Bigbank Accelerates Decisioning and Expands Business Offerings with Provenir
“We are using the Provenir decision engine in all our credit products where automatic credit decisions are made. So, the expansion of the use of Provenir is tightly connected with the expansion of our product portfolio. With Provenir, we are able to make loan decisions faster and also offer different refinancing options than most of our competitors – this gives customers more flexibility with shorter decision times.”Mart Veskimägi, Member of Management Board/Head of Risk Management
As a credit institution, Bigbank was using hard coded and inter-related, complex credit rules. It became quite difficult to understand and modify models so the decision was made to implement a more flexible solution. At the same time, planning started to build their own banking software which would require a robust decision engine as well.
With limited internal development resources and knowledge to build a tool inhouse, Bigbank wanted a pre-built solution from a partner that could provide the support they needed. They also sought a tool that was user friendly and offered a visual interface for the decision process.
A successful Provenir proof of concept convinced Bigbank that Provenir was the best fit for their organization. The ability to track each application through the decision process via Provenir’s visual interface, as well as its ease of use and integration, were key factors in their decision. Bigbank uses Provenir to design and orchestrate decisioning flows that deliver credit decisions as quickly as possible and at minimal cost through efficient use of data call-outs. Following initial guidance from Provenir Professional Services, the flexibility and speed to change rules allowed the team to become self sufficient very quickly.
Bigbank now processes more than 95% of applications without human and/or paper intervention from application to decision. This provides a distinct competitive advantage since they can decision loans faster and offer refinancing options that give customers more flexibility with shorter decision times. With the ability to automatically present customers with options for the best solution, acceptance rates have increased, which helps the bank upsell different products.
The flexibility and ease of use of the platform allows Bigbank to launch new products faster and change, manage and create new credit rules without hard coding.
Enhanced decisioning is directly impacting customer satisfaction. Customer net promoter scores have increased since applicants experience fast decision times, and unapproved applicants understand why they were rejected so they can provide additional data and context or focus on improving their financial health.