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Data Fueled. AI Powered. The Secret to Smarter Decisioning

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Data Fueled. AI Powered.
The Secret to Smarter Decisioning

The way consumers interact with financial services products is changing, rapidly – consumers expect instant decisions, personalized offers and automated, digital experiences. And there is a need to gain deeper insights from more data sources to power a new level of decisioning speed and accuracy, financial inclusion and fraud prevention.

In this interview with Financial IT, Carol Hamilton, SVP, Global Solutions for Provenir, discusses how alternative data and AI play a huge role in improving risk decision-making, supporting fraud prevention and making financial services more accessible and inclusive.

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Provu Chooses Provenir’s AI-Based Risk Decision-Making Platform to Improve Customer Response Time and Decision Accuracy

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Provu Chooses Provenir’s AI-Based Risk Decision-Making Platform
to Improve Customer Response Time and Decision Accuracy

Provenir enters exploding fintech market in Brazil

Parsippany, NJ, May 18, 2022 – Provenir, a global leader in AI-powered risk management software for fintechs, today announced its first customer in Brazil: Provu, a fintech specializing in payment and personal credit, based in São Paulo.

Provu is a pioneer in the Buy Now Pay After (BNPL) solution in Brazil, with which merchants offer customers a form of payment in installments without a credit card and receive the value of the purchase in cash.  The process is done in a completely digital way, from a brief credit analysis of the potential buyer.

This Brazilian fintech, which also operates in online personal lending, was looking for a native cloud decision platform to boost and scale its offerings as it grows, giving its credit team independence to make changes, as well as allowing them to launch new products quickly and connect with new data providers without difficulty.

“One of the pillars to revolutionize the credit market is a quick customer decision response time,” said Renato Mesquita, Provu’s Director of Risk (CRO).  “In this sense, the partnership with Provenir is strategic. With the technology and robustness of Provenir’s credit decision engine, already adopted by major international references, we will be able to automate our credit intelligence without overloading internal resources, ensuring answers and analysis of more complete and efficient credits,” adds Renato.

“We are excited to partner with Provu, a pioneering and innovative company, which will help bring new digital financial offerings to the Brazilian population,” said Jose Luis Vargas, Executive Vice President for Latin America at Provenir. “We are seeing unprecedented demand from startups, fintechs and neobanks across the country for real-time credit decisions. Provu has understood that our risk decision-making platform with artificial intelligence will allow them to optimize the customer experience throughout its lifecycle. Provenir is expanding its investments in Brazil to meet this demand more quickly and accurately.”

Provenir’s AI-based risk decision-making software is the industry’s first true risk decision ecosystem. The platform enables a comprehensive real-time view of decision performance, third-party data and history, as well as automated analytics.  Through a unified digital experience, users can create the cloud solution as platform-as-a-service (PaaS) that best meets the needs of their business.

15 Companies Changing the Landscape of Buy Now, Pay Later

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Provenir Honored for Best Technology Provider: Data & Analytics in the 2022 Credit Strategy Credit Awards Program

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Provenir Honored for Best Technology Provider:
Data & Analytics in the 2022 Credit Strategy Credit Awards Program

The company is distinguished as a finalist in the Credit Awards, celebrating innovation and best practices in the credit and financial services industry

Parsippany, NJ — May 18, 2022 — Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, today announced it has been named finalist in the “Best Technology Provider – Data & Analytics” category for the Credit Strategy Credit Awards 2022.

The Credit Awards, known as ‘the Oscars of the industry,’ recognize and celebrate innovation, best practice and the hard work of individuals, business divisions and pan-global conglomerates across the entire industry.

Winners will be unveiled at the Credit Awards ceremony on June 29 at the Grosvenor House Hotel in London.

“Provenir is honored to be named a finalist in the ‘Best Technology Provider – Data & Analytics category,’ as our customers gain a decisive industry advantage by harnessing the power of Provenir’s data marketplace, purpose-built machine learning models, and on-demand decisioning,” said Frode Berg, Managing Director, EMEA for Provenir. “Designed to drive business growth, our platform enables financial institutions to rapidly overcome the challenges that hold them back such as data access and integration, AI deployment and decisioning automation.”

Provenir’s industry-leading AI-Powered Decisioning Platform is data fueled and AI driven for smarter risk decisioning. The solution, managed through a single UI, empowers organizations to innovate further and faster than ever before, driving the continuous optimization they need to power growth and agility, without increasing risk.

With the unique combination of universal access to data through the Provenir Marketplace, simplified AI and world-class decisioning technology, Provenir provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle –offering diverse data for deeper insights, auto-optimized decisions, and a continuous feedback loop for constant improvement.

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Provenir Joins Visa Ready for BNPL Program to Support AI Risk Decisioning for Burgeoning Buy Now Pay Later Sector

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Provenir Joins Visa Ready for BNPL Program
to Support AI Risk Decisioning for Burgeoning Buy Now Pay Later Sector

Providing universal access to data, simplified AI and sophisticated decisioning technology, Provenir continues to broaden its partnership with Visa

Parsippany, NJ — May 10, 2022 — Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, today announced it is part of the Visa Ready for BNPL program, providing lenders offering Buy Now Pay Later (BNPL) services the ability to make data-fueled and AI-powered intelligent decisions.

Today’s announcement builds on Provenir’s established partnership with Visa, leveraging Visa’s collaboration, expertise and vast network. In addition to Visa Ready for BNPL, Provenir is also an enabling partner with Visa’s Fintech Fast Track Program and Visa Fintech Partner Connect.

Provenir’s AI-Powered Decisioning Platform is comprised of three essential components that enable financial institutions to rapidly overcome the challenges that hold them back — data integration, AI deployment and decisioning automation.

“Provenir is proud to join Visa Ready for BNPL as an enabling partner providing AI-risk decisioning for Visa clients in the BNPL sector,” said Kathy Stares, Executive Vice President, North America at Provenir. “In the fast-moving BNPL sector, risk decisioning that’s accurate and based on real-time information is essential. Our AI-powered risk decisioning platform provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle to power many of the world’s leading BNPL providers across all continents.”

Through the Visa Ready for BNPL program, Visa establishes a robust ecosystem of partners to scale Visa’s BNPL portfolio of solutions worldwide.

Visa Ready for BNPL program partners provide Visa clients access to solutions and capabilities to support standing up BNPL capabilities including acquirers, POS systems, commerce platforms, issuer/virtual card processors, digital banking providers, origination platforms, system integrators and more.

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Risk Management is the Next Frontier for AI Adoption

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Risk Management is the Next Frontier
for AI Adoption

AI investments in finance continue to gather steam in 2022, as more firms win the management buy in to automate processes with machine learning, implement near-autonomous trading algorithms, and deploy predictive analytics on the end-user side.

In an interview article in bobsguide, Carol Hamilton, SVP, Global Solutions at Provenir, shares her insights on the main factors required for AI to deliver ROI quickly and how AI and automation are blurring the lines of fraud and risk management in organizations.

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Leaning Into Innovation to Bring Newfound Speed and Accuracy to Credit Risk Modelling

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Leaning Into Innovation
to Bring Newfound Speed and Accuracy to Credit Risk Modelling

Leaning Into Innovation to Bring Newfound Speed and Accuracy to Credit Risk Modelling

To really level-up decisioning, organizations need more data, more automation, more sophisticated processes, more forward-looking predictions and greater speed-to-decisioning. And to this end, they need AI, machine learning, and alternative data.

In an article in Global Banking & Finance Review, Kim Minor, Senior Vice President, Global Marketing at Provenir, outlines the key findings of a survey which reveal a great state of uncertainty in credit risk modelling, underscoring the need for AI, machine learning, and alternative data.

Read the full article at Global Banking & Finance Review.

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Provenir Welcomes Bharath Vellore as General Manager for APAC

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Provenir Welcomes Bharath Vellore
as General Manager for APAC

Vellore brings more than 15 years’ experience growing markets in risk decisioning arena

PARSIPPANY, NJ–Mar. 29, 2022 – Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, announced today that Bharath Vellore has joined as the General Manager for APAC. In this role, Vellore will establish the strategy to expand Provenir’s presence in the region and oversee all business operations including sales, pre-sales, professional services, and customer success.

Vellore brings more than 15 years of experience working with Financial Services driving revenue growth, regional expansion and business development. Prior to joining Provenir, Vellore held leadership positions at LexisNexis Risk Solutions and Dow Jones.

“I am delighted that Bharath will be spearheading efforts to expand our footprint in APAC,” said Larry Smith, CEO and Founder. “With his industry knowledge and experience building new territories, we plan to quickly increase our engagement with the growing number of fintechs and innovative banks seeking access to industry-leading AI-powered risk decisioning software for real-time credit decisioning.”

“APAC is forecast to top 50 percent of Global GDP by 2040 accounting for 40 percent of the world’s total consumption. While this provides an incredible opportunity, there are numerous challenges in the region, including fraud, financial exclusion and disruptive changes in consumer behavior. This is driving lenders to implement new AI-enabled technology to minimize risk while serving a larger population of customers,” said Bharath. “I am excited to continue building upon Provenir’s existing presence and momentum to serve the region.”

Provenir’s AI-powered risk decisioning software is the industry’s first, true risk-decisioning ecosystem. It provides a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics. Through one unified digital experience, users can create the platform-as-a-service (Paas) cloud solution that best fits their business needs.

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Interview: Fintech Finance News with Carol Hamilton

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Interview:
Fintech Finance News with Carol Hamilton

AI-powered risk decisioning is about more than just more accurate decisions and better predictability. Implemented correctly, AI positively impact the entire credit risk lifecycle.

In this video interview, Carol Hamilton, SVP of Global Solutions at Provenir, provides insights on the current challenges and opportunities organizations are experiencing using AI, and how embedded AI helps organizations gain a holistic view across identity, fraud and credit risk for their customers along their entire journey.

Watch the video Fintech Finance News.

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TransUnion Selects Provenir to Deliver AI-Powered Risk Decisioning to Clients

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TransUnion Selects Provenir
to Deliver AI-Powered Risk Decisioning to Clients

Provenir’s data-fueled and AI-driven decisioning platform improves accuracy and enhances customers’ experience

Parsippany, NJ — April 11, 2022 — Provenir, a global leader in AI-powered risk decisioning software, today announced it has been selected to join TransUnion’s Strategic Alliance Distribution Program. Through this alliance, TransUnion clients will be able to take advantage of Provenir’s industry-leading platform to gain deeper insights from more data sources to power a new level of decisioning speed and accuracy.

The way consumers interact with financial services products is changing, rapidly – consumers expect instant decisions, personalized offers and automated, digital experiences. Meanwhile, fraud losses hit $56 billion in 2020 and fraud attacks are only getting more sophisticated and widespread. To address these challenges, financial organizations are increasingly seeking technology that provides flexibility, scalability, access to new data sources and self-learning models.

Provenir provides the answer with its industry-leading AI-Powered Decisioning Platform that uniquely combines universal access to data, including TransUnion’s world-class data, simplified AI and sophisticated decisioning technology. This provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle – with diverse data for deeper insights, auto-optimized decisions, and a continuous feedback loop for constant improvement.

“Provenir is a valued long-term business partner,” said Aaron Smith, TransUnion Vice President of Global Platform Partnerships. “Now our customers can leverage TransUnion data in more ways as it is integrated within the Provenir platform. Backed by a strong commitment to R&D and ongoing product development, Provenir offers the flexibility and scalability our clients say they need to respond quickly to changing market conditions and to support rapid growth.”

“We’re excited to expand our relationship with TransUnion and help clients of all sizes and complexity benefit from our AI-powered platform,” said Kathy Stares, Executive Vice President, North America for Provenir. “While organizations may understand the transformative power of AI-enabled risk decisioning, they often struggle with mounting the resources needed to develop, deploy and maintain AI initiatives. Our platform does this for them, eliminating high development costs and resources, enabling organizations to recognize ROI often within at little as 60 days.”

The Ultimate Guide to Decision Engines

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Harnessing AI and Machine Learning to Improve Credit Risk Decision-Making

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Harnessing AI and Machine Learning
to Improve Credit Risk Decision-Making

In a global study conducted with 400 decision makers in fintech and financial services organizations, we uncovered a high degree of uncertainty in credit risk modeling accuracy and a growing appetite for AI predictive analytics and machine learning, data integration and the use of alternative data.

Listen in as Robin Amlôt of IBS Intelligence, and Carol Hamilton, SVP Global Solutions at Provenir, discuss the findings revealed in this research and how organizations plan to use data, AI, and decisioning to improve credit risk decisioning and support the key imperatives of fraud detection/prevention and financial inclusion.

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The Ultimate Guide to Decision Engines

What is a decision engine and how does it help your business processes?

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