Decision Engine Comparison

Provenir Vs. In-House Decision Engine Build

For financial services organizations looking to implement or replace decisioning technology, the first question is often: can we build this in-house?

And why wouldn’t it be? With an internal build you know that you’re in control of designing, developing and implementing your new decisioning solution. You’re not reliant on a vendor for changes. You’re in control.

So, why would you ever consider an outside solution?

Because internal builds come with their own set of challenges, whether it’s an overloaded dev team, a lack of necessary talent, or sacrificing focus on your unique IP while you build the technology needed to underpin products and services.

The Provenir Platform provides a powerful, flexible, and agile alternative to in-house decision engine builds. Here’s how Provenir compares in some key areas:

Development Resource Needs

In-house: While the control you maintain when creating every component of your decisioning and data science solution in-house may sound appealing, it will put an incredible amount of work on your development team. You may also need to pull in additional resources to fill skills gaps.

Provenir: The Platform is designed to be the foundation for your decisioning and data analytics needs. Provenir lets your team quickly and easily combine processes and components into the solution you need. The low-code platform eliminates the need for reliance on development wherever possible so your dev team are free to focus on other key tasks.

Speed of Initial Deployment

In-house: Internal builds are notorious for long development and deployment lead times. Not only does the decision engine system have to be designed, but all components and processes have to be built from the ground up. This includes connection to other systems and integration to internal and external data sources.

Provenir: The real time decision engine and data science platform significantly reduces internal development by providing the components. With Provenir your team simply has to arrange the components and processes into the solution that best fits your needs. Whether you’re working with our Professional Services team or completing implementation internally, Provenir can be quickly and easily deployed throughout your business.

Integration Capabilities

In-house: Integrating to both internal and external systems and data sources is an essential step in not just building a decisioning solution, but also in creating technology that supports business growth. Hard-coding integrations places a heavy reliance on your dev team for all changes, which means quickly accessing new data sources in the future will be a challenge.

Provenir: Provenir’s integration wizard simplifies integration to both data sources and other systems. The low-code wizard makes it quick and easy to integrate with new data sources and systems. With a drag and drop interface, business users can manage data mapping, reducing the reliance on development resources and allowing your team to quickly connect to new sources and systems. Get simple access to all the data you need.

Business Fit

In-house: Perhaps the biggest advantage of an in-house build is that the finished decision engine software is designed and built to your exact needs. However, it’s important to consider whether you have the in-house knowledge and talent to create technology that’s flexible enough to power your business not just now, but also as your business needs evolve in the future.

Provenir: We describe the Provenir Platform as the closest thing you can get to building yourself without building yourself. The Platform is super flexible, which gives your team the power to create a unique decisioning system using the components and processes provided by the platform without the heavy development work. Provenir fits to your business needs instead of forcing you to fit your business into an inflexible system.

Data Security

In-house: One of the main perceived benefits of an internal build is the ability to keep data “in-house”. In a time when data security is top of mind for every financial services business, keeping data close can help make data security less stressful. It also means that you’re not reliant on your vendor to maintain your strict security standards.

Provenir: We have a long history of working with financial services organizations and understand just how important it is to keep tight control of data security. Provenir works with the highly secure AWS cloud and multi-cloud environments to ensure that your data is protected. Whether it’s creating secure connections between data sources, or storing and using data within your business processes, the Provenir Platform maintains strict security protocols.

Usability

In-house: Internally built credit decision engine systems are often heavily reliant on technical resources to make changes, perform updates, launch new products, and connect to new data sources. This not only places a heavy workload on already over-burdened dev teams, it often causes delays as business users wait for technical help to implement new processes, models, and products.

Provenir: Put the power of the process in your business-user’s hands with Provenir’s low-code Platform. Our real-time decision engine massively reduces reliance on dev teams, instead the low-code interface empowers users to quickly and easily make changes to business processes. So, instead of waiting weeks or even months for changes to products, models, or processes, your risk team can implement them exactly when they need them. With your risk team in control you can quickly respond to new threats and jump on developing opportunities.

Flexibility

In-house: While internal builds often produce a decisioning solution that is a great fit initially, adapting the technology to keep pace with evolving business needs is more of a challenge. With a prevalence of hard-coded technology powering internally built decisioning systems, launching products, deploying models, or integrating new data sources requires your dev team to implement all changes, limiting your team’s ability to respond to threats and opportunities.

Provenir: The Provenir decisioning solution is designed with flexibility in mind. Many processes can be reused, and the low-code interface makes it easy for business users to quickly deploy new models, implement changes, and launch products with limited, if any, coding. The Platform supports APIs, microservices, and multi-cloud implementation, so you can configure and easily adapt the solution to grow and evolve with your business.

Control

In-house: When building internally it’s common for control of technical changes to stay with development team both during the build and for ongoing updates. This means that required changes are placed in a dev queue resulting in delays for both testing and deployment of updates and new initiatives.

Provenir: Unlike many partner solutions, the Provenir Platform does not make you reliant on your vendor. The Platform puts control of the risk process in the hands of your business users, so everyday tasks, new deployments, and even product launches can be completed by your risk team.

Model Deployment

In-house: Internal systems and other solutions require your dev team or the vendor to recode models into supported languages. This causes deployment delays while your risk team wait for dev work to be completed. This makes it difficult to implement an agile risk strategy that can respond to risk threats quickly.

Provenir: The Provenir Platform is model agnostic and supports common model languages including R, Python, SAS, Excel and more. This eliminates the need for recoding as models can be natively deployed within the Platform.

Future Fit

In-house: To keep technology future-proof it needs to be able to adapt and grow with your business as well as keep pace with new technology. One of the biggest challenges of internal builds is creating a solution that can easy accommodate updates for changes business goals and integrating emerging technology.

Provenir: The Platform uses the most up-to-date technology including support for cloud deployment, microservices, and APIs to create a solution that builds small componants into one cohesive decisioning system. This makes it easy to adjust to new business needs and processes and components can be easily reused and updated into new solutions. The Platform also offers auto-scaling, allowing the Platform to support your growing business without the need for any manual intervention.

The closest thing to building yourself without building yourself

The Provenir Platform is designed to be the closest thing you can get to building yourself without having to create every component from the ground up. It puts the power of creating, testing, editing, and deploying decisioning processes and models in the hands of your business users.

Take control of your risk strategy with Provenir, to learn more about how Provenir can help you digitize and innovate your decisioning processes contact us today.

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