NEWS
In this exclusive Fintech Magazine interview, Frode Berg, Managing Director for EMEA at Provenir, outlines his expectations for 2024 when it comes to digital transformation in the financial services sector and how much he believes Gen AI will impact the industry.
What is a decision engine and how does it help your business processes?
NEWS
43 percent say identifying fraud is a top challenge, yet only 7 percent report their anti-fraud measures are completely effective.
Parsippany, NJ – December 5, 2023 – As credit default and fraud rates rise, 70 percent of financial services executives are not confident in their ability to modify risk decisioning quickly to keep pace with shifts in consumer behavior and the economy. Additionally, 43 percent say identifying fraud is a top challenge, yet only 7 percent report their anti-fraud measures are completely effective, according to a new survey conducted by Provenir, a global leader in AI-powered risk decisioning software.
Risk decisioning is especially crucial as credit policies tighten and there is a need for financial institutions to closely monitor portfolios to understand and manage risks associated with extending credit and mitigate the probability of default. Additionally, it’s an essential component of financial inclusion – making financial services accessible to and affordable to all individuals and businesses.
Provenir surveyed senior decision makers at financial services providers and fintechs to understand their risk decisioning challenges, customer management priorities, and confidence in the accuracy and flexibility of their risk models. This is the second year the company has fielded the survey.
The full report of the survey findings can be found here.
Almost 40 percent of respondents say their risk decisioning is only “somewhat” or “not at all” accurate, compared to 83 percent who responded this way in last year’s survey. While overall confidence has improved year-over-year, there is marked room for improvement in decisioning agility to keep pace with shifts in consumer behavior and the economic environment.
Data orchestration and risk decisioning processes spanning identity, credit and fraud are imperative to enable financial institutions to put in place strong anti-fraud measures; however, 43 percent say identifying fraud is a top challenge, yet only 7 percent are completely confident that their anti-fraud measures are completely effective. This is concerning at a time when financial institutions are facing increasing financial fraud. A TransUnion study found the percentage of suspected global digital fraud attempts in financial services has increased significantly in recent years.
When asked about top risk decisioning challenges, almost half of financial services providers cite managing risk across the customer lifecycle (49%) and developing and deploying risk decisioning processes (48%) as their biggest challenges.
Globally, managing customers post-acquisition was the primary focus for more than half of all financial services providers when asked about their key objectives over the previous six months.
Credit risk management is key to helping financial institutions redefine business models, offer new products and services, and transform customer interactions. But data challenges and an inability to execute real-time decisioning stand in the way of hyper-personalization of offers, promotions, and service for financial services providers. This may be why only 10 percent of organizations surveyed report growing customer wallet share through cross/upsell tactics is a priority.
“In a challenging economy, it becomes even more critical to proactively manage and mitigate risk,” said Geoff Miller, Chief Commercial Officer at Provenir. “If an organization can do this well, they improve customer retention, reduce defaults, and maximize financial inclusion and revenue opportunities. Decisioning – to support credit, fraud, compliance and product decisions – is the foundation for long-term success, growth, and profitability in the financial services sector. Organizations can gain tremendous competitive advantage with AI-powered decisioning complete with case management, data, and insights, to support smarter, faster risk decisions across the entire customer lifecycle.”
The survey was conducted in September 2023; 314 respondents based in North America, EMEA and Asia Pacific regions participated, holding the titles of manager, director, vice president, or above.
What is a decision engine and how does it help your business processes?
PODCAST
Yes to mobile-first financial services, yes to digital banking disruption, and yes to multi-country risk strategies that offer the accessible experiences that can make or break a provider.
He shares his insights with our EMEA host and Provenir’s regional leader, Frode Berg. They explore everything from the ethical implications of data usage, to market approaches that protect the interests of both the customer and bank, to the “aha” moments Costin hopes to see more of across fintech.
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Costin Mincovici is a credit risk management leader with experience across Europe’s banking and fintech landscape. He joined tbi bank in 2019 and currently serves as the Chief Credit Officer. Costin’s data-driven approach fully embodies the dynamic and ever evolving nature of the company.
Over the span of his 20+ year career managing multibillion portfolios and teams of over 150 professionals, Costin has developed as a true leader who doesn’t shy away from tackling difficult decisions in complex situations.
Frode Berg is Provenir’s Managing Director of EMEA, responsible for overseeing Provenir’s accelerated growth in the region and enabling new and existing clients. He has developed his career in industries such as credit and business information, marketing and customer programmes and loyalty schemes across the Nordics, UK and US.
Frode has a wealth of commercial leadership experience as well as deep expertise in data, analytics and decisioning. Prior to joining Provenir, he held senior leadership roles at Experian Nordics and Dun & Bradstreet, leading regional business units including sales, operations, and innovation. He is passionate about supporting industry disruptors and the rapid digitization of the financial services sector.
Costin Mincovici is a credit risk management leader with experience across Europe’s banking and fintech landscape. He joined tbi bank in 2019 and currently serves as the Chief Credit Officer. Costin’s data-driven approach fully embodies the dynamic and ever evolving nature of the company.
Over the span of his 20+ year career managing multibillion portfolios and teams of over 150 professionals, Costin has developed as a true leader who doesn’t shy away from tackling difficult decisions in complex situations.
Frode Berg is Provenir’s Managing Director of EMEA, responsible for overseeing Provenir’s accelerated growth in the region and enabling new and existing clients. He has developed his career in industries such as credit and business information, marketing and customer programmes and loyalty schemes across the Nordics, UK and US.
Frode has a wealth of commercial leadership experience as well as deep expertise in data, analytics and decisioning. Prior to joining Provenir, he held senior leadership roles at Experian Nordics and Dun & Bradstreet, leading regional business units including sales, operations, and innovation. He is passionate about supporting industry disruptors and the rapid digitization of the financial services sector.
00;00;09;26 – 00;00;31;17
Intro VO
You’re listening to the Disruptor Sessions: The Visionaries Guide to Fintech, a podcast from Provenir. Every episode we sit down with global thought leaders and innovators to explore the future of Fintech, from the technology powering change to the visionaries driving disruption. Now your host, Frode Berg.
00;00;33;12 – 00;01;07;28
Frode Berg
Hi, all. My name is Frode Berg and I’m the regional leader for Provenir in EMEA. Today on the Disruptor Sessions: The Visionaries Guide to Fintech, we’re talking about disruption in digital banking with mobile-first digital financial services and how the strategic approach shifts depending on the market. I’m excited to have with me Costin Mincovici, Chief Credit Officer at tbi Bank, a mobile-first challenger bank in Southeast Europe and regional leader in alternative payment solutions.
00;01;08;22 – 00;01;13;06
Costin Mincovici
Hi, Frode and thank you for the invite. It’s a pleasure to be with you this evening.
00;01;13;20 – 00;01;31;24
Frode Berg
So, Costin, I wanted to start by asking you: disruption. It can mean different things to different people. I’d like to understand is, firstly, what does disruption mean to you? And secondly, what’s your view on the disruption happening today in banking?
00;01;32;24 – 00;02;13;19
Costin Mincovici
I can say that disruption is us. It’s tbi in the world in which we are operating. We are a regional bank operating in three markets in southeastern Europe, in Bulgaria, Romania, and recently starting last year in Greece. We are the leaders of the embedded finance. So what does it mean? We are doing business with the merchants and financing the customers that are coming and doing their day-to-day buying from the respective merchants, offering them solutions, being inclusive, and trying to help both the customers and the merchants.
00;02;14;12 – 00;02;38;17
Costin Mincovici
Disruption in banking is thinking outside the box, and this is what we are trying each day, trying to look on new data sources through which we would be able to serve the customers that are not so well served by the banks today in the usual brick-and-mortar world in which they are operating. We are looking at what makes a difference.
00;02;38;17 – 00;03;11;27
Costin Mincovici
We are trying to test and sometimes we are succeeding, sometimes we are failing, but we are moving fast. And I think this is all related to disruption. Embedding in the ecosystem what the customer really needs. The emergence of challenger banks and the neobanks which challenge the banks is giving more agility and the more customer-centric services. This would be what I would say, that it’s the view of disruptions, the disruption happening in the banking environment today.
00;03;12;07 – 00;03;53;17
Costin Mincovici
What does disruption mean to me? Changing the existing industry or markets due to technological innovation. And this is what we are seeing. We are, since 2017, customers of Provenir. In fact, we are seeing what the technology is bringing as a plus into our day-to-day life. Working in the past with hard IT teams in which a small change would take few weeks to implement versus doing it on your own with a drag and drop and being able to implement the change in minutes being to the market in a much quicker time than in the past.
00;03;54;25 – 00;04;16;08
Frode Berg
That’s that’s really interesting to hear. And when you say technology is key to help you achieve your targets, is that something you feel is the same approach most players are taking? Or are the different approaches between traditional banks and more challenger and neobanks?
00;04;17;14 – 00;04;40;21
Costin Mincovici
Well, I would say that I can speak from the feedback I’m getting, and recently I was speaking with some guys that are doing the development of the score card for ourselves, and they said that we are ages before the banks and why we are so? Because we are looking all the time on new data sources and different ways of looking to the customers.
00;04;41;01 – 00;05;13;03
Costin Mincovici
And I also understand why the traditional banks are not able to follow the same path, because they have legacy systems, they have brick-and-mortar presence while the challenger banks and the neobanks, again, they are coming back to agility. They are leveraging the technology, doing the operations more efficiently and again, just putting some numbers into it – we are having a compound growth rate of applications and volumes and forms booked on a yearly basis of around 30% year on year.
00;05;13;12 – 00;05;43;14
Costin Mincovici
And this is happening for more than three years going backwards. During this period, we haven’t increased the headcount in underwriting with one FT. In fact, in some markets we reduced the FTs in underwriting and we call it human tech decision because we are trying to be as inclusive as possible and in fact we are trying to save the customers that are on the edge and trying somehow to look at them by a human person.
00;05;43;22 – 00;06;24;12
Costin Mincovici
This speaks a lot about using of technology. And the same I can speak about the colleagues inside, so let’s say the back side of the business in which you are trying to help the customer keep up with their payment. And the same story is over there as well. So we are trying to prioritize in the end efficiency on, one hand and in the same time, by using technology, we are able to prioritize the user experience and trying all the time to play with the champion challenges to see what makes the customer click more and what makes also a better customer click more.
00;06;25;10 – 00;06;56;02
Frode Berg
Okay, excellent. And if we pause a little bit about that technology, you you mentioned that you’ve had some great results growing your topline without sort of adding more, more people. So the sort of machinery seem to to be working. Are there any sort of other key ingredients in your sort of automation play, either technology wise or the way you are using technology that have made you achieve these results?
00;06;56;02 – 00;07;29;05
Costin Mincovici
In principle, it boils down to the technology and understanding your technology. I remember like yesterday in 2017, we signed a contract with Provenir and there was a lot of opposition to it and a lot of opposition to change – and this is usual; to have it. But we managed to go over it, this opposition to change, by using, on one hand Provenir guys to help us and teach us how to use the respective system till the moment we saw the benefits.
00;07;29;05 – 00;08;00;22
Costin Mincovici
It’s very much important to have the quick wins and you will have some quick wins, then people will get on board into the change train and they will go with it towards the final destination of the respective journey. Again, I think that I’m comparing it to the past . I’m comparing it to the hurdles to do some changes in to the risk rules, going to it and trying to put on the pipeline and putting in a SteerCo and doing some changes.
00;08;00;22 – 00;08;34;03
Costin Mincovici
It was taking weeks, two months to implement some simple changes. Currently we are managing the three countries with three guys that are semi-technical, but they are kind of a business analyst together with some technical skills. And we are able to do the changes for all three countries for the entire credit cycle in terms of underwriting, as I was mentioning before in the matter of minutes. So I think this is the main driver and the main benefit of using technology.
00;08;34;03 – 00;08;58;07
Costin Mincovici
There will be, as well – everybody will think about the price that they will have to pay. But putting it in balance, the price versus the efficiency and the time to market, I think it’s without any doubt that using technology that you tested before and you trust – it’s a must for a bank to survive, for, in fact, for any kind of technological venture to to survive in our days.
00;08;59;06 – 00;09;17;24
Frode Berg
Excellent. Not far away from technology, but maybe a little bit over to channel. You have experience from mobile-first credit. What are the hallmarks of a mobile-first credit product? How does it differ from traditional credit products?
00;09;18;06 – 00;09;47;00
Costin Mincovici
You are on the spot to the customer and this is the most important difference versus the usual flow of applying in a branch or applying in a shop, or even applying online. Customer needs easy access through the mobile app, needs an application that responds and doesn’t crash. So in the end, they typically involve streamlined application processes, with – in the end – quick approvals.
00;09;47;07 – 00;10;12;04
Costin Mincovici
This is our aim, the customer’s aim as well, to get a quick approval and often rely on alternative data sources for the credit assessment. We did a first step even before launching the mobile app. The mobile app, we launched it back in 2020 in a short MVP, but before that we were having a customer dynamic limit
00;10;12;04 – 00;10;36;06
Costin Mincovici
All the customer. So overall, our strategy is to onboard and acquire customer, then to engage the respective customer and retain it. And especially on engaging and retaining the customer, our strategy is to do a customer dynamic limit and all the time keep the customer in the loop, providing him the money at the right moment.
00;10;36;06 – 00;11;05;22
Costin Mincovici
And we were having this customer dynamic limit, addressing the customers, and addressing their needs. And what we did immediately after we’ve onboarded and we’ve launched the mobile app, we’ve put the customer dynamic limit into the mobile app, and currently around 65 to 70% of the sales of loans are coming through this streamlined process in which customer just click a button and the money are in his account.
00;11;05;26 – 00;11;25;14
Costin Mincovici
So again, coming down to what’s important for a mobile-first credit product is not to have hiccups and to be right on the moment the customer needs the product to be right there in his pocket. He’s just pressing a button and the money are there.
00;11;26;26 – 00;11;46;07
Frode Berg
So being able to have good efficiency on the accessibility is key, I understand. Is it, is it a challenge to get the same user friendliness and the same customer journey as you would in other channels or would that be the same?
00;11;47;21 – 00;12;21;06
Costin Mincovici
Well, in principle, we are trying and we are putting a lot of effort of the user experience, streamlining and testing all sorts of different scenarios into, in the user experience. Definitely the easiest would be for a customer to apply through the mobile app, but the same would be if you would be applying on the online flow or if you would be on the merchant site and you will see at the checkout that tbi is there and just pressing a button, he would be able to go on the flow of reviewing and getting the respective goods.
00;12;21;24 – 00;12;57;06
Costin Mincovici
In principle, we are focused on the online flows, trying somehow to transform ourselves into a more online bank. I mentioned before we are focusing currently in the phygital mode through which we are serving the customers both in the physical locations, but also in the online flow. And this was a journey we started in 2017 without any online flow, and currently more than 40% of our business is coming from the online flows.
00;12;57;25 – 00;13;23;13
Costin Mincovici
It’s a journey to reach the moment in which you are transposing more and more in the online flow. But we should not forget that there are still some generations which are not so eager to use the online, and they, they like to have the human touch. And for this reason, we are continuing with this phygital model in which we have both physical locations plus the online flow serving our customers.
00;13;25;24 – 00;13;54;16
Frode Berg
So you are capturing both of those markets. That’s good. Looking a little bit, Costin, into – you mentioned you are across various geographies, various territories. You also mentioned you like to have one technology that you could roll out product to product, country to country. But are there some changes that you have when you go into a new market, into a new country, for example?
00;13;54;25 – 00;14;00;03
Frode Berg
Are there differences in those markets that you need to incorporate into your approach?
00;14;00;25 – 00;14;28;17
Costin Mincovici
I think it’s a good question that we actually started last year in April, our newest market, which is Greece. And in fact, how we are going in the new market is trying to be as virgin as possible in the beginning and trying to understand the markets, trying to underwrite as many as possible of those customers initially with small ticket, then growing them, but in the same time learning from the past experiences.
00;14;28;17 – 00;14;54;01
Costin Mincovici
And this is how we do it in Greece. And I think it’s also important to understand what type of market is the market in which you are going. We were not expecting, for example, that Greece will be slightly a blue ocean in which there is no competition. And why is there is no competition? Because there, there was putting all the banks into four big banks that are kind of mammoths.
00;14;54;08 – 00;15;28;28
Costin Mincovici
They are kind of not easy to move and not easy to invest and develop. And this gave us the opportunity of going there and capturing a lot of market, which was not served to before. Coming back to Bulgaria, which is our most mature market, there we’ve touched more than one third of the population in Bulgaria. So there is more like a red ocean in which, again, what’s important is to serve the customers and to be at the right moment for the respective customer with the right product.
00;15;29;14 – 00;16;07;03
Costin Mincovici
For this reason, we are investing a lot into next best product models and the lifetime value of the customers just to understand what’s the customer profile and what’s the product that the customer needs. And then, coming back to Romania as well. There we’ve conquered kind of around 10% of the market. We are number one player on on the market, but it’s still a red ocean in which if you do wrong move, on one hand the merchants which, which you are cooperating will be easy forgetting about you. But as well the customers will be disappointed.
00;16;07;03 – 00;16;32;16
Costin Mincovici
Indeed, it’s a matter of how the market is situated, what’s the maturity of the respective market and you need to adapt to the respective market. I would add one more thing regarding Greece start that we did last year in April. It took us six months to start from zero and have operation started and our first application there.
00;16;33;04 – 00;16;52;02
Costin Mincovici
In our opinion, a very good time to market, on one hand. And I would also mention on my side, on Provenir’s side, that we were able in around three or four weeks to mix and to put all the rules in place so to be able to start the production and the the new loans.
00;16;53;01 – 00;17;16;17
Frode Berg
That’s good to hear. And I’m sure that will help your ROIs and making sure that your product plans go as they should, so that is key. Looking a little bit into, you know, the industry as a whole, you know, digital banking has been around for a while, but still, not all players are as equally focused on digital banking.
00;17;16;28 – 00;17;23;10
Frode Berg
Do you feel there’s something that we’re not talking enough about when it comes to digital banking?
00;17;24;24 – 00;17;54;16
Costin Mincovici
As an industry, I think that digital banking should look more into the cybersecurity because this can be an experience of make it or break it. And I think it’s not only on theirselves but I think on their partners with which they are working with. Recently in Bulgaria, there was a incident in which telephone provider was hacked and they were able – the hackers were able to access the SMSes of the respective provider.
00;17;55;00 – 00;18;13;26
Costin Mincovici
So I think this is one part in which the banks and especially the digital banks, should be careful and invest and keep up the trends that are happening on, on the market. And I think it’s important also to invest in tools to identify the potential fraud that would be happening.
00;18;13;26 – 00;18;40;01
Costin Mincovici
And also another important part would be the ethical implications of data usage. And I think more and more, especially in Europe, but I think it should be worldwide, the data usage and kind of the GDPR of the respective customer. It’s a key component of looking into and trying to protect the interest of the customer, together with the interest of the bank.
00;18;40;01 – 00;19;02;03
Costin Mincovici
And last but not least, but I would say this is something that we are looking into as tbi, it’s the financial inclusion. And we are trying to be as inclusive as possible and trying to grow the customers to ensuring their fair access to financial services for all customers. Me as a risk person, I like to say yes.
00;19;02;18 – 00;19;32;08
Frode Berg
Exactly. Well, now, now we’ve heard that. So that’s that’s great. But I guess, I guess a balance. So but that’s three really key, but maybe also a little bit serious areas, you know, cyber threat, GDPR, financial inclusion, all key. Looking a little bit to the future, what are you most excited about in sort of the direction you think the industry is taking?
00;19;33;04 – 00;20;15;07
Costin Mincovici
I would like to see more “aha” moments in the industry and I would like to see the kind of revoluts coming more and more. And I think that things will be changing. I’m not a big fan of the buzzword of artificial intelligence, but I would say that there will be a lot of benefits coming from artificial intelligence on one hand on serving the customer and serving at the right moment, but in the same time on protecting the banks and the lenders into the future and being able to better understand what is good customer and what would be a bad customer in the end.
00;20;15;07 – 00;20;40;21
Frode Berg
That’s really interesting to hear and that’s been some great insight on disruption. If we take a little bit now, look at you. You’ve been in various leadership positions in international organizations for years. Was there a defining moment or experience that led to you becoming the leader you are today? And also what drives you?
00;20;41;23 – 00;21;11;20
Costin Mincovici
I would not say that there should be one moment that made you the person which you are today and especially the leader that you are today. I would say that it’s a bit by bit journey and experiences that are building up and in the end they are helping us becoming a better human. And recently I was participating in a course of leadership and leadership in organizations, and they were giving the definition of a leader.
00;21;11;20 – 00;21;45;20
Costin Mincovici
And the first part that they were mentioning was extroversion, which I am definitely not an extrovert. And this is not a key personality trait for, for, for myself. In fact, I’m an introvert, but strangely, people are following me. And I was trying after this course to answer why they are following me. And I would say that most probably because they see sincerity on one hand and also that I’m able to show vulnerability.
00;21;45;20 – 00;22;18;25
Costin Mincovici
In the end, I think that leadership is the process of making sense of what people are doing together so that people will understand and be committed. This is what I’m trying each day to explain the reasoning of why, not just to give tasks. I think the managers are giving tasks, but leaders should be explaining and making the people come on board in to the journey, which is the most important part. It’s not the end of the journey that matters, I think it’s the journey itself that matters.
00;22;18;25 – 00;22;34;20
Costin Mincovici
And what drives me? I’m trying all the time to find the unknown and in the end, what’s important for me and this is both in the professional life, but also personal life, is seeing the others growing.
00;22;34;21 – 00;22;54;29
Frode Berg
That’s fantastic. Well, it’s been a real pleasure having you and listening to your perspective on both disruption in the industry and also definitely hearing your thoughts on leadership. Costin, very much a big thank you from us for joining our Disrupter Sessions and I look forward to continuing working with you.
00;22;55;20 – 00;23;01;25
Costin Mincovici
Thank you as well, Frode, and thank you the entire Provenir team. tbi is happy to work together with you.
00;23;02;20 – 00;23;32;16
Frode Berg
And to all who have tuned in for today’s episode, we appreciate your support. We hope you came away with some new insights on mobile-first banking and the ways tbi Bank is influencing the future of financial services in the region. You can find all of our episodes on Provenir.com or wherever you get your podcasts. Thanks for listening.
PODCAST
In this mini episode, our North America host and Executive Vice President of Americas, Kathy Stares, finds herself in the hot seat. She shares insights on the transformative power of alternative data, the tech that enables it, and what we really mean when we talk about intelligent financial services.
Featuring: Andrea Neufeld, Head of Global Client Operations, Flinks & Kathy Stares, Executive Vice President, North America.
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BLOG
It’s more critical than ever to be at the top of your game – whatever financial services you offer. Sure competition has increased and evolved, but so have consumer expectations. With near-instant access to just about everything and an abundance of personalized recommendations (what to watch/eat/wear/buy/scroll to next), consumers expect their financial services offerings to be the same. Quick, easy, and above-all else, personalized. According to The Financial Brand, 31% of consumers will switch primary financial services providers over things like fee levels, rewards, security issues and convenience. Sixty-six percent of customers also expect companies to understand their unique needs and expectations, but only 32% of executives say they have the ability to turn data into personalized prices, offers, and products in real-time across various channels and touchpoints.
The current economic climate (really, whenever you’re reading this!) makes this personalization even more crucial. Times are tough. On top of the lingering after-effects from the global-health-crisis-that-shall-not-be-named, the world is facing high inflation and interest rates, continued supply chain disruptions, ongoing political unrest, and that R word (recession) that lingers as a topic at the (remote) water cooler. Consumer and commercial debt levels continue to climb and for many financial services customers, that means a significant shift in buying behaviors. Whether it’s needing to access more credit and increasing defaults, or putting off mortgage and auto lease renewals, the bottom line is that acquiring new customers, whatever your financial services offering, is increasingly challenging. (And we haven’t even touched on the sharp rise in competition. As Forbes puts it, “Fintech and open finance have changed the landscape across multiple consumer financial functions. In recent years, fintech startups have been challenging traditional banks and financial institutions.”)
What it all really means is that while it’s still critical to remain competitive and win new customers, it’s just as critical to retain your existing ones. And there are some key ways to do this. We’ll look at some reasons (and methods) to improve the customer experience and what your risk decisioning platform has to do with maximizing customer value across the entire lifecycle.
Further to that, providers can use data to make more personalized decisions across the entire customer lifecycle, including:
Providing diverse and tailored financial products and services allows providers to better retain customers whose preferences and needs vary over time, by anticipating their needs before they do.
Managing risk decisions for financial services providers is about far more than just determining creditworthiness at origination. Often onboarding gets the most attention from decisioning solutions, but it’s only one piece of the puzzle. There are numerous other risk decisions to be made through the lifecycle of your customers – including the previously mentioned renewals/upsells/cross-sells, compliance and fraud, and of course, pre-collections/collections strategies. The issue with focusing more energy, effort, and money on onboarding solutions is that you can actually maximize the value of your customers if you also up your game with regards to those other risk decisions. And often these different risk decisions are managed in different ways, through different teams, with different data sets and risk models, via different decisioning solutions. Which makes it incredibly difficult to integrate and orchestrate a number of diverse data sources, keep track of how your risk models are performing, and manage your overall risk at a strategic level.
Eliminating disparate, siloed environments and bringing your risk decisioning into one holistic, AI-powered solution ensures optimal efficiency and effectiveness of all of your risk decisions.
There is immense reward in focusing on both maximizing the value of your customers and ensuring more holistic risk decisioning across the entire lifecycle. And thankfully, they go hand in hand! Because when you have the right risk decisioning solution you can make sophisticated, AI-driven decisions across identity, fraud, and credit enable more personalized, optimized experiences for your customers. Everyone wins!
For more info on how to choose the right risk decisioning platform for your specific needs, check out our new Buyer’s Guide. It shares more insights on using AI-powered decisioning, the role data plays in decisioning success, and the key capabilities to look for in a risk decisioning solution.
NEWS
Financial regulation is ever evolving across all subsectors. As embedded finance grows, it is one space that is sure to see regulations change rapidly across all regions. To understand how barriers may change for embedded finance organisations in the future, The Fintech Times reached out to the experts, including Chris Kneen, Managing Director, UK & Ireland at Provenir. Read Chris’ insights into how barriers differ for larger financial institutions vs newer industry entrants.
What is a decision engine and how does it help your business processes?
NEWS
The Fintech Times recently tapped Chris Kneen, Managing Director for the UK & Ireland at Provenir, for his insights into how embedded finance can help improve financial inclusion. Check out Chris’ perspective, along with other industry leaders’, on how embedded finance can enable seamless access to financial services for all.
What is a decision engine and how does it help your business processes?
PODCAST
Get the whole picture with a quick, insightful look at emerging technology and the future of fintech with Provenir’s Chief Product Officer, Carol Hamilton, and Finovate’s VP and Director of Fintech Strategy, Greg Palmer.
Listen to the full fireside chat here.
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Carol Hamilton, Chief Product Officer, Provenir
Greg Palmer, VP and Director of Fintech Strategy, The Finovate Group
NEWS
EY estimates that the market size of global embedded finance will grow from $265 billion in 2021 to $606 billion as early as 2025. Super apps are one specific area that looks ready to explode worldwide. The Fintech Times asked experts, including Frode Berg, Managing Director of Europe for Provenir, what factors have driven the success of super apps already. Frode shares his perspective on how super apps can expand economic opportunities and possibilities on several levels while transforming the user experience.
What is a decision engine and how does it help your business processes?
ON-DEMAND WEBINAR
The need is clear for financial institutions and fintechs to invest in modernized and digitized core lending functions such as credit decisioning, fraud, and process automation. World-class digital lending experiences are no longer a nice-to-have, but an expected feature. One of those expected features is embedded finance.
Two-thirds of adults in the UK used embedded financial services in 2022, and giving consumers the embedded omnichannel finance features they want is essential to increase loyalty and grow your business. Just take it from the 80% of companies that offer embedded finance that experienced increased engagement and the 85% that used embedded finance to acquire new customers.
But how can your technology power embedded financial services that cater to customer needs while continuing to prioritize risk management? Watch this on-demand webinar from Provenir and AltFi to explore this question and learn real-world tactics and solutions to balance growth and risk.
Our panel will dig into the power of AI and data-driven credit risk decisioning technology to deliver smooth, personalized embedded finance experiences that make borrowers return and build a foundation for long-term customer relationships. Explore the challenges and opportunities of embedded lending and discover how to:
Head Of Business Development, NewDay
CEO And Co-founder, Fluro
Managing Director UK&I, Provenir
