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Women-Led Entrepreneurship in LATAM: Closing the Gap Through Smarter Credit Decisioning

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EBOOK

Women-Led Entrepreneurship in LATAM:
Closing the Gap Through Smarter Credit Decisioning

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Closing the gender credit accessibility gap in LATAM

It’s no secret that workplace and economic inequality between men and women still exists on a global scale. In Latin America, there is an even greater gender gap. Did you know that 54% of Latin American women must use their own savings to start a project?

  • Only 15% of women are able to start their own companies with the support of a private bank
  • Women represent 56% of informal employment  
  • Women have a “double shift”: managing both outside work and housework  

However, today technology is helping to bridge that gap and play a part in stabilizing the economic playing field for women. Get the eBook and learn how you can adapt and change for the betterment of millions of women, while generating new business opportunities.

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Women-Led Entrepreneurship in Latam

Written by Amy Sariego on . Posted in Resource. No Comments on Women-Led Entrepreneurship in Latam

INFOGRAPHIC

Women-Led Entrepreneurship
in Latam

How to close the gap through smarter credit decisioning

Discover how closing the economic gender gap in Latin America can increase the size of the economy by up to 22%. For more information on how to support women-led entrepreneurship and closing the gender gap, check out our latest eBook. Hear from industry experts, see real-life examples and discover how technology can be the catalyst.

Get your copy of the Women-Led Entrepreneurship in Latam eBook

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113 Million US Adults Have Non-Prime Credit Scores – What Are We Doing About It?

Written by Amy Sariego on . Posted in Blog. No Comments on 113 Million US Adults Have Non-Prime Credit Scores – What Are We Doing About It?

BLOG

113 Million US Adults Have Non-Prime Credit Scores –
What Are We Doing About It?

The World Bank estimates that two billion adults don’t have an account at a bank or other financial institution. They are the unbanked; outside the financial system. PwC puts the unmet deposit demand of the un(der)banked at $360 billion. How can forward-thinking companies help close the big gap that exists between the banked and underbanked? We sat down to ask Greg Rable, CEO of FactorTrust, which helps lenders manage the credit lifecycle of underbanked consumers.

Greg, tell us about FactorTrust. What’s the vision?

Alternative financial services has always been our business at FactorTrust but we used to focus on identity verification. We turned our expertise towards credit risk because the companies we talked to were saying, “please help us with this.” The rise in alternative credit for ‘non-prime’ borrowers has been significant and is indicative of the situation that many people from many different walks of life find themselves in – nearly 113 million US adults have non-prime credit scores, which is an astonishing number.

Alternative finance has been around for some time, but the advent of digital services caused a significant shift in the industry to online. And this created additional challenges for risk management, not only the need to return credit risk assessment results at speed – as expected from a digital channel – but also to confirm identity with the customer not present. The three big credit bureaus historically hadn’t tracked data in this area so we set out to help lenders more accurately predict consumer borrowing behaviour in the growing, often neglected, underbanked segment.

Who are the underbanked and what trends are you seeing in this market segment?

They can be anyone and everyone; people facing a range of everyday circumstances that have placed them outside regular criteria for many traditional lenders.

The thing is, there’s a lot of misinformation about the underbanked – about levels of education, employment and so on. Our data spans upwards of 22 million consumers, with around half a million added each month, so we consider ourselves well-placed to address misconceptions. To help with this we launched the FactorTrust Underbanked Index three years ago. It tells the story of the underbanked and delves into particular aspects of the market segment in more detail.

For example, the typical underbanked consumer we see is employed and has a primary banking relationship. The top three employers of these consumers are fast food restaurants, government agencies and – perhaps surprisingly – big banks.

Each person’s situation is different. Sure, some are unable to get credit because of a poor previous credit performance but there are also those who are new entrants into the credit market and simply lack a history, as well as divorcees who haven’t previously had credit in their own name. Then there are those who use alternative finance simply because they like the speed and convenience of the service.

How does FactorTrust help lenders serve the underbanked?

It’s all about data. We have a real-time database of more than 200 million loan transactions from alternative lenders which provides lenders with a holistic view of the creditworthiness of underbanked consumers and their ability to repay loans. ‘Real-time’ is important – we capture data from the time a consumer’s application reaches a lender; we also then capture it throughout the process of advancing the loan and repayments being made against that loan. That’s what generates the value, it’s unique alternative credit information – proprietary data – augmented through third-party sources to meet, for example, anti-money laundering criteria.

And what role does technology play in what you do?

An essential role. Technology is central to our entire operation. You have to remember that our ten-year-old business grew up in the online world. It’s what we know; it’s what we’ve always done. Everything is about speed and convenience. And accuracy. Our response times to lenders requesting credit score information on an applicant is around a second to a second and a half.

Integration into the systems that lenders use is essential, and that comes down to technology too. The method of integration needs to be flexible, as there’s such a range of systems in use out there, and convenient to set up. This is where strategic partnering with key solutions providers that lenders use – like Provenir – is important.

Risk analytics is so important in this industry. What trends are you seeing and what influence are they having?

I would say three things – flexibility, data, and collaboration. Flexibility, because companies are realising that the traditional ways of doing things don’t work in every situation – 113 million is a lot of unserved customers; it’s hard to think of an industry to compare that level of unmet need to. When we take alternative credit data into account we see that this population deserves credit options and that it is possible to offer them.

Data, because that’s where the value is. So much data is generated about and by individuals every day. And the right technology can capture it and work it to provide something of real value.

And collaboration because there are so many specialisms now that couldn’t have been envisaged ten, fifteen, twenty years ago. They might not exist within the four company walls of many traditional lenders but companies like FactorTrust, and like Provenir, have found their niche and become expert in what they do. Our clients and our partners, embrace the value that specialised risk analytic services bring to their brand, to their portfolio and, ultimately to their customers.

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Provenir Named Finalist for the 2021 Credit Strategy Credit Awards

Written by Amy Sariego on . Posted in News. No Comments on Provenir Named Finalist for the 2021 Credit Strategy Credit Awards

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Provenir Named Finalist for the 2021 Credit Strategy Credit Awards

The Credit Awards celebrate innovation and best practices in the UK credit and financial services industry

Parsippany, NJ, Nov. 5, 2021 – Provenir, a global leader in data analytics software and risk decisioning, today announced it has been named finalist for the 2021 Credit Strategy Credit Awards in the “Best Technology Provider” category.

The Credit Awards are recognized as the gold standard within UK risk, credit and collections markets, honoring the individuals, teams and organizations that make up a vital part of the UK financial services sector.

Winners will be unveiled at the Credit Awards ceremony on Dec. 14 at the Grosvenor House Hotel in London.

“Provenir is honored to be named a finalist in the best technology category for this very prestigious awards competition that recognizes the stellar achievements of companies supporting the UK financial services market,” said Frode Berg, Managing Director, EMEA for Provenir. “With Provenir, financial institutions can improve their credit decisioning by leveraging more data in less time, reducing costs, and improving agility through better use of internal expertise and reduced reliance on outside IT support.” Provenir’s flagship product, Provenir AI-Powered Risk Decisioning Platform, is the industry’s first, true risk-decisioning ecosystem. It provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience offering four cloud products — decisioning, data, insights and solutions —users can create the platform-as-a-service (Paas) cloud solution that best fits their business needs.

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Provenir Named Winner of the 2021 Credit & Collections Technology Awards

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Provenir Named Winner of the 2021 Credit & Collections Technology Awards

Company wins the “Credit Risk Solution” category for its Provenir AI-Powered Risk Decisioning Platform product that improves risk modeling

Parsippany, NJ, Nov. 5, 2021 – Provenir, a global leader in data analytics software and risk decisioning, today announced that it has been named a 2021 Credit & Collections Technology Awards winner in the “Credit Risk Solution” category.

The Credit & Collections Technology Awards highlight the success of companies and individuals across 21 categories who garnered technological achievements in the UK credit and collections sector in 2021. Winners were recognized during an awards ceremony that took place Nov. 4 at the Midland Hotel in Manchester, United Kingdom.

Provenir was selected from five other vendors that had been named finalists in the “Credit Risk Solution” category.

“This is a wonderful achievement for Provenir and a testament to the hard work of our employees who continue to usher in innovative technology advancements to revolutionize credit risk-decisioning,” said Frode Berg, Managing Director, EMEA for Provenir. “I would like to thank the esteemed panel of industry experts who served as the award judges for recognizing Provenir as the UK’s leading credit risk solution provider.”

Provenir’s flagship product, Provenir AI-Powered Risk Decisioning Platform, is the industry’s first, true risk-decisioning ecosystem. It provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience offering four cloud products — decisioning, data, insights and solutions —users can create the platform-as-a-service (Paas) cloud solution that best fits their business needs.

About Provenir

Provenir helps fintechs, financial institutions, and payment providers make smarter decisions faster by simplifying the risk decisioning process. Its no-code, cloud-native SaaS products form a risk decision engine for real-time approvals and make it easy to rapidly create sophisticated decisioning workflows. With a global data marketplace for seamless integration, powerful AI and machine learning models, and real-time insights, Provenir has supercharged decisioning speed. Provenir works with disruptive financial services organizations in more than 40 countries and processes more than 2 billion transactions annually.

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A New Bank and Not a Ball Chain Pen in Sight

Written by Amy Sariego on . Posted in Blog. No Comments on A New Bank and Not a Ball Chain Pen in Sight

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A New Bank and Not a Ball Chain Pen in Sight

What does it take to launch a bank these days?

If you’re Atom bank, it takes a mobile app and face and voice biometrics. What it doesn’t take is bank branches, paperwork or those pens distrustfully tethered to counters via ball chains.

Atom completed its UK launch back in 2016. Entirely app-based, customers do all their banking through their smart phone.

In fact, on Atom’s website, the answer to the question “where’s my nearest branch?” begins, “on your nearest tree.” Fair enough. Atom does go on to add that they, “don’t have high street branches because they’re unnecessary, no one wants to visit them and no one likes queuing.”

In true technology leapfrogging style, there isn’t even a plan to release a website version.

It’s all a far cry from the founding of Lloyds Bank 250 years ago. The fascinating Anniversary eBook ‘Helping Britain Prosper’ gives us an insight into the bank’s early days.

Such is the bank’s heritage, it was nearly 130 years before the first typewriter. Pre-computerisation, operations were manual. When it came to customer statements for example, staff copied out ledger entries, initially by hand and later by typewriter until 1960 and the arrival of the Post Tronic accounting machine.

It’s a rich and wonderful history of the progression of customer experience as much as it is one of computerisation. Compare how the customer wishing to write a cheque had to go into the bank in person to request a form, with today’s customer convenience. Not only is Atom 24/7 banking anytime, anywhere, but it’s also customised to the individual, right down to their own logo and choice of colours that drive their visual experience.

Banking has certainly come a long way. For challengers and traditional banks alike, it is now undoubtedly the era of the customer.

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Provenir Executive Vice President Kathy Stares Named One of The Top 50 Women Leaders in SaaS by The Software Report

Written by Amy Sariego on . Posted in News. No Comments on Provenir Executive Vice President Kathy Stares Named One of The Top 50 Women Leaders in SaaS by The Software Report

NEWS

Provenir Executive Vice President Kathy Stares
Named One of The Top 50 Women Leaders in SaaS by The Software Report

Award recognizes women that have demonstrated admirable leadership across a variety of roles within the software industry.

Parsippany, NJ, Oct. 27, 2021– Provenir, a global leader in data analytics software and risk decisioning, today announced that Kathy Stares, executive vice president, North America, has been named one of the “Top 50 Women Leaders in SaaS” by The Software Report, a comprehensive source for market research and insights, business news, investment activity and corporate actions related to the software sector.

Awardees are recognized for their performance within their roles, their ability to foster innovation and growth, and their expertise in software-as-a-solution (SaaS) solutions.

Stares leads sales, customer success, pre-sales consulting teams across North America for Provenir, and also oversees strategic partnerships. As a member of Provenir’s executive team, she has played a key role in supporting the company’s growth, increasing its SaaS solutions revenue 25 percent year-over-year. The company has experienced a 22 percent increase in Provenir’s customer base of fintech disruptors, and its increasing presence in the Buy Now, Pay Later (BNPL) and challenger bank markets.

“I am deeply honored to be included among this esteemed group of female leaders who are spearheading innovation in the SaaS market and driving the industry forward,” said Stares. “I am passionate about enabling our customers to be change agents, and to raise the bar in terms of the customer experience they deliver. We continue to invest significantly in our SaaS technologies to help our customers expedite the risk-decisioning process, which in turn, allows them to provide real-time decisions and respond to their end customers immediately.”

Provenir’s technology enables fintechs, financial institutions, and payment providers to easily design, build, and deploy solutions to solve complex business challenges such as digital onboarding, retail financing, Buy Now Pay later (BNPL) approvals, SME lending, insurance, credit card management, eCommerce, eWallet, digital banking, and open banking. 

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Lenders API, by Canadian Lenders Association

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Partners

Lenders API, by Canadian Lenders Association

Identify Suspicious Actors in Real Time

Key Benefits

  • Receive data from Canada’s fastest growing fraud consortium. Put the brakes on automated lending decisions for individuals or businesses with a history of suspicious behavior.
  • Identify application fraud in real time. Lenders API is the only truly real-time fraud consortium in Canada, meaning that we can notify all parties to loan stacking before lenders double or triple fund an applicant.

Secure and Private Loan Data Exchange

Lenders API is the official fraud consortium of the Canadian Lenders Association. Identify bad actors and prevent coordinated fraud with compliant data exchange between lenders – all in real time. Identify suspicious activity by cross referencing borrowers with multiple open loan applications and put the brakes on automated lending decisions for individuals or businesses with a history of change-offs. Simple and powerful, the Lenders API allows you to access alternative data that credit bureaus don’t have, all with just a few lines of code.

About Lenders API, by Canadian Lenders Association

  • Services

    Loan stacking prevention

    Suspicious borrower list

    Suspicious merchant list

    Suspicious dealers / merchant-partners list

    Identify misrepresentations between loan applications

  • Countries Supported

    Canada

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Forging Future-Proof Buy Now, Pay Later Offerings

Written by Amy Sariego on . Posted in News. No Comments on Forging Future-Proof Buy Now, Pay Later Offerings

NEWS

Forging Future-Proof Buy Now, Pay Later Offerings

Buy Now, Pay Later (BNPL) providers can gain tremendous advantages in architecting their BNPL offerings for speed, agility and sustainability. By instituting careful forethought and purpose-built technology, BNPL providers can address these key elements for competitive advantage.

In an article in The Fintech Times, Chris Kneen, General Manager, UK, for Provenir, outlines three technology requirements BNPL providers need to consider that will have a direct and tangible impact on the future adaptability, growth and longevity of an organization’s BNPL offering.

Read the full article at The Fintech Times

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