Provenir's Global Head of Solution Architecture, Mike LeFleur, contributed a fascinating article to The American Banker this week, he offers deep insights into how the use of micro services in risk decisioning can make a business more competitive and able to adapt to market changes. Here's a preview:
Fine tuning not open heart surgery: How microservices make risk management easier
Updating credit risk models doesn’t have to be a lengthy, delay-ridden process
Credit risk vectors are constantly in flux, with everything from regulatory updates to new data sources impacting business decisioning needs. To mitigate risk and stay ahead of their competition, financial institutions must update their credit risk models quickly and efficiently.
However, tech resource limitations and legacy systems mean that critical changes can take weeks or months to deploy and in the time it takes financial institutions to modify credit models, more nimble emerging players and fintech providers have already updated their risk models—making them better able to compete against traditional financial institutions.
You can read the full article at AmericanBanker.com.