control of the technology, including creating and editing business processes, integrating to data sources, and deploying analytics models.

But the Platform goes further than that, the solution’s low-code interface also minimizes reliance on your dev team for simple changes. With many processes created, edited, and deployed using the system’s drag and drop Platform, your business users will be able to make changes exactly when they need them without adding extra work to your dev teams’ to-do list! Not only does this mean fewer delays and a system that can easily be adjusted to keep up with evolving business needs, but it also means your dev team will have more time to focus on development tasks where they’re really needed.

2. It adapts to fit your business—highly flexible solution that can be configured around your needs

As a business, you value in-house development as it lets you create the technology systems that meet your exact business needs. Forcing your business processes to fit into inflexible vendor technology isn’t just difficult, it limits your agility, flexibility, and ability to compete.

Whether you’re powering loan origination, pursuing real-time decisioning, managing merchant onboarding, monitoring payments and fraud processes, pricing and underwriting policies, or anything else, the Provenir 9 Platform has the power and sophistication to be configured to meet your needs.

The Platform is designed to be flexible, so you can use technology, including microservices, APIs, powerful automation options, data and model integration support, etc. to design and build, but not from scratch, a customized technology solution that fits around your needs.

You can expose apps as services, reuse components across multiple processes, pull in and use any data across decisioning systems, integrate advanced machine learning tools, and produce in-depth business analytics reports to guide your business forward.

3. Works with your technology—integrates with existing technology and any data source

Worried about adding another external solution to your technology stack? The Provenir Platform is designed to create cohesion within your business systems instead of adding another cog to an already complicated machine. Provenir 9 includes an integration wizard that makes it easy to connect your existing business systems and any data source, whether internal, external, structured or unstructured, with Provenir. The wizard puts integration data mapping in the hands of business users with its drag and drop interface.

So, you can create one cohesive system that allows your business to gather business data into one Platform. With a technology ecosystem that encompasses all or chosen parts of your business, your team can get more comprehensive insights into business activity and dig deeper into data.

Instead of building hard-coded solutions to combine disparate systems and processes within your business, you can use Provenir to create cohesion. And, with a technology ecosystem, you can create more advanced decisioning processes, use data more effectively, and provide a more streamlined customer experience.


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4. Scales with your business—technology that evolves with you, not against you

When you build in-house you’re in control of developing solutions that can grow with your business and avoiding the dreaded curse of legacy technology. But, when you choose to work with a technology partner you often get tied into solutions that don’t evolve as you do, where increasing capacity or adding product lines requires vendor changes that cause long delays or can’t be completed at all.

Provenir 9’s powerful technology is designed to meet your business needs both now and in the future. The Platform offers autoscaling support to run at an optimal level whether you’re experiencing periods of peak activity or seasonal lulls. Provenir is now also available as Cloud + Multi-Cloud, so the technology can run in multiple cloud environments, including AWS and Azure, to fit with your business systems.

5. Works with your team, not against it—the model agnostic Platform lets your team use the modeling language they prefer, without recoding

Your team members are most productive and effective when they can use models in the language they know best. When technology requires your business to recode models into supported languages before they can be deployed it causes extensive delays that limit your team’s ability to respond to threats, launch new products/services, or jump on market opportunities.

Provenir 9 is model agnostic, so you can upload, test, and deploy models in languages including Python, R, SAS, PMML, and even Excel spreadsheets with no vendor reliance. This not only lets your team model in their language of choice, but it also reduces the burden on your dev team and eliminates recoding delays.

Provenir also supports the integration of machine learning tools, such as Spark, TensorFlow, and AmazonML, making sure your business is ready to utilize the most up-to-date data science tools without the need for excessive development work.

Build It Yourself but Not from Scratch

Provenir provides you with the technology to create your own decisioning and data science solution without having to develop every part from the ground up. Use the components and processes within Provenir to design and implement automated business processes including real-time decisioning, predictive analytics, compliance checks, transaction monitoring, and much more.

If you’d like to discuss Provenir 9 and how it empowers your team to develop customized risk decisioning and data science systems without developing from scratch, please get in touch!

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