Since 2022, Jeitto has been making a series of improvements to its platform, seeking to offer its customers an even better experience. They began searching for a solution that could provide greater agility in managing and adjusting their credit strategies, which is one of the main assets with their customer base. In addition, they needed a solution that was able to enable personalized consumer credit decisions for each different business partner.

Jeitto wanted a solution that could increase the credit granting capacity and control the risk factors in Jeitto’s operations, promote greater agility to deal with changes in the target market profile, and allow for faster and more simplified integrations.

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Quick Finans, a newly established financial services company in Turkey and part of Quick Sigorta – one of the main players in the insurance market – aimed to offer innovative and integrated credit and insurance solutions. As they entered the market during an unpredictable economic period, they faced several critical challenges:

Quick Finans future plans involve expanding online lending capabilities by leveraging Provenir’s platform to enhance Quick Finans’ online lending offerings, improving digital customer experiences and expanding market reach.

As well as venture into commercial lending.
Utilizing Provenir’s flexible risk management tools to develop and launch commercial lending
products, diversifying Quick Finans’ portfolio.

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NewDay, a financial services company specialising in providing credit products to consumers in the United Kingdom, faced a critical challenge with its existing credit risk decisioning system. The system was scheduled for decommissioning, was proving costly in terms of release times and updates and was expensive and time-consuming to update, particularly for anything beyond configurable items in the studio tool. By finding a more cost-effective solution, NewDay sought to streamline its processes and allocate resources more efficiently. They also sought to remove the reliance on third-party software supplier resources for more complex changes and integrations.

NewDay wanted a solution that would allow them to incorporate new data items and make changes as needed easily. They sought to adapt quickly to market dynamics and customer demands by gaining more ownership over these changes through self-sufficiency.

They desired a solution that could handle both real-time applications with quick processing times and significant volumes of batched decisions within a finite time window. Additionally, they sought a faster delivery cycle by moving releases into test and production independently and conducting large-volume tests within shorter time windows.

NewDay rebuilt their entire acquisition tech stack and determined that Provenir’s flexible AI-powered credit risk decisioning platform addressed all their Decision Engine requirements. The implementation of Provenir’s solution led to significant improvements:

Re-architecting the entire acquisition platform and the decision to work with Provenir as part of the solution helped NewDay to build a competitive advantage. They were able to respond quickly to market pressures, demonstrating agility in adapting to changing customer needs and industry trends.

NewDay plans to expand the use of Provenir’s solution across its entire decisioning lifecycle and explore new technologies and offerings under the “NewTech” initiative, a modern, cloud-based Consumer Credit platform powering NewDay and its clients.

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To better serve customers, GM Financial wanted to bring new auto lending and leasing products to market more quickly, support faster application decisioning and ensure consistency throughout the loan origination process. The company sought integrated auto finance software that would allow it to bring product development in-house and provide the flexibility, scalability and ease of use needed to manage complex dealer financing operations.

GM Financial, formerly AmeriCredit, had experience with the Provenir Risk Decisioning Platform, which it had used for many years to automate decisioning for subprime retail vehicle contracts. Using the Provenir Platform’s business-focused configuration and integration capabilities, the company’s IT organization found it could quickly create and deploy complex new solutions in just a few months.

GM Financial started by expanding the subprime retail decisioning solution into a platform that could handle its growing full-spectrum consumer and commercial lending suite of products. By automating much of the process – from credit identity verification to pricing, automated risk decisioning and funding – the company now delivers nearly instant responses on most decisions to dealers and consumers for sub-prime, near-prime and prime financing.

Using Provenir’s configurable integration adaptors, GM Financial defined integrations with credit bureaus, and a multitude of internal and external systems. This has helped the company not only reduce processing time, but has also increased transparency into the process. “We have deep insight into every application and contract as we can instantly get real-time information whenever we need it,” says Jeff Lively, Senior Vice President Dealer Services at GM Financial.

In addition, GM Financial has enhanced and simplified compliance with multiple state and national regulations. The IT team uses Provenir’s drag-and-drop interface to quickly build and modify business rules and processes, enabling the organization to easily keep up with ever-changing business and compliance requirements.

GM Financial continues to look for ways to enhance service delivery through streamlined financing and leasing. With the Provenir Platform serving as the foundation, the company has automated most of the financing/leasing lifecycle, including loan origination, pricing policies, credit data retrieval, data validation, scoring and decisioning, vehicle valuations, funding, and compliance.

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As Ontario’s largest credit union, and the second largest in Canada, Meridian has a reputation for leading innovation in the country’s financial services industry. When it came time to redesign their processes in consumer lending, they looked at the end-to-end consumer lending journey – from prospect shopping to loan servicing– with a single focus on enhancing the digital experience for their customers.

People have become accustomed to the increasing volume of digital transactions and expect their financial institutions to provide an “Amazon” type of experience – complete with instant credit decisions. Meridian saw this as an opportunity to advance automation and analytical capabilities in tandem with an end-to-end redesign that would make it simpler to adjust risk parameters without complex builds. The challenge in providing a seamless digital and in-person experience was preserving the tenured knowledge of the company’s credit adjudication team members, many of whom have been with the company for more than 25 years.

“Lending really is a combination of art and science,” says Allison Van Rooijen, Vice President, Consumer Credit at Meridian. “We have the most incredible credit adjudication team in the country, and talent like that is hard to find. Our goal, as much as possible, was to codify the very human ‘art’ of what they do and repeat it in a more automated way that recognizes and preserves the contribution of those who laid the framework.”

It was a considerable undertaking, given Meridian’s product suite and project scope, and there were no snap decisions. Internal stakeholders engaged in a rigorous RFP process to identify a risk decisioning platform that would meet Meridian’s needs – both now and into the future. In the end, they selected Provenir, a leader in AI-powered risk decisioning software.

“We chose Provenir because of the flexibility and ease of use, combined with the architecture to manage the platform on an ongoing basis and continually add new data sources,” says Van Rooijen. “At present, we’re at that midpoint between legacy processes and future customer expectations. Provenir is allowing us to do that while retaining the knowledge that sets us apart.”

The Meridian-Provenir partnership kicked off in the spring of 2020 to align with the launch of the first product in Meridian’s loan origination system (LOS), a platform designed to handle everything from loan applications and fulfillment to pricing and eligibility. The value of the new decision engines was soon apparent in the ability to make decisions faster and mitigate potential risks, using accurate and real time data.

“The Provenir team understood what we were trying to do,” says Van Rooijen. “Instead of telling us about their solution, they listened to where we wanted to go, dug deep in, and showed us how to get there.”

In the old days, adjudicators might sit in a credit pit surrounded by a group of coworkers and bounce ideas off each other. At the mention of certain deal scenarios, someone in the group would know where to go or who to call to get the information required to make a decision.

Despite the complexity in consumer underwriting, and the complications of COVID, Provenir was able to improve on the insider knowledge approach by providing Meridian with a responsive decisioning tool that configures quickly and adjusts without significant builds and lag times. “That was one of the big things for us and why we went with Provenir,” says Van Rooijen, “We didn’t want to have to build a new cycle every time we needed to change a rule.”

In addition to managing risks more effectively, Meridian now has greater agility to make more informed decisions quickly, improving the member experience throughout the process. The goal, according to Van Rooijen, was to automate as much as possible and then allow Meridian’s adjudicators to focus on the more unique deals – the cases that require a special touch because there is more potential risk.

One of the foundational components of building the organization’s new models was to leverage machine learning to uncover patterns that were second nature to the adjudication team – in some cases patterns that the adjudicators could not identify themselves. This output and optimization of rules brings greater consistency between adjudicators, regardless of whether a customer goes into a branch or interacts digitally. The Provenir platform made it easy to leverage the machine learning output to rewrite a loan or mortgage sample to see what would have happened by tweaking a rule.

“We look at credit differently at Meridian, and our portfolio strength demonstrates we do it really well,” says Van Rooijen. “That’s why it was so important to codify and preserve that special approach to our lending in a way that endures in a scalable end-to-end system.”

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With successful operations in the UK, Ireland, Australia and New Zealand, humm decided to expand its purchase financing offerings into Canada. To launch this start-up business, they were looking for a proven system that was fully configurable to meet their business needs as they grew and evolved their offers.

They wanted a system that is user-friendly and easy to modify to credit, risk and fraud elements specific to the Canadian market.

They had a very short timeline to launch into this new market so speed of implementation was critical. The ability to quickly integrate to external data sources in Canada such as the credit bureau was also a key requirement.

humm evaluated their existing decisioning systems as well as other vendor offerings and selected Provenir for several reasons, including ease of configuration and how easy it is to build integrations to third-party data sources. Provenir is integrated as part of their automated customer onboarding and credit limit assessment processes. In addition to internal data sources, humm orchestrates data from TransUnion, LexisNexis, Flinks, and GBG via Provenir to gain a holistic view of applicants’ financial health.

With Provenir, humm can make quick and accurate decisions, delivering near instant decisioning for customers. It has allowed a more streamlined process for humm, reducing manual efforts and providing valuable insights to optimize humm’s lending strategies.

This agility puts humm at the forefront of digital lending Canada.

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