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February 10, 2021 | Cheryl Cross

Bigbank Automates Credit and Loan Processes with Provenir Cloud

  • CheckmarkChanges to risk models and policies are simpler and quicker with Provenir, since they don’t require IT development.
  • CheckmarkProvenir Cloud Suite enables rapid implementation where higher levels of automation are needed across multiple regions.
  • CheckmarkProvenir improves the capture and effective use of customer data, so Bigbank can continue to provide great customer service.

“The Provenir solution is an important element in our transformation. The interface is so visual that it is simple to design effective, transparent business processes.”

Agur Jõgi, Chief Technology Officer, Bigbank

Credit Risk Analytics and Decisions in Milliseconds – Our Digital Experience

by Agur Jõgi, Chief Technology Officer, Bigbank

Businesses move from manual to digital solutions to achieve a range of goals. For us at Bigbank, we wanted a better experience for customers of our credit and lending products. And central to that was speed. With our old manual processes, it could take days to arrive at a credit risk decision. We knew this could be better and now it is. What we’ve also gained from digitizing though, is better customer insight and segmentation, and the flexibility to make updates to credit risk management models without development.

Stone Age to 2020

Thanks to Provenir’s single digital platform that automates data inputs and streamlines application and underwriting processes, if a customer fits Bigbank’s profile the automated yes or no answer, now takes just milliseconds instead of days. This remarkable transformation is like stepping from the Stone Age into 2020.

And it’s not just ‘fast tracked’ approvals and rejections that get a quicker result either. For the exceptions – those applications that can’t breeze through the automated process – our underwriters now have more time to focus on the manual checks needed.

Customer Insight

Scoring models and decision rule sets can become complex. When manual processes execute the rules, it’s hard to achieve a business-wide view of decision-making. And this is important, not only for consistency but also to reveal where opportunities might lie.

The transparency of a digital solution allows us to do much more with data. Not only to manage risk but also to give us insight that we can use for customer segmentation. This insight goes into refining existing models, scoping new ones, making customer predictions and designing propositions. Refinements, changes and new additions are simply added to the model.

Freedom to Make Changes

In our primary market of Estonia, developers are at a premium. Estonia has wholeheartedly embraced the digital revolution – it was the first country to introduce online voting in a general election ten years ago and 98 percent of banking transactions are now conducted through the internet.

IT is the fastest growing sector in the country, generating up to 15 percent GDP and while Estonia is proud of its progression, for businesses it means that developers are in high demand. A digital credit risk management solution that doesn’t require IT experts every time an update is needed is ideal in our market and everywhere else for that matter, for the time and cost savings it provides. This is what we now have. Our risk managers take care of the models themselves and can implement rule changes quickly.

This isn’t only efficient, it also means the underwriters – the people with the insight, knowledge and expertise – are in control. If a fix is needed, the solution is so visual they can see where the model needs attention and react immediately. No lengthy analysis and referral to a committee for resource approval to make updates. They simply develop, test, implement and launch amendments themselves, then monitor and adjust as necessary. It’s a whole lot more agile.

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