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Industry: Loans

The History of Lending

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The History of Lending

Technology and the Democratization of Lending

Did you know that the earliest form of Buy Now, Pay Later dates back to the 19th century, when consumers were able to purchase expensive goods (like furniture and farm equipment) on installment plans? While modern lending is often thought of as, well, modern, some of the technologies that impact our current financial services landscape have much older roots. Check out the infographic for some interesting factoids on the history of lending, the rise of modern technology, and just how far we’ve come in the world of lending.

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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The History of Credit Scores: Infographic

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The History of Credit Scores

The term ‘credit score’ is often thrown around when it comes to financial services and products, but what does it really mean?

There’s a lot to know about how credit scores impact the way the average person goes about their day-to-day life. Whether you’re signing up for your first credit card or looking to apply for a mortgage, your credit score plays a huge role in determining whether you’ll be able to achieve some of your financial goals. 

Something just as important – and a term as equally thrown around – is a credit report. Your credit report determines how much interest you’ll have to pay back on loans, credit cards, and mortgages and whether you’ll be approved for them in the first place. 

Credit scores and reports as we know them have only been around for a few decades but are part of a long history of merchants, lenders, and decision engines. Here, Provenir explores when credit scores were invented, how they’re calculated, and how consumer credit reporting works, so you can know more about your money. 

Read on for your no-nonsense guide to all things credit.

When were credit scores invented and how does credit scoring work?

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RESOURCE LIBRARY

AFJ

NEWS: A technology-d...

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global fintech series

NEWS: The Shifting C...

The Shifting Consumer Credit Landscape Necessitates Credit Decisioning Platforms ...
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Datos Insights Spotlights Best-in-Class Data and Fraud Orchestration Capabilities ...
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All-Inclusive Experiences: Make Smarter Decisions Faster with a Risk Decisioning Ecosystem

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All-Inclusive Experiences

Make Smarter Decisions Faster with a Risk Decisioning Ecosystem

In today’s digital-first world you know that you need to make smarter decisions that keep you ahead of risks without sacrificing your industry-leading consumer experience. You also know that saying ‘yes’ to the right people in real-time takes more than a simple decisioning tool.

To innovate, thrive, and disrupt in an increasingly competitive market you need to be able to get to market quickly, learn from your data, and iterate—all on your timeline. You need technology that empowers you to create a risk decisioning ecosystem where data, decisioning, and analytics all work together to drive business growth and agility.

Introducing the Provenir AI-Powered Risk Decisioning Platform

In our latest eBook we explore the technology that you need to supercharge your decisioning and how combining these tech features into one cohesive ecosystem will set you apart from your competitors.

Download the eBook now to learn:

  • how simplified integration and access to data on-demand from 600+ sources, including credit risk, fraud, open banking and alternative data, makes your risk decisioning more accurate
  • why a single UI with no-code UX is vital to business agility and speed to market
  • how real-time views of decisioning, performance and third-party data empower you to innovate faster

Ready to get the all-inclusive credit risk decisioning experience you’ve been waiting for?

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

Read the Blog

RESOURCE LIBRARY

AFJ

NEWS: A technology-d...

A technology-driven approach puts the brakes on auto-lending fraud ...
global fintech series

NEWS: The Shifting C...

The Shifting Consumer Credit Landscape Necessitates Credit Decisioning Platforms ...
datos report

Datos

Report Beyond Point Solutions: Orchestrating the Future of Fraud ...
datos insights

Datos PR

Datos Insights Spotlights Best-in-Class Data and Fraud Orchestration Capabilities ...
maslow

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europe mortgages

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Top Mortgage Lending Trends in the UK and Europe: ...

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Welcome Home: The Benefits of Unified Access to AI-Powered Decisioning + Data

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Welcome Home: The Benefits of Unified Access to AI-Powered Decisioning + Data

What if your decisioning technology came with the same benefits as a smart home system?

Are you working with multiple products, vendors and UIs in order to make decisions? What if you could have a single user interface to manage all of your technology solutions and save you from a disjointed, incomplete view of the credit risk lifecycle?

Check out our latest eBook and discover how one unified solution for data and AI-powered decisioning can change the way you think about your risk strategy. And bring you to the forefront of tech innovation, just like today’s smart homes.

Learn how unified access offers:

  • Built-in controls to manage risk, security and identity
  • Preconfigured data integrations to get you up and running quickly and easily
  • Flexibility to expand as your needs evolve
  • Automation to improve efficiency and power better user experiences

Ready to get smarter?

The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

Read the Blog

RESOURCE LIBRARY

AFJ

NEWS: A technology-d...

A technology-driven approach puts the brakes on auto-lending fraud ...
global fintech series

NEWS: The Shifting C...

The Shifting Consumer Credit Landscape Necessitates Credit Decisioning Platforms ...
datos report

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Report Beyond Point Solutions: Orchestrating the Future of Fraud ...
datos insights

Datos PR

Datos Insights Spotlights Best-in-Class Data and Fraud Orchestration Capabilities ...
maslow

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Replacing Your Legacy Credit/Loan Application Processing Software

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Replacing Your Legacy Credit/Loan Application Processing Software

Your business has moved on, did your processing solution keep up?

Before The Gap was an international clothing brand, it was a small record store in San Francisco’s Lakeside district.

Similarly, tech giants LG got their start selling cosmetics, toothpaste and other personal hygiene products.

That’s right.

LG was originally the Lak-Hui Chemical Industrial Company.

There are dozens of stories like these. Businesses grow and evolve over time. And while you might never pivot as dramatically as The Gap or LG, your products and services have and will continue to evolve to meet new market demands.

It goes without saying, but if you shift your offering, expand into new markets, or even grow, your current software may no longer meet your needs. And while it can be tempting to try and adapt existing technology to meet current business requirements, it’s often like trying to fit a square peg into a round hole. When assessing the long-term feasibility of your existing loan application processing solution ask the following questions:

  1. What’s the cost of maintaining the current system?
  2. How much will it cost to make significant changes to meet new business needs?
  3. How long does it take to make changes?
  4. Is it making you less competitive?
  5. Do you rely on the vendor to make key updates?

Over time, keeping your software operating smoothly will cost much more than investing in new technology.

Don’t believe it?

Consider this. Outdated technology cost businesses $1.8 trillion in wasted productivity in 2016.

Is your software making you more, or less, competitive?

Can your current solution:

  • Be adapted to new business processes?
  • Support a growing number of users?
  • Automate repetitive tasks?
  • Handle operations on a bigger scale?
  • Power a first-class consumer experience?
  • Enable business users to make changes quickly?
  • Make integration to data sources and other tech solutions easy?

    Your credit application processing solution should power not impede business growth and help make you more competitive. If you’re constantly fighting the system to make changes, waiting on integrations due to complex coding, or sacrificing the consumer experience because the system can’t support instant approvals, then it’s time to make a change. Why? Because, if you can’t make changes quickly your business is exposed to increased risk and missed opportunities.

    Consumers demand instant decisions and the best user experience. For today’s tech savvy customer making them wait more than a few seconds for a loan decision is like expecting them to go back to the days of dialup internet. While it used to be fine to wait a minute for the internet connection to kick then another minute for a website to respond, it’s now considered slow if a website isn’t visible in just a couple of seconds. If you continue to use the ‘dialup’ of loan application solutions, expect your customers to have found an alternative option before the modem even starts to warble!

    Telltale signs your credit/loan application processing system is past its sell-by date include:

    • You rely on your dev team to make simple changes
    • Making sure it works properly is becoming increasingly expensive
    • Waiting on changes is slowing down business growth
    • It can’t scale to meet your business needs
    • It’s preventing you from making real-time decisions
    • Tie-dyed t-shirts, leisure suits, and mullets were acceptable fashion choices when you first started using the software

      What should you look for in a replacement?

      The benefits of replacing a legacy system far outweigh the temporary inconvenience of implementing a new loan application processing system, but how do you know which replacement solution to select?

      Here are five key things to look for in a replacement:

      1. A low-code solution – Low-code solutions allow you to configure, maintain and even create new processes without having to rely on your dev team. Instead, you can drag and drop different components to make changes quickly and easily. The right low-code solution can reduce or eliminate the delays caused when business teams have to rely on over-burdened dev teams or the solution vendor to make updates.
      2. Simplified integration capabilities – Integration, whether it’s to internal or external sources, is a challenge for many businesses but it shouldn’t be. Your credit application processing solution should make integration easy, so when new integrations are needed, which they will be, the reliance on dev involvement will be minimal and business users can take the lead.
      3. Advanced automation options – Process automation is a vital component to powering business growth and ensuring a first-class customer experience. Your new solution should make it easy to automate processes and also enable you to reuse automation components across multiple business processes.
      4. Scalability – You would never invest in a one bed property if you knew you’d need something bigger in a few weeks. So, why treat a processing solution any differently? If you’re investing the time and money in changing solutions you should choose one that you can keep for many years, which means picking one that is able to scale as your business grows!
      5. Flexibility – It’s impossible to predict what changes your business will need to adapt to in the future, so your credit application processing solution needs to be flexible enough to allow your business to remain agile. For example, Provenir’s simple drag and drop interface, allows you to build new tools easily when you need them, allowing the business to respond to changing markets and take advantage of new opportunities as they arise.

      Wrapping Up

      Saying goodbye is never easy. But when you find a credit application processing system that configures to your needs with minimal coding, integrates at lightning speed, and that actually makes your life simpler, you won’t regret making the change.

      After all, the (first) end of Michael Jordan’s basketball career brought a triumphant return, a record-breaking winning season, three championships (and how dare we forget about Space Jam). And, the end of Genesis, as the world knew it, brought Phil Collins’ solo career. What would the world be without that rendition of True Colors?

      Endings are just the opportunity for something new. It’s time to take the leap!

      The Ultimate guide to Decision Engines

      What is a decision engine and how does it help your business processes?

      Take a look


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      2022 Global Fintech Agenda

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      2022 Global Fintech Agenda

      What’s driving the agenda for fintechs and financial services in 2022?

      Pulse and Provenir surveyed 400 decision-makers in fintechs and financial services organizations globally to find out what they believe will be the biggest challenges, opportunities and trends of 2022 and how they plan to address them with data, AI and decisioning.

      The Ultimate Guide to Decision Engines

      What is a decision engine and how does it help your business processes?

      Read the Blog

      RESOURCE LIBRARY

      AFJ

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      Auto Financing – Drive a Better Consumer Experience

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      Auto Financing – Drive a Better Consumer Experience

      Auto Financing – Drive a Better Consumer Experience

      Did you know that all it takes is 90 minutes in a dealership for customer satisfaction to decline? Whether your customers are purchasing cars, trucks, motorcycles, RVs or even boats, the faster and smoother you can make the experience, the better. Get in the fast lane and discover how to accelerate the auto lending experience with automated risk decisioning tools.

      Make your auto financing process more like Netflix, and less like Blockbuster. Download our ‘Netflixing Auto Financing’ eBook to learn more.

      Ready to accelerate your auto financing strategy?

      Get the guide

      RESOURCE LIBRARY

      AFJ

      NEWS: A technology-d...

      A technology-driven approach puts the brakes on auto-lending fraud ...
      global fintech series

      NEWS: The Shifting C...

      The Shifting Consumer Credit Landscape Necessitates Credit Decisioning Platforms ...
      datos report

      Datos

      Report Beyond Point Solutions: Orchestrating the Future of Fraud ...
      datos insights

      Datos PR

      Datos Insights Spotlights Best-in-Class Data and Fraud Orchestration Capabilities ...
      maslow

      Intelligent Response...

      ProvenirNEXT: Roundtable Intelligent Response to the Changing Face of ...
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      Datasheet: Accelerate Auto Financing

      DATA SHEET

      Accelerate Auto Financing

      Drive More Business with Provenir

      Automated data aggregation and decisioning, real-time time approvals and advanced analytics – learn more about accelerating the auto lending process for a superior customer experience.

      Ready to accelerate your auto financing strategy?

      Get the guide

      RESOURCE LIBRARY

      AFJ

      NEWS: A technology-d...

      A technology-driven approach puts the brakes on auto-lending fraud ...
      global fintech series

      NEWS: The Shifting C...

      The Shifting Consumer Credit Landscape Necessitates Credit Decisioning Platforms ...
      datos report

      Datos

      Report Beyond Point Solutions: Orchestrating the Future of Fraud ...
      datos insights

      Datos PR

      Datos Insights Spotlights Best-in-Class Data and Fraud Orchestration Capabilities ...
      maslow

      Intelligent Response...

      ProvenirNEXT: Roundtable Intelligent Response to the Changing Face of ...
      Charlotte Street Hotel, London

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      ProvenirNEXT: Roundtable Intelligent Response to the Changing Face of ...
      The State of AI, Risk, and Fraud in Financial Services

      The State of AI, Ris...

      The State of AI, Risk, and Fraud in Financial ...
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      Top Mortgage Lending...

      Top Mortgage Lending Trends in the UK and Europe: ...

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      Datasheet: Thrive in Buy Now, Pay Later

      DATA SHEET

      Thrive in Buy Now, Pay Later

      Real-time onboarding. Integrated fraud checks. Smarter decisioning.

      Advanced automation, analytics, decisioning and integration capabilities – learn more about streamlining complex processes and creating a superior customer experience.

      Back to the Future: 8 Features of Fast and Future-Proof BNPL Technology

      Get the eBook

      RESOURCE LIBRARY

      AFJ

      NEWS: A technology-d...

      A technology-driven approach puts the brakes on auto-lending fraud ...
      global fintech series

      NEWS: The Shifting C...

      The Shifting Consumer Credit Landscape Necessitates Credit Decisioning Platforms ...
      datos report

      Datos

      Report Beyond Point Solutions: Orchestrating the Future of Fraud ...
      datos insights

      Datos PR

      Datos Insights Spotlights Best-in-Class Data and Fraud Orchestration Capabilities ...
      maslow

      Intelligent Response...

      ProvenirNEXT: Roundtable Intelligent Response to the Changing Face of ...
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      Intelligent Response...

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      The State of AI, Risk, and Fraud in Financial Services

      The State of AI, Ris...

      The State of AI, Risk, and Fraud in Financial ...
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      Top Mortgage Lending...

      Top Mortgage Lending Trends in the UK and Europe: ...

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      Back to the Future: 8 Features of Fast and Future-Proof BNPL Technology

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      Back to the Future: 8 Features of Fast and Future-Proof BNPL Technology

      Discover the technology features that will help you thrive in the rapidly evolving BNPL market

      Over the past year Buy Now, Pay Later products have gone from an interesting new option to a household staple. And, like any emerging market, the products and the regulations that govern them are evolving quickly. As BNPL providers take bigger and bigger bites out of the $8 trillion credit card industry, both credit card providers and innovative startups are taking notice. To compete and thrive, you need technology that doesn’t just get you to market quickly, but that also prepares you for what the future of BNPL holds.

      In our latest eBook, we explore the 8 decisioning and analytics technology features that will prepare you to:

      • Power world-class onboarding experiences
      • Access and use the data you need to make smarter credit decisions
      • Rapidly adapt processes to comply with evolving regulations

      Download the eBook today to discover what tools you need to get ahead and stay ahead as BNPL grows its market share!

      Our Customers are Disrupting the Industry – See how

      The Ultimate Guide to Decision Engines

      What is a decision engine and how does it help your business processes?

      Read the Blog


      LATEST BLOGS

      Continue reading