Shining the Light on Credit Invisibility with Alternative Data
Many individuals around the globe lack a traditional credit history. It’s estimated that nearly 80 percent of adults worldwide are either underbanked or unbanked. Without acknowledging this and taking the requisite action, the industry will remain prejudicial and oppressive by default. But a desire to change must be paired with the capacity to push credit decisioning to the edge.
In this Financial IT article, Kathy Stares, Executive Vice President, North America for Provenir, shares her observations on how lenders can overcome bias, ensure equal access to credit – even for those without formal credit histories – without sacrificing their risk strategy.
Provenir Appoints Carol Hamilton as Chief Product Officer
The appointment reflects Provenir’s dedication to fostering innovation and delivering exceptional customer care
LONDON, UK – June 22, 2023 – Provenir, a global leader in data and AI-powered risk decisioning software, today announced the appointment of Carol Hamilton as its Chief Product Officer.
Based in Provenir’s London office, Hamilton will be responsible for shaping the company’s global product strategy, overseeing product development and management, and identifying new growth opportunities. She will play a pivotal role in driving innovation and expanding Provenir’s product suite, including decisioning, data and artificial intelligence to help lenders make smarter decisions across credit, compliance and fraud.
Since joining Provenir in 2021, Hamilton has served as Senior Vice President, Global Solutions and Chief Commercial Officer of Provenir AI, showcasing her expertise and profound understanding of the company’s operations.
With a wealth of experience in product strategy, innovation, and customer-centric design, Hamilton is uniquely suited to drive Provenir’s product vision and lead the company’s next phase of growth; she brings rich experience in developing fraud, compliance, and security solutions for the financial services industry. Prior to joining Provenir, Hamilton held senior leadership roles at GBG, SAS and BAE Systems, where she led regional teams responsible for creating long-term strategy, driving growth, and seeking new areas for expansion.
“In today’s ever-evolving market, organizations’ real-time decisioning software needs to keep pace. Provenir is built to solve industry-specific needs today, while anticipating the ones businesses will face tomorrow. Carol’s recent efforts leading Provenir AI give her an ideal background to assume overall responsibility for Provenir’s full product suite. She’ll be instrumental in the advancement of our strong value proposition and capabilities to organizations worldwide.”
Larry Smith, Provenir Founder and CEO
“Provenir has long delivered on its promise of increasing customers’ agility and responsiveness to market challenges and client needs, from supporting banks in embracing digital strategies to partnering with fintechs on their growth journey. I’m looking forward to further developing our product suite and helping our customers to maintain their rank as innovative and disruptive financial services players.”
Carol Hamilton, Chief Product Officer
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Provenir Launches New Podcast Series on the Future of Fintech
“The Disruptor Sessions: The Visionary’s Guide to Fintech” features industry experts and explores the key issues shaping the next evolution of fintech
Parsippany, NJ — June 14, 2023 — Provenir, a global leader in data and AI-powered credit risk decisioning software, today announced the launch of its podcast “The Disruptor Sessions: The Visionary’s Guide to Fintech.”
The podcast series features one-on-one interviews with thought leaders and innovators from the financial services industry. Hosted by regional Provenir leaders, the podcast explores what’s next in fintech, from the technology powering change to the visionaries driving disruption. The series also includes bite-size segments called “TDS Minis,” offering key insights on the hot topics driving the fintech market in 15 minutes or less.
“The fintech industry is rapidly changing; we are committed to bringing engaging conversations and insights from industry leaders to the forefront to help organizations navigate the fast-moving fintech market,” said Kim Minor, Senior Vice President, Global Marketing, Provenir. “’The Disruptor Sessions: The Visionary’s Guide to Fintech’ podcast provides expert views on what is moving the fintech market forward, and steps businesses can take to adapt and better position themselves to take advantage of key industry trends and opportunities.”
The pilot episode features Aaron Webster, Chief Risk Officer for SoFi, who shares the company’s secret to differentiation in a crowded fintech ecosystem, as well as predictions on the next big disruption for American financial services.
The following episode highlights financial inclusion and the new-to-credit population, as Nidhi Verma, TransUnion’s Vice President of Research and Consulting, defines the business case for financial inclusion and envisions the future of it on a global scale.
Listeners can access all episodes of “The Disruptor Sessions: The Visionary’s Guide to Fintech” on the podcast home page , as well as Spotify and Apple Podcasts.
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Reality Check: Dispelling Three Key Myths to Upgrading Credit Risk Decisioning Technology
Consumers are resistant to friction in their customer experience journeys, whether they are buying appliances, vacations, vehicles, or applying for credit. Next-gen data and decisioning technology is crucial for financial institutions to focus on growth while meeting consumer needs and expectations, and effectively managing risk.
Unfortunately, there are a number of myths that persist in this area, eroding financial institutions’ ability to compete and thrive – and keeping consumers from the frictionless, rich and relevant experiences they deserve.
In this Fintec Buzz exclusive, Kathy Stares, Executive Vice President of North America for Provenir, details these myths and offers practical steps to run a smarter race.
Provenir Named a Banking Tech Awards USA 2023 Winner for Excellence in Data and Insights
The company’s AI-Powered Data and Decisioning Platform offers a streamlined single point of access to myriad credit bureaus and data sources for more accurate credit decisioning
Parsippany, NJ — June 5, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today announced its Data and Decisioning Platform has garnered Banking Tech Awards USA 2023 top honors in the FinTech of the Future – Data & Insights category.
The Banking Tech Awards USA recognizes outstanding achievements in the banking and fintech industry across the United States.
“We are excited and proud to be recognized for our market-changing solutions designed to help financial services providers deliver the best customer experience while minimizing risk and fraud,” said Kathy Stares, Provenir’s Executive Vice President for North America. “With Provenir’s AI-Powered Data and Decisioning Platform, financial institutions gain access to an array of third-party data sources and decisioning expertise on-demand to make more accurate credit decisions in real-time, and without the high-dollar overhead of credit decisioning infrastructure.”
Provenir’s AI-Powered Data and Decisioning Platform brings together a curated range of data and data solutions covering the whole customer lifecycle with data types such as identification, AML, document verification, open banking, PEPs/sanctions, bureau data, mobile data, email data, device verification, facial biometrics, and social media validation. This data enables businesses to make smarter decisions across key areas such as KYC, origination, credit risk, financial inclusion and fraud.
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Provenir Achieves Service Organizational Control 2 Certification for Information Security Practices
Provenir, a global leader in data and AI-powered risk decisioning software, today announced it has successfully completed the Service Organizational Control (SOC) 2 Type 1 audit.
Developed by the American Institute of CPAs (AICPA), SOC 2 defines criteria for managing customer data based on security, availability, processing integrity, confidentiality and privacy. The Type 2 audit reviews a vendor’s systems and if its design meets these relevant trust principles.
The audit affirms that Provenir’s information security practices, policies, procedures and operations meet rigorous SOC 2 standards for security, availability and confidentiality. This independent validation attests to the strict internal controls Provenir has in place to protect user’s data in a highly regulated industry.
“Achieving SOC 2 certification, along with our ISO 27001 Information Security Management System certification, reinforces Provenir’s commitment to the protection and safeguarding of data across our products,” said Claire Hartley, Provenir Chief Compliance Officer and Data Protection Officer. “Our commitment to and investment in data security and compliance demonstrates to our customers that data protection is our highest priority.”
Earlier this year, Provenir announced ISO/IEC 27001 certification, which provides evidence to a company’s consumers, investors, and other interested parties that the organization is managing information security according to international best practices.
Provenir makes accessing data fast and easy. Through a single API, Provenir brings together a curated range of data and data solutions to enable businesses to make smarter decisions across identity, fraud and credit. This allows users to experience simplified data access, fully managed integrations providing access to a wide variety of traditional and alternative data, and insights to make smarter decisions across the whole customer lifecycle.
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
Provenir Revolutionizes Financial Decision Making with Data Driven, AI-powered Solutions
During a recent conversation with biztechasia, Provenir’s General Manager for APAC, Bharath Vellore, discussed the company’s low-code/no-code solutions that facilitate business innovation. He shares success stories of how Provenir has improved the data supply chain for financial service providers in areas like SME lending, auto financing, BNPL, and mortgages, emphasizing how data is essential in resolving Asia’s financial inclusion challenge. Bharath also spoke about the power of artificial intelligence in helping the financial services industry make better decisions and how Provenir stands tall in the face of competition.
The Power of Data-Driven Technology in a Challenging Economic Climate
Rising loan charges, decreasing rates of investment banking, declining valuations in the fintech sector and unprecedented levels of layoffs are all contributing to economic uncertainty across Europe. At the same time, the UK and Ireland are expected to continue to be a global hub for fintech innovation, paving the way for financial innovation that will benefit the region.
With demand for consumer credit poised to increase due to the rising cost of living, consumers are likely to diversify their credit products. This creates ample opportunity, particularly for digitally savvy challenger banks, to meet the unique consumer needs with strategic approaches, whilst still delivering profitable returns.
In this Payment Expert exclusive, Chris Kneen, Managing Director, UK and Ireland at Provenir, details how alternative credit products, AI and data can help fintechs, financial services providers and regulators meet changing customer needs during today’s climate of economic uncertainty.
“Provenir congratulates B Generous for being recognized as a distinguished finalist in this year’s Paytech Awards,” said Kathy Stares, Provenir’s Executive Vice President for North America. “We are proud to support B Generous’s innovation in transcending the liquidity problem for nonprofits, while easing the pressure on donors’ finances.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
B Generous, Creator of the World’s First Philanthropic Credit Product, Recognized for Innovation in Paytech Awards 2023
Fintech-for-good company offering a groundbreaking Donate Now, Pay Later™ platform named a finalist in “PayTech for Good” award honors
Provenir, a global leader in data and AI-powered risk decisioning software, today congratulated its customer B Generous for being recognized as a finalist in 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.
A B2B2C fintech company and fully licensed U.S. loan broker and loan servicer, B Generous created the world’s first philanthropic credit product, allowing donors to Donate Now, Pay Later, financing their donation over time without having to pay anything out-of-pocket at the point of donation. Donors get the full tax deduction and the nonprofit receives the full funds immediately, while the donor gains flexibility to pay 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.
With the opportunity to pay over time, 82% of donors double their donation — a number rising to 89% among donors giving $1,000 or more. B Generous donors give $460 on average – 3.5x more than the average charitable donation of $128.
A key element of B Generous’ offering is near-real time credit decisioning, powered by the Provenir data and AI-Powered 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 as a distinguished finalist in this year’s Paytech Awards,” said Kathy Stares, Provenir’s Executive Vice President for North America. “We are proud to support B Generous’s innovation in transcending the liquidity problem for nonprofits, while easing the pressure on donors’ finances.”
The Ultimate Guide to Decision Engines
What is a decision engine and how does it help your business processes?
For too long, the lending industry has struggled with inefficiencies and long delays, resulting in a less than satisfactory experience for customers. In this Times of India article, Varun Bhalla, Country Manager for Provenir, shares how AI and machine learning are changing the lending landscape, helping businesses make more accurate, faster risk assessments, support financial inclusion, detect and prevent fraud, and improve customer satisfaction, loyalty and retention.
