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Provenir AI Shrinks the Cost, Complexity and Time-to-Market for Smarter Financial Services Risk Decisioning

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March 22, 2022 | Jonathan Pryer

Provenir adds AI horsepower to its decisioning platform to access,
analyze, and action data with greater accuracy

FINOVATE EUROPE 2022— March 22, 2022 — Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, today introduced Provenir AI, giving financial institutions the power of artificial intelligence (AI) for better and faster risk decisioning while eliminating barriers to entry via a no-code approach.

While AI offers the opportunity to radically improve risk decisioning, many struggle with time-to-value of AI initiatives. A recent survey by Provenir shows only 21% of financial services organizations begin to see a return on investment from AI initiatives within 120 days.

Provenir shrinks the cost, complexity, resource requirements and time-to-market of AI with models tailored and trained for risk decisioning across the customer lifecycle, including the orchestration of fraud prevention and financial inclusion.  

The solution solves many of the industry’s AI challenges:

  • Software-as-a-Service model reduces the cost of entry with zero upfront development costs.
  • Purpose-built models and data sets curated for specific risk decisioning use cases enable 60-to-90-day implementations for greater time-to-value.
  • Full AI explainability provides transparency around the “why” and “how” decisions are made.
  • Live model retraining eliminates downtime, supporting continuous improvement for greater decision accuracy.
  • Machine learning models orchestrate fraud prevention and financial inclusion across the customer lifecycle.

Additionally, Provenir AI is enhanced through the Provenir Marketplace to mitigate model bias with data diversity. With access to more than 535 country/data/partner combinations through a single API, the Provenir Marketplace provides pre-configured access to the required data and intelligence for holistic risk decisions.

Among the organizations looking at employing data-driven, AI approaches for competitive advantage is SoFi, the digital personal finance company. A key guiding principle of the company is to iterate, learn, and innovate by embracing data-driven decisions. “AI and machine learning are part of the modern toolset that financial services organizations need to build and fine-tune predictive models to deliver high levels of responsiveness and the best customer experience,” said Adam Colclasure, Senior Director, Risk Infrastructure for SoFi.

“Provenir AI propels faster innovation by supporting a lending strategy that delivers the best returns in customer satisfaction and revenues through deeper insights, continuous optimization and smarter, more accurate risk decisioning,” said Carol Hamilton, Senior Vice President, Global Solutions for Provenir. “AI finds relationships in your data that traditional decisioning cannot, empowering financial institutions to optimize their portfolio, support greater personalization in product offerings for improved competitive advantage, and elevate fraud prevention and financial inclusion.”

Provenir AI: A Key Element in Provenir’s Unified Platform for Data, AI and Decisioning

Provenir AI is a key element in Provenir’s approach to data fueled and AI driven smarter risk decisioning. Provenir is integrating powerful AI decisioning to the core of financial services processing by enabling universal data access – the quintessential fuel for data modelling – and the means to easily operationalize decisioning results.

This empowers newfound agility with up-to-the-minute risk assessment at speed and scale. Fintechs choose this platform to accelerate the launch of products such as Buy Now Pay Later (BNPL), small and mid-size enterprise lending, automotive financing, and more.

Through the unique combination of universal access to data, simplified AI and world-class decisioning technology, Provenir AI provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle – with diverse data for deeper insights, auto-optimized decisions, and a continuous feedback loop for constant improvement.

With a unified platform for data ingestion and integration, AI predictive modelling and decisioning, Provenir eliminates siloed approaches and model governance headaches.

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