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Consumer Lending



September 28, 2022 | Jonathan Pryer

Bigbank automates credit and loan processes with Provenir Cloud

  • Changes to risk models and policies are simpler and faster with Provenir as they do not require IT development.
  • Provenir’s AI-powered risk decision platform enables rapid deployment where higher levels of automation are required in multiple regions.
  • Provenir improves the capture and effective use of customer data so that Bigbank can continue to provide great customer service.

“The Provenir solution is an important element in our transformation. The interface is so visual that it is simple to design effective and transparent business processes.”


Credit risk analysis and decisions in milliseconds – our digital experience

by Agur Jõgi, Chief Technology Officer at Bigbank

Companies shift from manual to digital solutions to achieve a number of goals. For us at Bigbank, we wanted a better customer experience for our credit and loan products. And central to that was speed. With our old manual processes, it could take days to reach a credit risk decision. We knew this could be better and now it is. What we also gain from digitalization is better customer insight and segmentation and the flexibility to make updates to credit risk management models without development.

Stone Age to 2020

Thanks to Provenir’s unique digital platform that automates data entry and streamlines application and underwriting processes, if a customer fits Bigbank’s profile, the automatic yes or no response now takes milliseconds instead of days. This remarkable transformation is like stepping out of the Stone Age into 2020.

And it’s not just “accelerated” approvals and rejections that get a faster result. For exceptions – those applications that cannot go through the automated process – our subscribers now have more time to focus on the manual checks required.

Customer Insight

Scoring models and decision rule sets can become complex. When manual processes run the rules, it’s difficult to get an overview of decision making. And that’s important, not just for consistency, but also for revealing where the opportunities might be.

The transparency of a digital solution allows us to do much more with data. Not just to manage risk, but also to give us insight that we can use for customer segmentation. This insight goes into refining existing models, scoping new ones, making customer predictions and designing proposals. Refinements, changes and new additions are simply added to the model.

Freedom to make changes

In our main Estonian market, developers are on the rise. Estonia has embraced the digital revolution wholeheartedly – ​​it was the first country to introduce online voting in a general election ten years ago and 98% of banking transactions are now carried out over the internet.

IT is the fastest growing sector in the country, generating up to 15% of GDP and while Estonia prides itself on its progression, for businesses it means developers are in high demand. A digital credit risk management solution that does not require IT specialists every time an update is needed is ideal in our market and elsewhere for the time and cost savings it provides. This is what we have now. Our risk managers take care of the models and can implement rule changes quickly.

Not only is this efficient, it also means that the underwriters – the people with the vision, knowledge and experience – are in control. If a correction is needed, the solution is so visual that they can see where the model needs attention and react immediately. No time-consuming review and referral to a committee for resource approval to make updates. They simply develop, test, implement and release amendments, then monitor and adjust as needed. It’s much more agile.

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