NEWS
Being told she wouldn’t be promoted because “senior positions are for men” incentivized Mei Ye, Head of Pre-Sales (APAC) at Provenir, to change careers. Mei shares her journey and perspective on the importance of mentors and mistakes.
What is a decision engine and how does it help your business processes?
BLOG
With the ever-evolving landscape of financial technology, consumer lending has never been more accessible and efficient – in large part, due to fintech innovation. With a global consumer credit market size of $11 billion, rapidly growing middle classes in emerging markets, and economic uncertainty affecting us all, the opportunity for lenders to tap into the consumer need for credit is immense.
Across the broad spectrum of consumer lending, fintechs are answering the call and disrupting the traditional. No credit score? No problem. Worried about missing payments? You’re covered. From a company supporting gig workers around the world to a credit card for foodies, these ten fintechs are shaking up auto lending, BNPL, credit cards, mortgages, and retail/POS.
| Lendbuzz – USA | If you’re new to credit, it can be difficult to get approved for auto financing. Lendbuzz is here to change that. The fintech proves a simple and fast application process that assesses creditworthiness with data beyond just your credit score. Working directly with auto dealerships, Lendbuzz offers personalized loans and instant decisions, taking you through the process from start to finish. |
| Moove – EMEA and India | Founded in Nigeria in 2020, Moove is a global startup that aims to democratize access to vehicle ownership for “mobility entrepreneurs” across Africa, the Middle East, Europe, and India. Tackling the high barrier to vehicle financing that millions face, especially in emerging markets, Moove uses a revenue-based financing model to offer car loans that drivers then pay off through their ridesharing app. |
| ShopBack (formerly Hoolah) – Southeast Asia and Australia | Singapore-born ShopBack is a fintech that provides improved shopping experiences to consumers and broader reach and shopper engagement to brands and retailers. Operating across APAC, their integrated BNPL service allows you to pay off purchases in installments of three, which can be combined with features such as cashback and prepaid retail vouchers. ShopBack hopes to make shopping “more rewarding, delightful, and accessible.” |
| Nelo – Mexico | If you want to buy now, pay later at Mexico’s top merchants, you want to download Nelo’s top-rated app – it’s the first of its kind in the region, enabling shoppers to pay in installments with a virtual card generated at checkout. And through the company’s partnership with Mastercard, you can use it at any online merchant. You can also use it to finance everyday expenses like utilities and other bills, a mark of BNPL innovation and a sign of how the segment is likely to evolve. |
| Cred.ai – USA | Cred.ai is an AI-powered credit card designed to help users build credit while mitigating missed payments. The fintech sets up automated spending limits, helping you spend within your means, and their proprietary underwriting model means you don’t need a FICO score to apply. The card itself is metal, unicorn-themed, and free for approved applicants. It works best with their digital banking product and comes with features like an early paycheck (called flux capacitor) and digital “self-destruct” cards called stealthcards. |
| Yonder – London | A rewards credit card “great for expats and immigrants,” Yonder is a rewards credit card that boasts no foreign exchange fees, worldwide travel insurance, and you can apply without a UK credit score. Leveraging open banking technology, the credit card is able to focus on financial inclusion while rewarding users for the experiences that enrich their lives, whether it’s travel or dining at Yonder’s curated restaurant partners around London. |
| Hypofriend – Germany | Hypofriend was founded to simplify and personalize the process of getting a mortgage for Germans. They use advanced technology to analyze your optimal finance strategy while predicting bank decisions in order to connect you to a personalized mortgage offer from a lender that fits your needs. The Hypofriend team is also there to advise from start to finish, demystifying the complex process and providing transparency to support more financial literacy and understanding. |
| HomeCrowd – Malaysia | Focused on helping Millennials in Malaysia achieve the dream of owning a home, HomeCrowd uses holistic, data-driven credit scoring to match mortgage applicants with peer-to-peer (P2P) lenders on a blockchain-powered, Web3 platform. The company is the first in the country to be licensed and regulated for P2P lending specifically for mortgages and consumer financing by the government. |
| Blink – Egypt | Did you know that less than 4% of Egyptians have access to credit cards? The majority of Egyptians must rely on savings or finance purchases with high-interest loans. Blnk is here to change that – they enable any consumer to receive instant credit at the point-of-sale. Their current network of merchants includes over 300 businesses and the fintech has already disbursed over $20 million in loans. |
| Acima – USA | US-based Acima offers consumers lease-to-own solutions as an alternative to traditional retail financing. You don’t need credit to apply and your credit score isn’t affected. Simply lease the furniture, electronics, or any other item you want to purchase and “rent” it until the cost of the item is covered, or pay early at a discounted rate. If you no longer want the item, just return it! Acima enables online and in-store shopping and offers flexible payment terms. |
As access to consumer credit increases around the world, both fintechs and traditional financial service providers will need to leverage the right technology to provide it. The ten fintechs you just read about have found their innovative idea to disrupt consumer lending – what will yours be?
No matter the idea or use case, you need a technology partner that thinks like you. Future-proof your consumer lending strategy and launch new products with a data and decisioning ecosystem that manages risk, so you can focus on what matters most: serving your customers in new, disruptive ways.
Read the eBook, The Secret to Consumer Lending Sucess to discover how you can overcome any lending challenge with a robust credit risk decisioning platform that grants access to both alternative and traditional data sources through a single API.
Between stark competition, evolving regulation, and an unpredictable global economy, consumer lending can be a difficult space to thrive within. But the secret to consumer lending success isn’t hard to find: it can be unlocked by understanding the key differentiators within the industry.
Explore how you can turn challenges into opportunities across five major use cases: auto, mortgage, retail, BNPL, and credit cards. Read the eBook to discover the secret to consumer lending!
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NEWS
Decisional platform will be applied in the financial services provider’s credit granting, analysis and reanalysis processes
São Paulo, March 14, 2023: Provenir, a global leader in AI-powered data and risk decisioning software for fintechs, announced today that Jeitto, a fintech with a digital credit solution for classes C, D and E, has chosen the company’s data and artificial intelligence decisioning platform to optimize its credit operations.
Founded in 2014 and with more than 4 million registered customers and about R$570 million granted, the Brazilian credit app has adopted Provenir’s scalable cloud-native solution to support its data-driven decision management in its credit granting, analysis and reanalysis processes. Among other benefits, the platform enables customized credit decisions for each different trading partner (BNPL) and easier integration.
“Since 2022, we have been making a series of improvements to our platform, seeking to offer our clients an even better experience. The selection of Provenir is part of this process and will give us even more agility in the management and adjustment of credit strategies, which is one of our main assets with our customer base,” says Fernando Silva, CEO and co-founder of Jeitto.
The main objective of selecting Provenir is to increase Jeitto’s capacity to grant credit and control risk factors to its operation and greater agility to deal with changes in the profile of the target market.
Through the Jeitto application, in addition to access to credit, customers manage their daily finances, including payment for utilities, transportation, and cell phone recharges.
Jeitto is an important partner for people in their first experience with banking and financial services. The company aims to expand access to healthy credit to increase the financial strength of families, boost trade, empower the population, and promote more opportunities to access a wider range of financial services.
“We are very pleased to partner with Jeitto to serve an important contingent of Brazilian consumers in an intelligent and innovative way,” says Jose Luis Vargas, Executive Vice President for Latin America at Provenir.
“Our platform will offer Jeitto agility in managing and adapting to existing credit strategies, besides facilitating the creation of customized strategies and allowing personalized credit decisions through the powerful level of security offered by Provenir,” concludes Vargas.
Provenir’s industry-leading AI-powered and data and decisioning platform empowers fintechs and financial services organizations to unlock the true value of data by combining on-demand access to data with simplified AI and automated real-time decisions. With more accessible and usable data and AI, financial institutions can automate complex decisions that drive excellent customer experiences, addressing identity, credit, and fraud for faster integration and maintenance.
What is a decision engine and how does it help your business processes?
See how you can simplify application processes, automate decisions, and approve customers for personalized offers in real-time with Provenir’s AI-powered data and decisioning ecosystem. Serve your customers, outperform competition and grow your business with our powerful, future-proof technology.
BLOG
The economic environment is changing, and your organization needs to adapt to remain competitive. Financial institutions, energy, telcom, auto, utilities, and retail finance companies have each recognized the need to build a new collections model that utilizes advanced analytics and outcomes to drive processes, rather than simply relying on static info like days past due.
Unfortunately, the collections industry has been relatively slow to embrace new techniques in analytics compared to other areas of organizations (i.e. like loan origination) yet nearly 30% of Americans have at least one debt currently in collections. Investment in the collections process is often overlooked in favor of projects that aim to grow the customer base. However, with consumer debt levels returning to 2008 recession levels (total household debt in the United States rose by $148 billion in Q1 2023, totalling $17.05 trillion) and the threat of another recession on the horizon, collections centers are finally getting the attention they deserve. In this blog, we’ll look at the new technologies available, how they impact the process, and ways to utilize new tech to stay ahead of your competition.
The new collections model needs to focus on analytics and new technologies, which were unavailable during the last downturn. If you’re a risk manager, it’s important to ensure that your organization is prepared to manage economic uncertainty. Embracing advanced analytics and outcomes-driven processes can help your organization stay ahead of the curve and maintain a competitive edge. Implement a new model that is optimized for success – and ensure your organization won’t fall behind.
Customer segmentation can also be improved, capturing a more holistic view of the delinquent customer. This includes their ability and willingness to pay, intent to pay, and contact channel preference. Driven by analytics, this new approach determines the best possible treatment strategy, the ideal way to communicate, and the optimal moment to make contact. By matching the most appropriate forbearance strategy for each customer and communicating via their preferred channel, financial institutions can optimize both the customer experience and the cost to collect.
For the past 30 years, traditional collections processes have heavily relied on behavior scoring, days past due, and balance to prioritize outbound call strategies. However, this approach is no longer sufficient in today’s market. Advanced analytics can enable the development of more effective collection strategies by providing finer segmentation and a wider variety of customer contact possibilities. This creates a more diverse suite of channels for customer communication, which improves customer experience and provides a greater degree of control in lender-customer interactions. This shift marks a dramatic change from the traditional collections process, which relies on static classifications like days past due or risk scores to drive decision-making. By adopting a more dynamic approach that focuses on outcomes and response propensity, lenders can provide more individualized treatments that better reflect customer preferences and circumstances.
Above all else, using advanced analytics and tech advancements like artificial intelligence and machine learning enables financial institutions to migrate to a deeper, more informed treatment of their at-risk customers. By learning from previous collections activities, the assignment of treatments becomes more fine-tuned and effective over time, generating considerable efficiencies while enhancing the overall customer experience.
NEWS
In response to UK Chancellor of the Exchequer, Jeremy Hunt, unveiling his 2023 spring budget, which in part, aims to make the UK a “science and technology superpower,” The Fintech Times reached out to industry experts for their thoughts on his actions to encourage greater investment and innovation in the technology sector.
David Mirfield, Director of Product Management for Provenir AI, shared his perspective and predictions on the Finance Minister’s announced investment in quantum computing to support the UK’s AI ecosystem.
What is a decision engine and how does it help your business processes?
ON-DEMAND WEBINAR
Consumer lending continues to move forward with innovation in all areas. While BNPL grabs a lot of the headlines the personal loan is more popular than ever with AI-based automated underwriting becoming the norm. And credit cards have seen more innovation in the last two years than in the previous twenty as it becomes easier to embed cards into the lending stack.
Even with a recession looming lenders continue to provide the next iteration of products across the credit spectrum. This panel of experts will discuss where the market is today, how they serve more borrowers than ever before, and why data is more important now than ever before.
Managing Director for UK and Ireland, Provenir
Co-Founder & CEO, Fluro
Chief Commercial Officer, Zopa
Chief Content Officer, Fintech Nexus
NEWS
The partnership will empower SMEs in Philippines with digitalised and innovative SME lending processes
Singapore — 13 March 2023, Provenir, a global leader in data and AI-powered risk decisioning software for fintechs and financial services providers, is proud to announce a strategic partnership with Investree Philippines, the country’s first crowdfunding intermediary and funding platform. This partnership will allow Investree to integrate Provenir’s data, decisioning and AI capabilities to provide accessible and inclusive financing to small and medium enterprises (SMEs).
Globally, the business-to-business (B2B) SME segment is fast-growing, but many SMEs still face several hurdles when it comes to receiving credit. This trend is particularly concerning in developing markets such as the Philippines where SMEs comprise 99.6% of total business establishments in the market and employ 65% of the workforce.
Provenir’s platform provides Investree Philippines with the capability to access, evaluate, and process a wide range of data sources to create accurate risk models, improving the quality of risk assessments and decisioning for financing applicants. Through the Provenir Marketplace, users can integrate with multiple data sources, such as credit bureaus, fraud detection providers, and social media activity through a single API to provide a comprehensive view of the applicant’s creditworthiness and financial standing.
Investree Philippines’ innovative crowdfunding model utilises this data and technology to connect SMEs with institutional investors, providing access to financing that may not be available through traditional funding sources. Its success has been recognised with a permanent license from the Securities and Exchange Commission (SEC), as well as partnerships with leading organizations like the Asian Institute of Management (AIM) and the Philippine SME Business Expo (PhilSME).
“We recognise the need to accelerate post-pandemic recovery and promote recession resiliency through efficient risk grading of financing applicants,” said Kok Chuan Lim, Co-founder and CEO of Investree Philippines. “With the integration of Provenir’s platform, Investree Philippines can provide SMEs with a streamlined and more reliable risk decisioning process, enabling them to receive financing faster and more efficiently. The partnership with Provenir is a significant milestone for Investree Philippines as we seek to expand our presence in the country with initiatives that aim to empower SMEs. The company remains committed to promoting financial inclusion, providing innovative financing solutions, and fostering partnerships that support the growth of local enterprises.”
“Investree Philippines is playing a significant role in empowering SMEs with a more accessible lending experience,” said Bharath Vellore, General Manager, APAC for Provenir. “We share this goal and will provide the real-time, on-demand data access, embedded AI and world-class decisioning technology they need to quickly evaluate risk and provide the critical financing SMEs need to grow and succeed.”
What is a decision engine and how does it help your business processes?
