Provenir Vs. Loan Origination Systems

Provenir Vs. Loan Origination Systems

The pressure for financial services organizations to approve loans quickly is greater than ever. Taking hours or even minutes to return a decision on a loan won’t just slow you down, it’ll also lose you customers. So, whether you’re looking to create a new decisioning solution, or want to replace your existing loan origination system, you need technology that empowers your business to implement real-time decisioning without increasing risk.

Many finserv organizations look to loan origination systems as an all in one solution to power end to end application processing. Which means one system to manage the entire experience, from customer facing frontends to underwriting and compliance

But, others prefer to create their own lending system by bringing together best-in-class components to manage different parts of the loan application processes. For example, one solution to manage the customer interactions and one to manage the decisioning and compliance processes.

So, if there’s one solution that can do it all, why do organizations look at alternatives to an LOS, and more importantly, should your organization consider something other than a loan origination system, too?

In many cases the answer is yes. While it may seem like more work initially to combine systems into your ideal solution, the long-term result is a more sophisticated and powerful loan decisioning system that is agile, flexible, and scalable. Why? Because you’re not limited to one set of capabilities from one vendor.

Compare Your Loan Origination Sytem with Provenir

To help you understand how Provenir compares to traditional loan origination systems we’ve broken down the differences in key areas below:

End to End Decisioning

Loan Origination Systems: For many organizations, the most appealing thing about loan origination systems is that they can power the entire application process, including the customer facing components and application processing. However, the flexibility to change processes can be extremely limited and very time consuming, limiting what you’re able to achieve.

Provenir: Provenir is a risk decisioning and data science platform that focuses on the decisioning and analytics processes within the loan application. It does not include the frontend consumer experience. Why? Because by focusing on the decisioning components we’re able to create a highly flexible solution that makes it quick and easy to update processes, integrate new data sources, simplify risk model deployment, and launch new products. Put simply, our focus makes your business more competitive as you’re not bound by the decisioning limitations set by a LOS.

Business Fit

Loan Origination Systems: This is perhaps the biggest win or lose area when it comes to loan origination systems. If the LOS fits your business needs out of the box, then they’re a good solution to your loan processing needs. However, if the plug n play version isn’t a perfect fit, you’ll find that making changes can be difficult and time consuming. Best case scenario is that implementation will be slow, worst case scenario is that you’ll have to adjust your business plans to fit within the inflexible system.

Provenir: One of Provenir’s biggest benefits and one of the reasons it’s attractive to businesses who want powerful decisioning tools is that it’s the closest thing they can get to building their ideal solution without having to build from the ground up. The Platform is designed to provide businesses with the components they need to create a loan origination system that meets business needs, embodies their risk strategy, and powers a first-class user experience with real-time decisioning.

Vendor Reliance

Loan Origination Systems: While you may be in control of some components and processes within the loan origination system, many changes are dependent on the LOS vendor’s help. Waiting for updates and changes to be completed reduces your ability to compete and slows down business growth.

Provenir: The Provenir Platform offers a low-code interface that empowers your team to make changes. Whether it’s editing decisioning processes, updating components, integrating to new data sources, or testing and deploying new models, the power to make changes is with your team. No vendor reliance means less delays and increased agility.

Integration Capabilities

Loan Origination Systems: Many loan origination solutions have a list of common data sources that they’re connected to, however if you require integration to a different source or need to make changes, you’ll be reliant on your vendor. With today’s growing number of data sources your business needs to be able to access and use data when and where you need it without relying on your vendor to connect new sources.

Provenir: The Provenir Platform offers a data integration wizard that puts the integration process in your hands. With the wizard’s low-code interface you’ll be able to create integrations to new data sources, whether internal, external, structured or unstructured, quickly and easily. The drag and drop mapping process reduces reliance on dev teams and empowers your business users to complete integrations. You’ll have access to the data you need when you need it.

Future Fit

Loan Origination Systems: Your technology needs to be able to scale and evolve as your business needs change. As a black box all in one solution many loan origination systems can be a challenge to update as small changes can impact the entire solution. It also makes updates a large project as instead of being able to update individual components you’ll need to perform system wide upgrades.

Provenir: Provenir is designed to be able to grow and evolve with your business. The Platform gives you the technology to easily break down your decisioning processes into individual components such as score cards, risk models, data validation services, and pricing. With cloud deployment, microservices, and API connections supported as standard you can quickly make changes to individual aspects of your loan systems without impacting other components. The Platform also supports autoscaling, so will automatically adjust to your needs during peaks and lulls in business.


Loan Origination Systems: With tech talent at a premium many organizations find themselves in a position where their dev team is overworked and finding new team members is a challenge. Many loan origination systems do not offer a low-code interface to enable business users to make key changes. With a reliance on dev teams to implement risk strategy changes and launch new products your business growth and expansion will be impeded.

Provenir: Provenir’s low-code, model agnostic Platform reduces reliance on dev teams for important changes. Whether it’s data integration mapping or risk model deployment your risk team can implement updates quickly leaving your technical users to focus on other key areas.

Provenir’s decisioning and data science platform: the powerful alternative to loan origination systems

The Provenir Platform is a powerful loan decisioning solution that is a flexible alternative to traditional loan origination systems. Why? Because with Provenir you don’t get put into a one-size-fits-all box. Instead, you get the ability, agility, and flexibility that’s only possible with a customizable decisioning solution.

With Provenir you will get the ability to design, create, test, and deploy complex processes without relying you your dev team or vendor. The agility to respond to new threats and jump on emerging opportunities. The flexibility to diversify and pivot at the drop of a hat.

Explore the power of Provenir, a decisioning solution that evolves and adapts to fit your business needs, to take control of your risk strategy.

To learn more about how Provenir can help you digitize and innovate your decisioning processes contact us today.

Contact us