Watch our video panel as industry experts from leading North American FinTechs come together to discuss the practical steps businesses can take to manage risk while supporting clients throughout the Covid-19 pandemic.
From risk strategy updates to technical changes, in this knowledge sharing online event panelists from PayPal, Sofi, and Chime discussed the rapidly evolving risk challenges and shared their insights on how FinTechs can adapt to ensure both businesses and consumers have rapid and easy access to financial services both during and after the crises.
Your business entered 2020 with a clear roadmap, a plan to take you to your chosen goal by the end of the year. However, those plans were made in a world that looked very different than today.
From economic uncertainty to rapidly changing consumer behavior, financial services organizations are under more pressure than ever to create user-friendly experiences that are accessible from anywhere.
In this live virtual panel industry leaders from Informa Financial Intelligence, Capital One, and TMX Financial Services explore the subject: In a world post Covid-19 is your business roadmap still relevant?
Watch the recording of this live knowledge-sharing event to hear the panelists discuss:
Key factors that impact your revised 2020 roadmap
Should your priorities change
Selecting the right destination and goals for today’s world
Evolving digitization priorities
Accelerating the digital journey
Speakers:
Brendan Deakin
VP Sales, Provenir
Rutger Van Faassen
VP of Consumer Lending, Informa Financial Intelligence
Jessica Liu
Product Strategy & Analytics, Product Growth, Capital One
As competition grows fiercer and products become commoditized, customers are placing more demands on their carriers. Forward thinking telco organizations are relying on advanced data and analytics to differentiate and hone their advantage.
This eight-page white paper presents data-driven insights and use cases to help you:
Dig into your credit risk data to improve finance offerings
Illuminate customer experience trends to reduce churn
Leverage alternative data to capture a broader market
“Provenir empowers the Telia Finance team to create and change credit offerings independently, process customer applications in seconds, and easily integrate into multiple data sources for better quality decisioning.”
Accelerate Your Loan Origination Processes from Start to Finish
It’s not easy balancing customer demands for fast response with the need to reduce time, costs and risks associated with each credit and lending approval. Too often, manual origination and risk decisioning processes drive up time, costs and inconsistency.
Provenir delivers a unified solution for automating credit and loan origination. From simple credit requests to complex loans requiring extensive due diligence, Provenir orchestrates the origination lifecycle from end to end. With Provenir, you can make the right decisions and make them faster to deliver outstanding customer experiences, shorten time to revenue and minimize risk.
Offer highly responsive serviceto your customers with multi-channel applications, instant decisioning and straight-through processing for all types of credit and lending requests.
Cut processing time and costs with automated workflows that guide every step in the origination process.
Streamline data gathering and enrichment with pre-built adapters that consolidate information from virtually any data source.
Enhance business agility with user-friendly configuration tools to create and change user interfaces, rules and processes, enabling immediate response to new opportunities, competitive challenges and regulatory changes.
Accelerate deployment with our unified solution which offers a highly secure cloud computing environment with flexible options for domain setup, managed services, deployments and scalability.
Provenir for Loan Origination orchestrates and automates the entire origination lifecycle
Simplify the Application Process
Industry-standard web technology makes it easy to configure a user interface suited to your exact business needs.
Multi-currency and multi-language support ensure users in different countries can work in their native languages and currencies.
Multi-channel support lets customers submit credit and lending applications over any channel and device including the Web, mobile phones and tablets.
Streamline Data Enrichment
Pre-built adapters speed integration with enterprise systems to automatically enrich an application with required data such as merchant, customer, loan and collateral details, credit bureau reports, financial information and document verification.
Business-friendly configuration tools simplify data integration and mapping to multiple sources including enterprise and third-party systems, websites and social media.
Native document management and adapters for leading document management systems ensure relevant documents are attached to and travel with applications.
Operationalize Your Analytics
Easy integration allows any type of model developed in industry-standard analytics tools, including SAS, R and Excel, to be operationalized in automated decisioning processes.
Wizards import a model, map and validate data within a decisioning process in minutes and without any coding.
Straight-through processing enables instant decisioning for simple credit and lending requests, including document generation.
Automated terms of business and pricing recommend the specific conditions for each customer and credit/loan request.
Rules-driven decisioning identifies exceptions, determines when manual intervention is required, recommends the next best action and routes the application to the appropriate underwriter.
Champion/challenger testing uses live data to test and determine the validity of alternative decisioning strategies before they are deployed.
Streamline Closure
Configurable adapters support quick integration to core banking systems to complete the origination lifecycle.
Simplify and Streamline Financial Analysis and Risk Rating
Corporate, commercial and SME lending demands extensive financial analysis and risk rating to determine the credit-worthiness of any organization. Lending institutions are bogged down with manual processes for capturing and analyzing essential data to determine accurate ratings.
With Provenir, you can take the manual effort out of financial analysis and risk rating. Provenir offers a unified, flexible solution, automatically aggregating data from disparate and unstructured sources, standardizing it into a common financial model and applying the appropriate ratings model to determine quantitative risk ratings. In addition, Provenir enables rule-based qualitative analysis specific to industries and segments for in-depth analysis before determining overall ratings.
Cut time and costs for data enrichment with pre-built adaptors that automatically consolidate comprehensive financial and company information, including entity relationships and group structures, from any enterprise and third-party data sources.
Simplify and streamline risk rating across multiple statement formats, countries and currencies with automated normalization and business-defined financial statement templates.
Improve consistency and compliance while reducing risk with scorecards and risk models operationalized in automated risk rating processes. Provenir is model-agnostic so that you can use any third-party model or scorecard developed in industry-standard tools such SAS, R and Excel.
Enhance business agility using configuration tools that allow you to quickly create, test and deploy streamlined risk rating strategies.
Accelerate deployment with Provenir Cloud which offers a highly secure cloud computing environment with flexible options for domain setup, managed services, deployments and scalability.
Streamline Data Capture and Normalization
Pre-built integration adaptors aggregate company, financial and relationship data maintained in enterprise and third-party systems, creating a central hub to view and manage relevant information.
Support for multiple data capture options provides flexibility including manual data entry, document scanning and automatic uploading from multiple systems.
Business-defined templates for financial statements, such as income statements, cash flows and balance sheets across industries, geographies and languages offer a quick way to capture and validate data.
Automated application of business-defined rules standardize the presentation of financial statements captured in multiple formats, languages, currencies, etc.
A complete audit trail, including change tracking and version control, ensures the most recent financial statements are used in risk analysis.
Robust native reporting simplifies reviewing historical financial data. Data can be sent to external data warehouses and reporting systems.
Model-agnostic integration allows scorecards and risk models developed in SAS, R and Excel or exported using PMML or MathML to be operationalized in automated risk rating.
Easy-to-use wizards import a model, map and validate data in minutes and without any coding.
Support for configuring scorecards directly within Provenir or importing third-party scorecards provides implementation flexibility.
Improve Risk Rating Efficiency and Effectiveness
Rules-driven decisioning applies risk models and scorecards to aggregated financial data to automatically determine a quantitative rating.
Dynamically generated questions based on such factors as financial data, industry and region simplify development of qualitative ratings by guiding users through the process.
Business rules can be used to combine quantitative and qualitative scores into an overall risk rating.
Business-friendly user interface makes it easy to manage risk rating on an on-going basis, such as viewing previous or historical ratings, modifying ratings, re-rating and transferring risk between related entities.
Automated portfolio monitoring can continually assess performance for any aspect of a loan portfolio with early warning indicators identifying potential problems.
Spreading capabilities use existing financial data to simulate potential future scenarios for a specified period of time.
Increase Business Agility
A visual configuration environment provides graphical tools and wizards to quickly implement streamlined financial analysis and risk rating processes.
Flexible configuration tools facilitate quick integration with multiple data sources including enterprise and third-party systems, websites and social media.
Simplify Merchant Onboarding, KYC, AML and Risk Decisioning with the Provenir Platform
Payment providers strive to deliver efficient, client-focused service to their merchants. But they must balance the need for quick merchant onboarding and payment services with extensive compliance requirements, often across multiple jurisdictions and countries. Too often, fragmented origination, credit risk analytics and decisioning, transaction monitoring and payment processes get in the way of delivering service that is both efficient and compliant. Provenir delivers a unified, agile platform to simplify merchant onboarding and payment processing. Leveraging the Provenir risk analytics and decisioning Platform, payment firms can streamline merchant onboarding, KYC, risk analytics and decisioning, AML and fraud processes. With Provenir, you can offer your customers the most efficient service possible at lower risk and with greater compliance.
Cut merchant onboarding time and costs with end-to-end workflow orchestration and configurable integration adapters that automatically aggregate information from internal and external systems and databases, credit bureaus, websites and even social media.
Meet regulatory requirements with KYC built into the merchant onboarding process to automatically gather data, standardize it, apply the appropriate regulations and determine compliance.
Make faster, better credit risk decisions with industry-standard risk models built in R, SAS, Excel and PMML easily operationalized in automated decisioning processes.
Reduce risk with automated AML processes that monitor transactions to identify and flag behaviors associated with money laundering or fraud.
Rapidly accommodate regulatory change with visual configuration tools to quickly configure, test and optimize user interfaces, rules, processes and integrations without any programming or dependence on Provenir.
Accelerate deployment with the Provenir Cloud which offers a highly secure cloud environment with flexible options for deployment, availability and scalability.
Industry-standard web technology makes it easy to configure an application interface that simplifies the application process.
Multi-currency and multi-language support ensure users in different countries can work in their native languages and currencies.
Multi-channel support lets merchants submit credit and lending applications over any channel and device including the Web, mobile phones and tablets
Cut Time and Costs for KYC Compliance
KYC integrated into onboarding workflow can automatically identify, verify and validate the merchant, perform checks and flag areas of potential non-compliance.
Dynamic decisioning supports specialization, applying the right regulations for each application for automated compliance across jurisdictions and countries.
Automated standardization creates data uniformity, ensuring business logic can be applied to all information.
Easy integration allows any risk model or scorecard developed in industry-standard analytics tools − including SAS, R, and Excel, PMML or MathML − to be operationalized in automated decisioning processes.
Pre-defined, configurable integration adapters aggregate all required data in real time, such as merchant information, credit reports, financial statements and document verification.
Business-defined rules ensure only the right data is aggregated for each merchant, eliminating expensive, unnecessary calls to credit bureaus.
Straight-through processing offers fully automated decisioning on applications, when appropriate.
Streamline AML and Fraud Monitoring
Automated transactional monitoring uses real-time data to identify patterns of abnormal behavior, issue the appropriate alert and recommend the next best action.
Pre-built adapters speed integration with enterprise and third-party systems, credit bureaus and social media to automate data gathering on an ongoing basis.
Increase Business Agility
A visual configuration environment provides graphical tools and wizards so that business users can quickly design, test and modify streamlined processes.
Configurable adapters support quick integration with multiple data sources including enterprise and third-party systems, websites and social media.
Rapidly Develop and Deliver your Unique Intellectual Property with Simplified Risk Analytics and Decisioning
Innovative fintech companies pride themselves on fast, frictionless and customer-focused service. The problem is that manual, slow systems make it difficult to deliver on this promise. Payment providers, peer-to-peer lenders, lending marketplaces and other fintech disruptors need agile systems that help them continuously create more value for their customers and their business. Only Provenir does the hard work of simplifying your risk analytics and decisioning processes. The Provenir Risk Decisioning Platform puts the power of change into the hands of the business. Innovative, user-focused tools empower fintech companies to quickly build customer-focused credit, lending and payment processes. With Provenir, you can:
Enable business users to create and change decisioning processes in minutes
It all adds up to higher customer satisfaction, greater efficiency, lower risk and unprecedented business agility.
Agile Technology to Simplify Fintech Processes
Operationalized Analytics— Provenir makes it easy to operationalize risk models developed in industry-standard analytics tools, including SAS, R, Excel or any tool that supports PMML or MathML. You can connect models to a decisioning process in minutes and without any coding, ensuring risk decisioning is always using the most up-to-date intelligence. Simplified Integration—Pre-built adaptors cut integration effort. Quickly integrate with internal and external databases, CRM systems, websites, social channels and data bureaus to automatically aggregate all the data needed for accurate decision making. Orchestration Hub—End-to-end orchestration streamlines every step in the process. Provenir’s platform automatically captures and enriches data, uses existing analytic models to determine the risk profile and moves the decision to the appropriate next step. Agile Configuration— Visual configuration tools promote business agility and independence. Business and IT can create, change and deploy user interfaces, rules, process flows and integrations without high-cost vendor engagement or extensive coding. Unified Platform—Provenir’s unified platform future proofs your investment. It offers a complete solution for managing virtually any risk analytics and decisioning workflow such as loan origination, merchant onboarding, KYC/AML, credit risk decisioning, behavioral and predictive scoring and collection strategies. Key Benefits
Make decisions in as little as milliseconds with risk analytics fully integrated in credit and lending processes
Accelerate Application Delivery with Provenir’s Unified Cloud Solution
While the decision to take advantage of the cloud may be an easy one, choosing the right cloud implementation is not so simple.
Companies need a cloud environment that offers a robust set of tools and features to support business agility, flexibility, security and growth.
Provenir offers a highly flexible environment, with multiple options for Platform as a Service (PaaS) and managing application business logic. This flexibility lets you choose an implementation that best suits your needs while reaping the advantages of an agile, business-focused cloud environment.
The heart of Provenir is the Provenir risk analyticsand decisioning Platform, which has been providing innovative analytics and decisioning, integration and orchestration capabilities for more than 15 years. By combining the power of the Provenir Platform with Amazon Web Services, Provenir Cloud delivers the ideal environment for developing, testing and deploying new applications that help you gain the competitive advantage.
Achieve business flexibility. Choose from three PaaS models and two models for managing business logic to best accommodate your business and budget requirements.
Ensure uptime. Meet your SLAs with a minimum of fault tolerance to 99.5%. Provenir Cloud offers an option for guaranteed 99.95% fault tolerance.
Support enterprise growth. Precisely manage load with the ability to manually or automatically scale up or down on demand.
Maintain security. Keep business logic, data and resources secure with Provenir Cloud’s extensive set of security capabilities.
Simplify maintenance. Efficiently manage your cloud environment using the one-stop Provenir Cloud Portal.
“The Provenir solution is an important element in this transformation. We’re pleased with how quickly we’ve been able to develop an end-to-end efficient workflow; the interface is so visual that it is simple to design effective, transparent business processes.”
Provenir Cloud Key Features
Options for PaaS Models
Complete cloud maintenance by Provenir Cloud Administration.
Complete cloud maintenance by Provenir Cloud Administration with a secure VPN connection to your infrastructure so that on-premise resources can be used in cloud-based decisioning processes.
A development and QA environment within Provenir Cloud with production using your system and network infrastructure.
Options for Managing Business Logic
Provenir manages the complete application lifecycle including development of business logic, promotions and production.
You create and maintain your business logic and promotions with Provenir managing production.
High Availability
Standard availability provides fault tolerance to a minimum of 99.5%.
Optional high availability offers fault tolerance of 99.95%.
Robust Disaster Recovery
Mechanisms include daily database snapshots, multi-region database replication and Amazon Machine Images for the Provenir Platform.
On-Demand Scalability
Quickly scale horizontally and vertically in response to increased load. Scaling can be done manually or using an automated scaling algorithm. The Provenir Cloud environment can also scale down during times of decreased load.
Robust Security
Every client is provisioned with dedicated resources including a virtual private cloud, database and server instances to isolate business logic, data and resources.
All data that enters the Provenir Cloud environment uses secure TLS to encrypt data between components as well as 2048-bit asymmetric encryption to store any sensitive data that is persisted to data stores.
Firewall protection allows only whitelisted IP addresses. Use security groups to manage whitelisted IPs.
Security vulnerability scanning comes standard, and penetration testing is available as an option.
Professional Cloud Maintenance
24×7 proactive monitoring with optional client alerts.
Automatic Provenir Platform upgrades, security patches, and new features.
Automatic upgrades to take advantage of the latest Amazon server and service technologies.
Simplified User Management
The Provenir Cloud Portal provides a single, unified environment for administering your cloud resources and viewing all informational, warning and error log messages.
Maintain your company accounts and Access Control Lists in the portal.
Easy Application Extension
The Provenir Hub offers pre-configured integration interfaces to data sources including credit bureaus, validation services, Google/Amazon services and Amazon Machine Learning services. These promote quick integration to significantly reduce time-to-market for your Provenir solutions.
Creating Collections Superpowers: Using predictive analytics to maximize payments and build brand-defining experiences
How to Take Your Collections Team From Hero to Superhero.
With increasing pressure on collections strategies to handle increased volume, mitigate losses, and provide brand-building experiences, financial services organizations are looking for tools to help collections teams drive engagement and improve efficiency. In our latest ebook, we explore how predictive analytics can help your business to:
Predict risk earlier
Create more personalized treatment options
Power effective and efficient collections strategies
Download the ebook today to discover the 7 areas where predictive analytics can provide rapid and measurable improvements that empower your business to build brand loyalty and, in turn, lower loan loss reserves. Plus, if you’re looking to advance your collections strategies, we cover the three requirements you should look for in technology to see ROI in record time.
A Microservices Architecture in Financial Services
Is your financial institution making the move to microservices?
e Microservices concept presents itself as the fulfillment of Service Oriented Architecture’s (SOA) loosely coupled promise – the answer to your development woes. Is it really a silver bullet, or should we tread cautiously?
This nine-page overview of microservices illuminates the architectural concept through the perspective of its:
Context
Advantages
Challenges
Download the whitepaper to gain a foundational understanding of the architectural trend in the financial services industry, and to pick up a stellar visual comparison of Microservices vs. Monolith from page 3.
