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Don’t Keep Customers Waiting Make Risk Decisions in Seconds


August 20, 2021 | Jonathan Pryer

Provenir for Retail Financing

Today, consumers are used to simple and fast digital interactions with instant banking and one-click shopping from their mobile phones. This expectation for speedy online service now extends to more complex interactions like loans. Whether you are a telecommunications company offering loans for mobile phones or a rent-to-own store which provides loans for furnishings, your clients demand a quick risk decision.

Provenir can help you deliver a timely, hassle-free credit or loan experience. Using the Provenir Risk Decisioning Platform, it’s easy to automate your credit and lending processes, making them as efficient as possible while minimizing risk and staying compliant. You can substantially cut the time and cost for creating and maintaining complex credit and risk decisioning solutions to:

  • Make decisions in seconds/milliseconds. Take advantage of instant, straight-through processing for credit and lending requests and automated next-best-action recommendations for requests requiring further underwriting analysis.
  • Integrate to structured and unstructured data sources in hours. Pre-built adapters automatically consolidate information from virtually any enterprise and third-party data source.
  • Operationalize risk models in minutes. Provenir is model-agnostic so that you can use any model or scorecard developed in industry-standard tools such SAS, R, Excel and Python within your decisioning processes.
  • Be completely independent from your IT organization or Provenir. Simple to use visual tools let you rapidly create, test and deploy automated risk analysis and decisioning processes for immediate response to changing regulations, market conditions, customer profiles, business opportunities and competitive challenges.
  • Accelerate deployment with the Provenir Cloud. A highly secure cloud computing environment offers flexible options for domain setup, managed services, deployments and scalability.

Rent-A-Center Implements Provenir Cloud to Better Serve Growing Customer Base

“The Provenir platform’s scalability and rich functionality provide significant value to Rent-A-Center’s growth plans and transformation,” said Mark Denman, EVP of Acceptance Now at Rent-a-Center. “By implementing Provenir Cloud to process customer lease applications, we will increase speed, improve delivery and provide our customers better, faster access to our products and services.”

Rent-A-Center provides furniture, electronics, computers and household appliances under rent-to-own agreements. It is publicly listed with more than 3,500 stores in the US, Canada, Mexico and Puerto Rico and revenues totaling $3.28 billion in 2015.

Klarna Group Automates Hundreds of Transactions per Second with Provenir

The Provenir Risk Decisioning Platform has been used to develop customer onboarding, merchant onboarding and due diligence applications. These applications accept data from external system front-ends, perform the analytics and decisioning according to the rules established by Klarna in the Provenir platform, and return a response to the customer or merchant instantly.
Customer onboarding was configured to process hundreds of transactions per second to support rapid business growth without compromising the control and accuracy of the operations.

Klarna Group has more than 1,400 employees and is active on 18 markets. Klarna Group serves 45 million consumers and works with 65,000 merchants, attracting major international clients such as Spotify, Disney, Samsung, Wish and ASOS. It’s goal is to become the world’s favorite way to buy.

Lewis Group Makes Risk Decisions in Seconds Using the Provenir Platform

The Provenir Risk Decisioning Platform has significantly cut the time required to implement and change decisioning policies. “Provenir’s built-in repository and change management system makes entertaining such requests almost a pleasure,” says Willie Van Zyl, Senior Solutions Analyst at Lewis. For example, it took less than half a day to integrate a new SAS dataset and retrieve an indicator used to print a special promotional message on a customer’s statement. Previously, such a change would have taken more than a week and costs would have outweighed the benefit.

In stores, the Provenir platform enables the majority of application credit decisions to be made in just a few seconds once the required information is captured. Borderline applications are automatically referred to underwriters for further analysis. The credit maintenance solution aggregates data and automatically evaluates each customer’s credit performance, allowing Lewis to quickly identify at-risk customers as well as additional opportunities to extend credit.

Lewis is a leading African retailer selling household furniture and electrical appliances through the brands of Lewis, Best Home and Electric and Beares. Lewis has 716 stores across all metropolitan areas with a strong presence in rural South Africa.

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