Consumer Duty Could Lead to Stricter Lending Criteria
Lenders in the UK’s must now comply with the new Consumer Duty which sets higher and clearer standards of consumer protection. In this Peer2Peer Finance News article, Frode Berg, Managing Director for Europe at Provenir, shares his thoughts on the impact on lenders’ risk assessment processes as well as the types of products and services available in the lending sector.
Automotive Financing Provider GoFi Selects Provenir’s Data and Decisioning Platform
GoFi will benefit from Provenir’s powerful platform to support immediate responsiveness and the best customer experience
Parsippany, NJ —August 2, 2023 — Provenir, a global leader in risk decisioning software, announced today that GoFi, LLC, a leading U.S. consumer automotive financing provider, has selected and implemented Provenir’s Data and Decisioning Platform to assess applicant credit risk quickly for real-time financing approvals.
GoFi, LLC is an AI-centric, digital-first lending platform. Built on a proprietary loan origination system and powered by its integrated machine learning algorithms, GoFi provides auto-decisioned responses across the full credit spectrum. Through simple, intuitive offers, GoFi aims to help partners expand their brand impact and deliver a better customer experience.
“We selected Provenir for several reasons, most importantly, for the platform’s flexibility and customization options. It also allows us to quickly and easily integrate with many different platforms which will allow our business users to take the reins,” said Daniel Garland, Senior Director, GoFi. “We have been able to implement a fully customizable solution that meets our business needs with the vast majority of the implementation being done by our business users.”
“We are pleased to partner with GoFi to power the real-time risk decisioning needed to provide the very best customer experience,” said Kathy Stares, Executive Vice President, North America for Provenir. “From global car manufacturers to independent auto lenders, Provenir empowers auto financing providers of all sizes to make accurate decisions faster while minimizing risk and preventing fraud. Provenir’s data and decisioning capabilities enable our auto financing clients to respond on-the-fly to changing market dynamics and deliver real-time insights to inform smarter decisions.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Online Retailers Using Embedded Finance With Provenir: J.D. Power, TreviPay, Valuedynamx and Galileo
EY estimates that the market size of global embedded finance will grow from $264 billion in 2021 to $606 billion as early as 2025. With the space set to dramatically disrupt the financial sector worldwide, The Fintech Times spoke to industry experts, including Kathy Stares, Executive Vice President, North America for Provenir, to understand the benefits of embedded finance for online retailers. Check out what Kathy and her industry peers had to say.
According to a recent survey conducted by the United Nations Development Programme (UNDP) on the impact of Covid-19 on MSMEs in the Philippines, nearly 36% of the Philippines’ GDP is generated by small and medium-sized enterprises, with 63% of the workforce being employed by these businesses.
Yet, these businesses continue to face constraints in formal credit accessibility.
In this article from The Manila Times, Bharath Vellore, General Manager, APAC, Provenir, discusses the progress in bridging the Philippine SME credit gap both from sides of the private sector and government, and how else stakeholders can do more to facilitate ease and inclusion for MSME lending.
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Super Apps Success with FintechOS, Wildfire Systems, Provenir, Agent IQ and Yoosr
EY estimates that the market size of global embedded finance will grow from $265 billion in 2021 to $606 billion as early as 2025. Super apps are one specific area that looks ready to explode worldwide. The Fintech Times asked experts, including Frode Berg, Managing Director of Europe for Provenir, what factors have driven the success of super apps already. Frode shares his perspective on how super apps can expand economic opportunities and possibilities on several levels while transforming the user experience.
Alternative data helps lenders score previously difficult-to-serve groups like thin- and no-file customers. Lenders seeking to serve those client groups need the right technology in place. In this interview with Fintech Nexus, Kathy Stares, Executive Vice President, North America for Provenir, discusses the value of alternative data, the types of technology needed to extract the most value and how organizations can prepare to best leverage insights from alternative data and maximize their benefits from technology.
Provenir Shortlisted as Finalist for Asia Fintech Awards’ LendTech of the Year
SINGAPORE, July 6, 2023 – Provenir, a global leader in data and AI-powered risk decisioning software, today announced that its Data and Decisioning Platform has been shortlisted as a finalist in the “LendTech of the Year” category for this year’s Asia Fintech Awards, an industry award that celebrates Asia’s fintech community.
Provenir’s Data and AI-Powered and Risk Decisioning Platform was evaluated based on its ability to meet customers’ needs and requirements, how it can achieve critical mass, and the innovative aspects developed to bring the product to market.
“We are thrilled to be recognised as a finalist for this awards program that celebrates the best and brightest of APAC’s fintech community,” said Bharath Vellore, General Manager of Provenir for APAC. “This reflects our growing commitment in Asia to empower lenders in each market with world-class decisioning, comprehensive data and advanced analytics to improve credit assessment on consumers, supporting the underserved population with more equitable lending decisions and providing SMEs access to finance their working capital.”
Winners of this year’s awards will be announced at Asia Fintech Awards’ ceremony on August 24 at the Hilton Singapore Orchard.
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Improving Lenders’ Consumer Duty Through Data & Technology
With the new Customer Duty legislation due to come into force on the 31st of July, the Financial Conduct Authority (FCA) is attempting to establish higher and clear standards for consumer protection.
To comply, both traditional financial institutions and nimble fintechs must embrace flexible technology solutions. Frode Berg, Managing Director for Europe at Provenir, reflects on the unique advantage AI-powered credit risk decisioning provides in ensuring compliance, mitigating fraud and customizing lending solutions for a better customer experience.
“Provenir congratulates B Generous for being recognized for exceptional technical ingenuity and breakthrough innovation,” said Kathy Stares, Provenir’s Executive Vice President for North America. “Provenir is proud to be the credit decisioning platform provider that is helping support B Generous’s vision to transform the world of philanthropy and put real substance behind the ‘paytech for good’ movement.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Provenir Congratulates B Generous on 2023 PayTech Awards Win
Creator of the world’s first philanthropic credit product takes home top honors in the “PayTech for Good” category
Parsippany, NJ — July 5, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today congratulated its customer B Generous for winning the “PayTech for Good” category of the PayTech Awards 2023.
The PayTech Awards celebrate and recognize outstanding achievements in the use of technology in the finance and payment industry worldwide. The “PayTech for Good” category recognizes technology providers that actively put the wider community first and demonstrate the values of connection, collaboration, and generosity above and beyond the usual confines of business goals.
B Generous developed the world’s first philanthropic credit product – the groundbreaking Donate Now, Pay Later™ (DNPL) platform – which enables donors to finance their donation over time without having to pay anything out-of-pocket at the point of donation. Donors get the full tax deduction right away; the nonprofit receives the full funds immediately, while the donor gains the flexibility to pay in installment payments over 3, 6 or 9 months with no interest or fees.
DNPL fundamentally solves the liquidity problem for nonprofits, without putting pressure on donors’ finances, allowing people to give what they want, not merely what they feel constrained to give. B Generous donors give $460 on average – 260% greater or 3.5x more than the average charitable donation of $128.
B Generous’s DNPL offering involves an instant soft credit check. Once completed, offers are presented with loan terms with no interest or fees and no impact on donors’ credit scores. This is executed in near real-time, through use of the Provenir AI-Powered Data and Risk Decisioning Platform, which offers a streamlined single point of access to myriad bureaus and data sources for more accurate credit decisioning.
“Provenir congratulates B Generous for being recognized for exceptional technical ingenuity and breakthrough innovation,” said Kathy Stares, Provenir’s Executive Vice President for North America. “Provenir is proud to be the credit decisioning platform provider that is helping support B Generous’s vision to transform the world of philanthropy and put real substance behind the ‘paytech for good’ movement.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Fintech For Good: Fact or Fantasy? With Milken Institute, Provenir, Nav and ClearBank
The words “fintech for good” get thrown around a lot. But does the phrase have any legs – or is it just a collective industry pipe dream. In this series from The Fintech Times, Kim Minor, Senior Vice President, Global Marketing at Provenir, shares how fintech is helping reinvent the business of giving for the nonprofit sector.
