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Harnessing AI and Machine Learning to Improve Credit Risk Decision-Making

Written by Amy Sariego on 8 Apr, 2022. Posted in News. No Comments on Harnessing AI and Machine Learning to Improve Credit Risk Decision-Making

NEWS

Harnessing AI and Machine Learning
to Improve Credit Risk Decision-Making

In a global study conducted with 400 decision makers in fintech and financial services organizations, we uncovered a high degree of uncertainty in credit risk modeling accuracy and a growing appetite for AI predictive analytics and machine learning, data integration and the use of alternative data.

Listen in as Robin Amlôt of IBS Intelligence, and Carol Hamilton, SVP Global Solutions at Provenir, discuss the findings revealed in this research and how organizations plan to use data, AI, and decisioning to improve credit risk decisioning and support the key imperatives of fraud detection/prevention and financial inclusion.

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Celebrating World Health Day 2022 – #HealthierTomorrow

Written by Amy Sariego on 6 Apr, 2022. Posted in Blog.

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Celebrating World Health Day 2022
#HealthierTomorrow

10 Fintechs / Finservs Impacting Global Health

April 7 is World Health Day – a day celebrated annually to mark the anniversary of the founding of the World Health Organization (WHO) in 1948. This year, the theme is centered around Our Planet, Our Health, with the goal to focus global attention on the actions needed to keep not just people, but the entire planet healthy. The more work we do as a society to promote the well-being of the earth and its inhabitants, the better off we’ll all be.

Encouraging both individual health and promoting broader societal health initiatives (like accessible healthcare, clean drinking water and proper sanitation) is critical. Proven interventions such as government programs or charitable initiatives that expand individual access to health care and promote healthy behaviors (i.e. moderate exercise, adhering to prescriptions, eating more vegetables) can reduce the global disease burden by 40 percent over 20 years. And the economic impact is staggering. Better health could “add $12 trillion to global GDP in 2040 – an 8 percent boost, or 0.4 percent a year faster growth.”

This is why the United Nations’ Sustainable Development Goals (and the companies that aim to meet them) are so important. Including everything from Good Health and Well-Being, Clean Water and Sanitation, to Affordable and Clean Energy, the goals aim to ensure equal access globally to the basic health fundamentals some of us take for granted. That inequality has been particularly prevalent in the past couple of years, revealing underlying weaknesses in all areas of society and highlighting the urgency of creating sustainable well-being for all individuals. The current global economic design is not sustainable – with an inequitable distribution of income, wealth and power resulting in a majority of the population living in poverty. As the World Health Organization states, “A well-being economy has human well-being, equity and ecological sustainability as its goals. These goals are translated into long-term investments, well-being budgets, social protection and legal and fiscal strategies. Breaking these cycles of destruction for the planet and human health requires legislative action, corporate reform and individuals to be supported and incentivized to make healthy choices.”

We’ve chosen to take this World Health Day to look at some unique fintechs and financial services organizations who have these goals in mind – fostering better health for people and the planet at large.

Sempre Health – Working with regional health-care plans, Sempre Health encourages users to be responsible about taking medications as prescribed and re-filling as required. With discount codes reducing the cost of prescription co-pays and easy refill reminders, the incentive is clear – taking your prescribed meds as intended benefits your health and your wallet.
PayZen – A mobile app that uses data and AI to create individualized patient payment options, PayZen aims to make healthcare more affordable for American families. The company even offers an innovative spin on the ever-popular Buy Now, Pay Later (BNPL) product, with their own version referred to as Care Now, Pay Later. Health-care providers have access to PayZen’s predictive modeling power, enabling them to offer the right payment options to the right patients at the right time via a fully automated process.
Novus – The UK’s first B Corp certified neobank, Novus bills itself as a ‘force for good,’ offering a payment card where you earn impact coins for every payment. Coins can then be used to support over 10 different causes – including ocean conservation, education, hunger alleviation and reforestation. Their app also allows you to track your carbon footprint and discover ethical, sustainable brands in a variety of categories, with additional incentives for purchasing from them.
Arogya Finance – With a belief that access to healthcare is a basic human right, India-based Arogya Finance has partnered with local hospitals and health-care providers to enable direct access to medical loans for individuals and their families. The health insurance system in India is complicated, with penetration notoriously low – Arogya Finance’s method of providing funds directly to patients means it can lend even to those outside of formal lending structures.
MedPut – A unique employee benefit app, MedPut pays for and negotiates unpaid healthcare bills, with repayments made through small, consistent payroll deductions. The deductions are interest-free, with no credit check required, and having MedPut negotiate on the patient’s behalf saves time, stress and ideally even money, with the organization frequently able to negotiate discounts on larger bills.
Lynx – With a goal of introducing modern fintech to healthcare, Lynx is an API-connected healthcare payments, banking and e-commerce platform. With the majority of Americans experiencing climbing deductibles and increasing healthcare costs, Lynx has combined fintech with deep healthcare expertise, enabling healthcare companies to improve affordability, drive health engagement and enhance financial security.
M-KOPA Solar – This African company’s innovative pay-as-you-go financing model allows customers to get instant access to life-changing products, while slowly building ownership with a series of flexible micro-payments. One such plan involves solar power – allowing families to reliably power basic necessities like electric lights, refrigerators and charging ports.
Babylon Health – Combining AI and innovative technology with human expertise, Babylon Health offers affordable and accessible healthcare to a global audience. With 24/7 access to doctors, nurses, personalized care plans, referrals to specialists and personalized digital health tools through mobile devices, the Babylon app facilitates partnerships with healthcare providers to ensure greater accessibility and ease of payments.
ShareTheMeal – An award-winning crowdfunding smartphone app designed to fight global hunger through the UN World Food Programme, ShareTheMeal enables users to make small donations to specific WFP projects and even tracks the progress of the programs. As of this January, the app has 6 million downloads and has contributed to over 130 million meals shared to those in need.
Klima – A Germany-based smartphone app that encourages carbon neutrality, Klima helps users offset their carbon footprint in four simple steps: by calculating your carbon footprint; offsetting your footprint by investing in climate projects; seeing your climate achievements in action; and offering personalized tips and checklists to further shrink your climate impact. Users can choose to invest in projects related to reforestation, solar power and providing clean cookstoves to those in need.

It’s clear there is more work to be done, and quickly, in order to achieve the Sustainable Development Goals and realize the WHOs dream of a healthier planet. We’re excited to see all of the innovative fintechs and other organizations emerging with new and unique ways to get us to a #HealthierTomorrow.

Interested in innovation to further the goal of a healthier planet?

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Vesta

Written by Amy Sariego on 5 Apr, 2022. Posted in Partners. No Comments on Vesta

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Secure and Seamless Fraud Protection Solutions for Digital Payments

Key Benefits

Increase approval rates. Reduce false positives. 100% payment guarantee against fraud chargebacks. Let more business in and increase revenue while protecting against fraudulent transactions. Vesta provides advanced machine learning, instant risk decisioning and guaranteed digital payments based on 25+ years of global experience in fraud analytics and fraud prevention across medium to high-risk verticals.
Account takeover and step-up authentication protection. Stop fake signups and swiftly authenticate legitimate customers. Continuous Account Verification and In-Life Account Monitoring right through the Customer Lifecycle to detect fraudulent activity, account takeover attack and policy abuse. Each module is available separately or as combined solution for maximum flexibility.

“Our customers deserve to feel secure in their shopping experience. That’s what our partnership with Vesta is all about – serving the trust, safety, and security of our customers.”
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Guaranteed Transactions Backed by Global Experience

Using machine learning backed by 25 years of transactional data history, Vesta increases approvals of legitimate sales for its customers, while eliminating chargebacks and other forms of digital fraud, driving the true cost of fraud to zero and transferring 100% of the liability for fraud, including chargeback processing, so customers can focus on increasing sales.

The company is headquartered in Portland, OR (US) with offices in Atlanta, Miami, Ireland, Mexico and Singapore.

Vesta is a partner that can help drive the true cost of fraud to zero, at a global scale. We use our technology, data-science and collective know-how to enable our customers to eliminate fraud and focus on core competencies to grow their business and sales.

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Provenir Named 2022 Fintech Innovator of the Year Finalist by the Canadian Lenders Association

Written by Amy Sariego on 31 Mar, 2022. Posted in News. No Comments on Provenir Named 2022 Fintech Innovator of the Year Finalist by the Canadian Lenders Association

NEWS

Provenir Named 2022 Fintech Innovator of the Year Finalist by the Canadian Lenders Association

The AI-powered risk decisioning provider is among an esteemed short list of vendors honored for excellence in the category in the organization’s Leaders in Lending Awards

Parsippany, NJ — March 31, 2022 — Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, today announced that it is a finalist in the “Fintech Innovator of the Year” category for the 2022 Leaders in Lending Awards by the Canadian Lenders Association (CLA).

CLA is the voice of Canada’s lending ecosystem, representing over 100 companies in commercial and consumer lending. The “Fintech Innovator of the Year” award celebrates fintech enablers that power the lending industry and help credit providers achieve incredible scale and meet the needs of millions of everyday Canadian consumers and businesses.

Award winners are determined by the use of technology to solve problems and drive efficiencies throughout the lending industry, implementation of new or innovative lending strategies and business models, and positive outcomes following successful implementations of a new technology or business model.

“Provenir is honored to be named a finalist as fintech innovator of the year by the Canadian Lenders Association and is proud to serve Canadian lenders with their risk-decisioning needs to better serve their clients,” said Kathy Stares, Executive Vice President of the Americas at Provenir. “Accurate credit risk modelling is top of mind for the lending community and this recognition serves as a testament to Provenir’s commitment of delivering new and innovative solutions that meet their needs and enhance the overall customer experience.”

Provenir’s industry-leading AI-Powered Decisioning Platform is data-fueled and AI-driven for smarter risk decisioning. It is comprised of three essential components that enable financial institutions to rapidly overcome the challenges that hold them back – data integration, AI deployment and decisioning automation. The solution empowers fintechs and financial services organizations to unlock the true value of data, combining universal data access with simplified artificial intelligence (AI) and automated, real-time decisioning. With data more accessible and usable than before, financial institutions can automate complex decisions that drive world class customer experiences, addressing identify, credit and fraud for quicker onboarding and serving.