Super Apps Success with FintechOS, Wildfire Systems, Provenir, Agent IQ and Yoosr
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.
Alternative data helps lenders score previously difficult-to-serve groups like thin- and no-file customers. Lenders seeking to serve those client groups need the right technology in place. In this interview with Fintech Nexus, Kathy Stares, Executive Vice President, North America for Provenir, discusses the value of alternative data, the types of technology needed to extract the most value and how organizations can prepare to best leverage insights from alternative data and maximize their benefits from technology.
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 adultsin 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:
Tailor lending solutions to enhance the borrower experience with personalized offers including loan amount, interest rates, and repayment terms
Automate lending processes such as loan underwriting and risk assessment with AI and machine learning
Leverage customer data such as financial data, credit history, and behavioral data for more accurate risk assessment and increased financial inclusion
Balance risk management and customer experience to optimize the risk decisioning process to cover regulatory compliance and fraud prevention while enhancing customer satisfaction Delight customers with instant approvals and seamless, embedded application processes
Provenir Shortlisted as Finalist for Asia Fintech Awards’ LendTech of the Year
SINGAPORE, July 6, 2023 – Provenir, a global leader in data and AI-powered risk decisioning software, today announced that its Data and Decisioning Platform has been shortlisted as a finalist in the “LendTech of the Year” category for this year’s Asia Fintech Awards, an industry award that celebrates Asia’s fintech community.
Provenir’s Data and AI-Powered and Risk Decisioning Platform was evaluated based on its ability to meet customers’ needs and requirements, how it can achieve critical mass, and the innovative aspects developed to bring the product to market.
“We are thrilled to be recognised as a finalist for this awards program that celebrates the best and brightest of APAC’s fintech community,” said Bharath Vellore, General Manager of Provenir for APAC. “This reflects our growing commitment in Asia to empower lenders in each market with world-class decisioning, comprehensive data and advanced analytics to improve credit assessment on consumers, supporting the underserved population with more equitable lending decisions and providing SMEs access to finance their working capital.”
Winners of this year’s awards will be announced at Asia Fintech Awards’ ceremony on August 24 at the Hilton Singapore Orchard.
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Improving Lenders’ Consumer Duty Through Data & Technology
With the new Customer Duty legislation due to come into force on the 31st of July, the Financial Conduct Authority (FCA) is attempting to establish higher and clear standards for consumer protection.
To comply, both traditional financial institutions and nimble fintechs must embrace flexible technology solutions. Frode Berg, Managing Director for Europe at Provenir, reflects on the unique advantage AI-powered credit risk decisioning provides in ensuring compliance, mitigating fraud and customizing lending solutions for a better customer experience.
“Provenir congratulates B Generous for being recognized for exceptional technical ingenuity and breakthrough innovation,” said Kathy Stares, Provenir’s Executive Vice President for North America. “Provenir is proud to be the credit decisioning platform provider that is helping support B Generous’s vision to transform the world of philanthropy and put real substance behind the ‘paytech for good’ movement.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Provenir Congratulates B Generous on 2023 PayTech Awards Win
Creator of the world’s first philanthropic credit product takes home top honors in the “PayTech for Good” category
Parsippany, NJ — July 5, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today congratulated its customer B Generous for winning the “PayTech for Good” category of the PayTech Awards 2023.
The PayTech Awards celebrate and recognize outstanding achievements in the use of technology in the finance and payment industry worldwide. The “PayTech for Good” category recognizes technology providers that actively put the wider community first and demonstrate the values of connection, collaboration, and generosity above and beyond the usual confines of business goals.
B Generous developed the world’s first philanthropic credit product – the groundbreaking Donate Now, Pay Later™ (DNPL) platform – which enables donors to finance their donation over time without having to pay anything out-of-pocket at the point of donation. Donors get the full tax deduction right away; the nonprofit receives the full funds immediately, while the donor gains the flexibility to pay in installment payments over 3, 6 or 9 months with no interest or fees.
DNPL fundamentally solves the liquidity problem for nonprofits, without putting pressure on donors’ finances, allowing people to give what they want, not merely what they feel constrained to give. B Generous donors give $460 on average – 260% greater or 3.5x more than the average charitable donation of $128.
B Generous’s DNPL offering involves an instant soft credit check. Once completed, offers are presented with loan terms with no interest or fees and no impact on donors’ credit scores. This is executed in near real-time, through use of the Provenir AI-Powered Data and Risk Decisioning Platform, which offers a streamlined single point of access to myriad bureaus and data sources for more accurate credit decisioning.
“Provenir congratulates B Generous for being recognized for exceptional technical ingenuity and breakthrough innovation,” said Kathy Stares, Provenir’s Executive Vice President for North America. “Provenir is proud to be the credit decisioning platform provider that is helping support B Generous’s vision to transform the world of philanthropy and put real substance behind the ‘paytech for good’ movement.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Fintech For Good: Fact or Fantasy? With Milken Institute, Provenir, Nav and ClearBank
The words “fintech for good” get thrown around a lot. But does the phrase have any legs – or is it just a collective industry pipe dream. In this series from The Fintech Times, Kim Minor, Senior Vice President, Global Marketing at Provenir, shares how fintech is helping reinvent the business of giving for the nonprofit sector.
Highly skilled analyst work, at speed and scale. Xapien is a simple-to-use AI platform for anyone who needs to truly know their customer. It delivers comprehensive, executive level EDD reports in minutes not days, delivering consistency across teams and enabling rapid decisions.
Truly know your customer. Xapien’s AI goes beyond watchlist screening, scouring the length and breadth of the internet, reading and analyzing millions of sites, records and articles on your behalf. So you can truly know your customer.
“With Xapien, a day’s worth of research takes 12 minutes. Compliance is now the business enablement department, rather than the business prevention department.”
Identify Risk, Accelerate Trust, Engage Faster
It is currently difficult, expensive, and time-consuming to gather meaningful and relevant information on who you do business with. Existing risk and compliance tools rely on data sets and cover tick-box compliance, but don’t provide insight. Xapien is a simple-to use online platform that fully automates online research so you can make sound, fact-based judgements. Xapien reads and analyzes information from millions of disparate online media, news articles, leak sites, corporate records, and more, so you don’t have to. You’ll receive meaningful insights, set in context. Simply enter the name of your subject, some brief context and press Go. In minutes, you will have an executive-level report.
Xapien works around the clock, in any language, making thousands of decisions, so you only have to make one.
Credit underwriting is when financial institutions (like banks, fintechs, credit unions or credit card companies) evaluate how creditworthy an individual or business is for the purpose of determining if they should be able to access credit. Typically, the credit underwriting process is kicked off when an individual consumer or a business applies for a form of credit, which could be anything from a credit card or business loan, to a mortgage or auto lease. The main objective of credit underwriting is determining how risky it is to lend to the applicant – in other words, how likely they are to pay back the loan or otherwise meet their credit obligations. A number of factors are usually considered when determining creditworthiness, including credit score, income, and debt ratio as examples. Credit underwriting evaluates the creditworthiness, but also helps determine the specific terms and conditions of the loan, including interest rates and credit limits.
What exactly is a Credit Underwriting Engine?
Sometimes referred to as a decision engine, or automated credit risk decisioning, a credit underwriting engine is a software application that automates the entire credit risk assessment process. It takes data from a variety of sources, including credit bureaus, bank statements, and alternative sources like social media profiles and utility payment info, and uses algorithms or risk models to analyze the data and generate a credit score or risk rating. This credit score or risk rating/profile is a way of determining an applicant’s creditworthiness. Based on the appliant’s overall risk profile and the parameters set out by the lender, it is then determined whether to approve or reject a particular credit application, and if approved, to set the specific terms of the loan.
In a nutshell, credit underwriting engines are computer programs that use data and risk models/algorithms to quickly assess the creditworthiness of loan applicants. They are becoming increasingly popular in the financial industry, especially among lenders who need (or want!) to process large volumes of credit applications quickly and accurately. In this guide, we will explain the key features and benefits of credit underwriting engines and offer some tips on how to choose the right one for your business.
Key Features of Credit Risk Underwriting
Some of the key features of automated credit risk underwriting processes include:
Data Integration: The ability to pull data from a variety of sources, including credit bureaus, bank statements, and social media presence – which is key to more holistically assessing an applicant’s risk level.
Data Analysis: The ability to analyze data using advanced algorithms and machine learning techniques to identify patterns and trends.
Risk Assessment: The ability to generate a credit score or risk rating that reflects the applicant’s creditworthiness as determined by the particular parameters set out by the lender.
Customization: The ability to customize the underwriting engine to meet the specific needs of the lender (which may include different criteria for a variety of product offerings, regions, etc.).
Real-Time Decision Making: The ability to make real-time, accurate loan decisions based on the credit score or risk rating.
Benefits of Credit Risk Underwriting Engines
Credit underwriting engines offer several benefits to lenders, including:
Increased Speed and Efficiency: Credit underwriting engines can process loan applications much faster than traditional underwriting methods, allowing lenders to say yes to more customers and grow their revenue.
Improved Accuracy: Automated credit risk underwriting processes use advanced algorithms and machine learning techniques to analyze data, which reduces the risk of human error and improves the accuracy of loan decisions.
Better Risk Management: Credit risk underwriting provides lenders with a more accurate assessment of the applicant’s creditworthiness, which helps them make better lending decisions and reduces the risk of defaults.
Increased Customer Satisfaction: Automated credit underwriting provides faster loan decisions and a more streamlined application process, improving customer satisfaction and retention.
Choosing the Right Credit Underwriting Engine
hen choosing a credit underwriting engine, it is important to consider the following factors:
Data Sources: Ensure you can easily integrate the data sources you need to make accurate lending decisions. Look for underwriting engines that can integrate a variety of types of data sources via a single API for maximum efficiency.
Customization: Look for an underwriting engine that can be customized to meet the specific needs of your business, whether it’s customer thresholds, regional differences, or your particular variety of product offerings.
User Interface: Choose an underwriting engine with a user-friendly interface that is easy to navigate and use, which will limit the amount of reliance on vendors or your IT team when you want to make changes to your decisioning workflows.
Cost: Consider the cost of the underwriting engine and make sure it fits within your budget, but be sure to factor in the increased revenue from faster, more accurate risk assessments when looking at expected ROI versus initial investment.
Technical Support: Can the underwriting engine provider offer technical support and training to ensure your team can use the software effectively?
A credit underwriting engine is a powerful tool for lenders looking to streamline the loan application process, whether for consumer lending or commercial credit underwriting and ensures more accurate lending decisions. They offer a range of benefits, including increased speed and efficiency, improved accuracy, better risk management, and increased customer satisfaction. If choosing the right partner seems daunting, consider the factors we’ve outlined when looking at providers. Above all else, look for a provider that can offer you seamless data integration and an easy-to-use interface so you can make changes quickly and easily as market needs and consumer demands evolve. Because if you aren’t meeting the needs of your loan applicants quickly, your competitors will.
Want More Info on the Value of Automated Credit Decisioning?
Provenir Awarded Best AI-Driven Credit Decisioning Solution Provider of the Year at Annual Africa Bank 4.0 Awards for North Africa
The company’s Data and AI-Powered Risk Decisioning Platform offers a streamlined single point of access to credit bureaus and data sources for more accurate credit decisioning
London, UK – June 23rd, 2023 – Provenir, a global leader in data and AI-powered risk decisioning software, today announced that it has been awarded the Best AI-Driven Credit Decisioning Solution Provider of the Year at the annual Africa Bank 4.0 Awards for North Africa.
The Africa Bank 4.0 Awards recognises the pioneers and visionaries who are transforming the fintech industry and making financial services in Africa more accessible, innovative, convenient and affordable. Every year, they acknowledge the startups, banks and technology providers that are developing breakthrough technologies focused on financial inclusion.
Provenir’s data and AI-powered risk decisioning software allows businesses worldwide to easily create automated decisioning workflows across the entire customer lifecycle, integrate these workflows with data through a simplified single-API process, and apply AI to all data to automate the development of new credit risk models. From loan origination to merchant onboarding, Provenir’s software enables businesses to make smarter risk decisions across compliance, fraud and credit. Provenir is dedicated to redefining banking services and products by catering to the unique needs of the unbanked and underserved populations in Africa, leveraging alternative data and advanced analytics to catalyse financial inclusion while reducing risk and preventing fraud.
“We’re proud to be recognized in this year’s Africa Bank 4.0 Awards in North Africa for our industry-leading credit risk decisioning solutions,” said Adrian Pillay, Vice President of Sales, MEA, at Provenir. “The current approach to determining credit risk profiles using only traditional data unfairly impacts the unbanked population. At Provenir, we’re committed to setting the benchmark when it comes to providing tools that enable real-time decisioning processes and put financial inclusion at the heart of financial services. Our unique AI-driven solution enables lenders to leverage data quickly, simply and affordably to make better credit decisions.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
