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Provenir Appoints Lewis Horder to Lead Expansion in Benelux Region

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NEWS

Provenir Appoints Lewis Horder
to Lead Expansion in Benelux Region

Appointment highlights company’s expanding global footprint

Parsippany, NJ — Feb. 8, 2022 — Provenir, a global leader in AI-powered risk decisioning software, today announced Lewis Horder has been appointed Sales Executive to serve the growing number of organizations seeking AI-powered risk decisioning solutions. Lewis will oversee sales operations, business development and go-to-market strategies for Benelux.

Horder brings more than 15 years’ experience in financial services. Prior to joining Provenir, Horder served as a Sales Director for EMEA at FIS. He also held various sales management roles at WorldPay UK, developing marketing strategies and identifying and building technology partnerships to reach new customers.

“Lewis has a deep understanding of the financial services market in Benelux and strong relationships having served as a trusted advisor to many organizations,” said Frode Berg, Provenir’s Managing Director of EMEA. “Similar to other areas in the region, the need to improve the customer experience is driving innovative fintechs and banks in Benelux to seek out real-time decisioning solutions. Lewis will lead our efforts to address the growing demand for Provenir’s AI-Powered Risk Decisioning Platform.”

Provenir’s AI-powered risk decisioning software is the industry’s first, true risk-decisioning ecosystem for fintechs and financial services providers. It brings together a global data marketplace, powerful AI, and world-class decisioning into one single platform so organizations can provide the real-time decisioning today’s consumers’ demand.

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Algoan

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Partners

Algoan

Assess Consumers’ Affordability in Real-Time with Open Banking Scoring

Key Benefits

  • Accelerate your time-to-yes! Provide your risk teams and customers a fully digitized experience and get back instantly to your applicants thanks to Open Banking Credit Decisioning.
  • Better risk management decisions. Algoan’s credit decisioning solutions will enable you to accept up to 40% more applicants while maintaining your risk at the same level. Conversely, halve your risk while keeping the same acceptance rate.

Credit and Payment Scoring for Fairer Affordability Assessment

Algoan is a French Fintech that aims to revolutionize the credit sector in Europe through the power of Open Banking. The Fintech innovates at all stages of the credit lifecycle by relying on state-of-the-art proprietary technology. With its Credit Decisioning Open Banking solutions (decisioning engine based on secure sharing of borrower’s bank data), acceptance rates and risk management are significantly improved. In fact, Algoan’s solutions result in a much finer risk analysis than traditional methods and allow many borrower profiles that would normally be rejected to be accepted, with a controlled risk (GINI score up to 80%).

Take informed credit decisions to facilitate split payment, loan origination, debt consolidation, mortgage loan, car subscription/leasing or last-chance loan!

Visit www.algoan.com for more info.

About Algoan Services

  • Services

    Connect: Algoan Connect is the easiest and fastest way to incorporate the Open banking aggregation process in any customer journey to be able to leverage Algoan’s Credit Decisioning solutions.

    Credit Score: Algoan Score is a best-in-class proprietary scoring model supported by dynamic customer information based on financial behavior directly retrieved from banks rather than static and declarative data. Grow your customer base by accepting more loan requests with confidence!

    Payment Score: Behavioral score that analyses 3 months of the consumer’s transactional data (Open Banking data) and returns a simple score (ranging from 1 to 10) that helps automate BNPL origination decisions by being fairer and more responsible.

    Credit Insights: In addition to categorized data, Credit Insights provides actionable insights on top of which lenders can build their own applications and forecasting/predictive models.

    Dashboard: Access a broad and comprehensive view of your clients’ financial situation in a single interface and ramp up your credit decisions.

  • Regions Supported

    EMEA

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Provenir Appoints Cheryl Woodburn New Country Manager for Canada

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NEWS

Provenir Appoints Cheryl Woodburn New Country Manager for Canada

Woodburn brings more than 25 years’ experience in growing markets and creating new value for customers

Parsippany, NJ — Feb. 3, 2022 — Provenir, a global leader in AI-powered risk decisioning software, today announced Cheryl Woodburn has been appointed Country Manager for Canada to support the record-breaking growth the company is experiencing in North America. Woodburn will manage all operations as Provenir responds to growing demand in Canada.

Woodburn has more than 25 years of experience in global software, analytics, data and technology markets. Prior to joining Provenir, Woodburn served as Vice President, Sales at Equifax. She also held senior leadership roles at FICO and IBM, overseeing sales and customer success teams, sales enablement, and business operations.

“We are thrilled to add Cheryl’s deep product knowledge and leadership experience to our team,” said Kathy Stares, Executive Vice President, Provenir North America. “Demand for Provenir’s AI-powered risk decisioning software is exploding as organizations struggle to pivot to a customer-first model. Provenir expedites the risk-decisioning process, allowing financial services organizations to provide real-time decisions and raise the bar in terms of the customer service they can deliver.”

“Provenir is one of the world’s leading fintechs and is redefining the risk decisioning paradigm,” said Woodburn. “I’m excited to be part of this shift, and I look forward to helping Canadian organizations completely transform their businesses and reimagine their customers’ experience leveraging Provenir’s leading-edge decisioning solutions.”

Provenir’s AI-powered risk decisioning software is the industry’s first, true risk-decisioning ecosystem for fintechs and financial services providers. It brings together a global data marketplace, powerful AI, and world-class decisioning into one single platform so organizations can provide the real-time decisioning today’s consumers demand.

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Fintech Trends to Drive 2022: Growth of Buy Now Pay Later and Increased Investments in Technology Enabling Financial Inclusion

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NEWS

Fintech Trends to Drive 2022:
Growth of Buy Now Pay Later and Increased Investments in Technology Enabling Financial Inclusion

Buy Now, Pay Later (BNPL) and financial inclusion captured headlines and investments in 2021 and will continue to grow in 2022 as traditional banks scurry to join the crowded BNPL space and organizations strive to modify processes to meet the needs of a previously unserved population.

In an article in Financial IT, Kathy Stares, Executive Vice President, North America, for Provenir, provides insight on the critical role alternative data plays in both BNPL and financial inclusion, and why data, AI and real-time decisioning will be key areas of investment in 2022.

Read the full article at Financial IT

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Provenir Achieves Record Growth in New Customers and Revenue in 2021

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NEWS

Provenir Achieves Record Growth
in New Customers and Revenue in 2021

AI-powered risk decisioning provider realizes a 190+ percent increase in new customers and a 55 percent SaaS revenue increase, amid continued global expansion

Parsippany, NJ — Feb. 2, 2022 — Provenir, a global leader in AI-powered risk decisioning software, today announced record growth in 2021, achieving a 194 percent increase in new customers and a 55 percent increase in Software-as-a-Service revenue year over year.

Provenir also continued its global expansion in response to increased demand for its products and services. In 2021, the company moved into new markets, including Germany, Austria, Switzerland (DACH), Turkey, the Middle East, the Balkans, and Africa, and expanded its presence in Latin America and Asia, bringing the total number of countries served to nearly 50.

As a result of this growth, the company increased its global workforce by 49 percent last year.

This growth sets the stage for Provenir to gain additional traction in key global regions and in the growing Buy Now Pay Later (BNPL) and challenger bank sectors, which need technology that provides access to alternative data for smarter decisioning and faster client onboarding.

“We are extremely proud of our record-breaking performance in 2021, and we see no signs of this momentum slowing down in 2022,” said Larry Smith, Founder and CEO of Provenir. “We are witnessing significant expansion in the types of businesses seeking our real-time decisioning solution across all geographies. Our unified solution brings together the three essential components of risk decisioning – data, AI and decisioning – into one single decisioning platform to help organizations provide the real-time decisioning customers demand today.”

Additional key company milestones achieved in 2021 include:

  • Introduced product innovations such as Cloud 2.0 and Provenir AI, which continue to simplify data access, make AI accessible and automate decisioning.  
  • Invested 25 percent of revenue in research and development to continue developing industry-defining solutions, including extending AI capabilities.
  • Welcomed more than 60 new partners to the Provenir Marketplace, a comprehensive fintech data and intelligence ecosystem providing access to more than 530 country/data/partner combinations through a single Application Programming Interface (API).
  • Expanded the use of Provenir for financial inclusion with customers in all regions.
  • Among other accolades received, Provenir was recognized as the “Best Credit Risk Solution” in the Credit & Collections Technology Awards, qualified as a finalist in Credit Strategy’s Credit Awards in the “Best Technology Provider” category and was named to the Inc. 5000 Fastest Growing Private Companies in America.

Provenir customers include leaders and challengers in the fintech and financial service sectors such as Zilch, AskIf, Kueski, Koko, Reliant Funding and Rent-A-Center that are gaining a decisive advantage

15 Companies Changing the Landscape of Buy Now, Pay Later

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Data on Demand: The Power of Real-Time Data for Risk Decisioning

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EBOOK

Data on Demand: The Power of Real-Time Data for Risk Decisioning

How real-time data enhances risk decisioning and wins new customers.

In a digital first world everything is available on demand. Consumers expect instant gratification, not just for small things like movies or music, but for everything, including financial services. If you’re not approving a loan application in real-time, there’s a competitor who will.

In our latest ebook, we explore what the future of data for risk decisioning looks like. And, how real-time, on-demand data will:

  • Enhance decisioning accuracy
  • Power world-class consumer experiences
  • Support innovation across your business strategy

Download the ebook today to discover how curating a single source for historical and real-time data simplifies data access, enhances data science and machine learning strategies, and democratizes data use across your organization.

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Shaking Off the Tech Debt

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Shaking Off the Tech Debt

What is Tech Debt?

Tech debt is the idea that when a business uses the easiest tech solution instead of the best tech solution, they’re creating a technology debt that’ll need to be repaid in the future. This means that companies who have accumulated tech debt are often weighed down by technology that slows down their agility and impacts their growth potential.

Tech Debt in the Financial Services Industry

Let’s look at the story of a financial services company that started out three years ago. Like many startups, it needed to launch quickly, so it used a combination of simple technology developed in-house and some manual steps to get the job done. Once the product was live, the business experienced a period of rapid growth which placed a heavy burden on the technology underpinning the product. The company quickly realized that it couldn’t grow any more with its existing set-up.

This isn’t the only company that finds itself in this situation; in fact, tech debt is increasingly common in growing fintechs as well as in the large banks who are famously beset by the challenges of legacy IT. Startups aren’t expected to have this problem because they’re new and began in the technology era; they’re seen as nimble and able to deliver value quickly. However, in reality, business decisions, and IT decisions that go with them, set companies on a course, and if that course needs to change, the business can only pivot as quickly as their technology can be turned.

The Growing Interest on Your Technology Troubles: Paying the Bank of Tech Debt

Just like any other type of debt, there’s always a cost to borrow. While the cost to future technology development is obvious, it’s the growing interest on your business that is often the bigger problem. Financial services businesses operating any kind of digital service rely on technology for agility, flexibility, and scalability. When your technology is broken or in debt, all parts of your business suffer.

Breaking Down Walls – How to Tackle Tech Debt

To address the limitations of traditional conference venues, new venues are built with partition walls that can be added or taken away depending on the type of event and number of people. This makes them more flexible, scalable, and profitable.

It’s not so very different to the tech debt issue. In the past, companies, including those in credit and lending, payments and eCommerce, opted for hard-coded systems to perform certain functions. These systems will scale up to a point, and beyond that, everything has to be done manually. Making changes to the systems takes weeks or months.

Companies setting up now can’t opt for this approach anymore and those already struggling with a tech debt can’t afford to not plug their IT gap or they will struggle to compete. Instead, these companies need to invest now (rather than invest more later) in ‘partition-wall-like’ technology that will grow with them and adapt.

In a digital world where the cost of tech debt is more than just a tech problem, businesses need to look for their ‘partition’ technology. Only with scalable and flexible solutions will financial services businesses tackle tech debt and be prepared for the future.

Many companies, including those in financial services, are grappling with tech debt. To stay competitive, companies need to invest in scalable and flexible technology solutions that can adapt as their business needs change. By doing so, they will be better prepared to tackle the challenges of the future.

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Auto Financing – Drive a Better Consumer Experience

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INFOGRAPHIC

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?

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Operationalize your Financial Risk Models

Written by Amy Sariego on . Posted in Resource, Uncategorized. No Comments on Operationalize your Financial Risk Models

DATA SHEET

Operationalize your Financial Risk Models

Quickly and easily import multiple types of risk models

The Provenir decisioning Platform and risk analytics is unique in its ability to quickly and easily import multiple types of risk models so that they can be operationalized in automated decisioning processes.

Because the integration is “model agnostic”, simple and complex models and scorecards developed in third-party tools such as SAS, R and Excel or exported using PMML or MathML can be imported, validated and mapped via easy-to-use wizards.

With Provenir, there is no need for programming, enabling models to be imported and operationalized in minutes. This exclusive capability extends the value of your investment in industry-standard modeling tools while ensuring that automated risk decisioning processes developed in Provenir are always using the most accurate and up-to-date risk models.

Here’s a quick summary that shows just how easy it is to operationalize an R model.

Simply click Add to select a model from your system files and import it into Provenir. Provenir automatically validates the model’s code and extracts the fields for mapping.

Open the model to visually configure the input and output mapping by dragging lines between the model’s and Provenir’s data fields. This creates Execution Profiles.

Input mapping specifies the data from Provenir that will be used by the model to execute the analysis.
Output mapping specifies the data to be returned to Provenir once the model has executed.
Provenir also provides options for managing the Execution Profile including how a returned value should be handled as well as using more than one Execution Profile with a model.

Provenir dynamically maps between the R model and its decisioning process. You can also map constant or fixed values between the model and Provenir.

Finally, check in your new model object and you are ready to test it. You can test it directly from the model object itself or place it in a business logic process and test it. Provenir provides visual feedback to show you exactly what happened during the test.

With these few simple steps, your R model has been operationalized in an automated Provenir risk decisioning process.

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