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Lending process for SMEs seen faster with AI

NEWS

Lending process
for SMEs seen faster with AI

According to the World Bank, access to capital is the second most cited obstacle faced by SMEs in growing their businesses in emerging markets and developing countries. In this exclusive interview with BusinessWorld, Bharath Vellore, General Manager, APAC for Provenir, discusses how access to alternative data and AI can help shorten loan application processes for SMEs to less than 24 hours from 10 or more weeks under traditional lending institutions.

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Provenir Recognized as Best Credit Risk Solution in the Global BankTech Awards 2023

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Provenir Recognized as Best Credit Risk Solution
in the Global BankTech Awards 2023

The awards program celebrates the world’s most cutting-edge vendor and solution providers transforming the financial services sector

Parsippany, NJ September 13, 2023 – Provenir, a global leader in AI-powered risk decisioning software, today announced that it has been recognized in the Global BankTech Awards 2023 as the “Best Credit Risk Solution by a Vendor.”

“Provenir is honored to be recognized for its forward-thinking technology that is enabling the financial services market to make credit decisions faster to better serve its customers,” said Frode Berg, Provenir’s Managing Director for EMEA. “With embedded machine learning and simplified data orchestration, Provenir’s AI-Powered Risk Decisioning Platform provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle.”

The Global BankTech Awards are organized by The Digital Banker, a globally trusted news, business intelligence and research partner to the worldwide financial services sector. The awards honor and celebrate the world’s preeminent and ground-breaking technology companies and their contributions to technology-based enhancements, initiatives and innovations within the financial services industry that are streamlining operational processes, automating workflow and re-engineering business models, while materially driving productivity gains.

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Autochek Africa selects Provenir’s Risk Decisioning Platform to Accelerate Expansion

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Autochek Africa selects Provenir’s Risk Decisioning Platform to Accelerate Expansion

Provenir’s flexible platform allows Autochek to quickly expand into new geographies, reducing launch time by half.

London, UK, Sept. 12, 2023 – Provenir, a global leader in AI-powered risk decisioning software, today announces Autochek Africa, an automotive technology company, has selected Provenir’s Decisioning Platform to automate decisioning and accelerate its expansion efforts.

Autochek Africa provides solutions that enable commerce within the automotive sector including credit underwriting solutions for auto loans, for Autochek and third-party banks. Autochek also provides vehicle inspection, maintenance, insurance and vehicle tracking solutions. The company was seeking a robust platform with rapid deployment capabilities to automate all of their credit decisioning processes to support its strategic expansion into specific regions.

“To support our aggressive expansion strategy, we needed a partner with an agile and flexible platform and the ability to deliver within very short timelines,” said Johan van der Merwe, Chief Executive Officer, Autochek. “We have partnered with Provenir to automate decisioning for faster and more scalable approval processes. Within eight months, we were able to provide clients and dealers with pre-approvals, instalment simulations and loan application decisions, together with bespoke offers, in six countries. Provenir’s low-code platform provides us a competitive advantage, allowing us to quickly expand into our target geographies, reducing our launch time in many cases by almost half.”

“We are pleased to partner with Autochek Africa to help them quickly scale their operations and enter new markets,” said Adrian Pillay, Vice President, MEA at Provenir. “Provenir’s flexible platform provides Autochek with the self-sufficiency needed when launching new products to market, so they can scale faster than ever before.”

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Ushering In The Next- Generation Collections Model Enabled By Advanced Analytics

<\/p>\n

Unfortunately, the collections industry has been relatively slow to embrace new techniques in analytics compared to other areas of organizations such as loan origination, as investment in the collections function is often overlooked in favor of projects that aim to grow the customer base. However, with consumer debt levels returning to 2008 recession levels (total household debt in the United States rose by\u00a0$148 billion in Q1 2023<\/a>, totaling $17.05 trillion), and the threat of challenging economic conditions on the horizon, collections centers are finally getting the attention they deserve.\u00a0<\/p>\n

<\/p>\n

In this article, Kathy Stares, Executive Vice President of North America at Provenir, examines new technologies available, how they can shape and enhance the collections process, and ways collections centers can utilize new technology to create win-win opportunities for customers and creditors.<\/p>“,”margin”:”default”}},{“type”:”button”,”props”:{“grid_column_gap”:”small”,”grid_row_gap”:”small”,”margin”:”medium”,”text_align”:”center”},”children”:[{“type”:”button_item”,”props”:{“button_style”:”default”,”content”:”Read Now”,”icon_align”:”left”,”link”:”https:\/\/financialit.net\/blog\/data-analytics\/ushering-next-generation-collections-model-enabled-advanced-analytics”}}]}]},{“type”:”column”,”props”:{“image_position”:”center-center”,”padding”:”small”,”position_sticky”:”row”,”position_sticky_breakpoint”:”m”,”position_sticky_offset”:”100″,”style”:”card-default”,”width_medium”:”1-3″},”children”:[{“type”:”headline”,”props”:{“content”:”The Ultimate Guide to Decision Engines”,”text_align”:”center”,”title_color”:”success”,”title_element”:”h3″,”title_style”:”h3″}},{“type”:”text”,”props”:{“column_breakpoint”:”m”,”content”:”

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<\/p>\n

Unfortunately, the collections industry has been relatively slow to embrace new techniques in analytics compared to other areas of organizations such as loan origination, as investment in the collections function is often overlooked in favor of projects that aim to grow the customer base. However, with consumer debt levels returning to 2008 recession levels (total household debt in the United States rose by\u00a0$148 billion in Q1 2023<\/a>, totaling $17.05 trillion), and the threat of challenging economic conditions on the horizon, collections centers are finally getting the attention they deserve.\u00a0<\/p>\n

<\/p>\n

In this article, Kathy Stares, Executive Vice President of North America at Provenir, examines new technologies available, how they can shape and enhance the collections process, and ways collections centers can utilize new technology to create win-win opportunities for customers and creditors.<\/p>“,”margin”:”default”}},{“type”:”button”,”props”:{“grid_column_gap”:”small”,”grid_row_gap”:”small”,”margin”:”medium”,”text_align”:”center”},”children”:[{“type”:”button_item”,”props”:{“button_style”:”default”,”content”:”Read Now”,”icon_align”:”left”,”link”:”https:\/\/financialit.net\/blog\/data-analytics\/ushering-next-generation-collections-model-enabled-advanced-analytics”}}]}]},{“type”:”column”,”props”:{“image_position”:”center-center”,”padding”:”small”,”position_sticky”:”row”,”position_sticky_breakpoint”:”m”,”position_sticky_offset”:”100″,”style”:”card-default”,”width_medium”:”1-3″},”children”:[{“type”:”headline”,”props”:{“content”:”The Ultimate Guide to Decision Engines”,”text_align”:”center”,”title_color”:”success”,”title_element”:”h3″,”title_style”:”h3″}},{“type”:”text”,”props”:{“column_breakpoint”:”m”,”content”:”

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Provenir Named ‘Data Company of the Year’ in the Tearsheet Data Awards 2023

<\/p>\n

Parsippany,\u00a0NJ <\/strong>\u2013 September 12, 2023<\/strong> \u2013 Provenir, a global leader in AI-powered risk decisioning software, today announced that it has been named \u201cData Company of the Year\u201d in the Tearsheet Data Awards 2023. Provenir\u2019s AI-Powered Risk Decisioning Platform is used by fintechs and financial institutions in more than 50 countries to process more than 4 billion transactions annually.<\/p>\n

<\/p>\n

The Tearsheet Data Awards is the industry\u2019s top awards program, recognizing and celebrating the best data products, services, and brands powering the modern financial system. As apps and institutions further integrate, data and data sharing have become the building blocks of modern finance. Entire ecosystems are being built around financial institutions and fintechs that incorporate rich and impactful information about their customers.<\/p>\n

<\/p>\n

\u201cProvenir is pleased to be recognized as \u2018Data Company of the Year\u2019, as fintech innovation has exploded across every part of financial services, creating a customer-first world that demands more from data,\u201d said Kathy Stares, Executive Vice President, North America, for Provenir. \u201cProvenir\u2019s AI-Powered Risk Decisioning Platform delivers automated decisioning, providing more informed decisions across the customer journey. With data more accessible and usable, financial services organizations can automate complex decisions by turning predictions into decisions that drive world-class customer experiences.\u201d<\/p>\n

<\/p>“,”margin”:”default”}}]},{“type”:”column”,”props”:{“image_position”:”center-center”,”padding”:”small”,”position_sticky”:”row”,”position_sticky_breakpoint”:”m”,”position_sticky_offset”:”100″,”style”:”card-default”,”width_medium”:”1-3″},”children”:[{“type”:”headline”,”props”:{“content”:”The Ultimate Guide to Decision Engines”,”text_align”:”center”,”title_color”:”success”,”title_element”:”h3″,”title_style”:”h3″}},{“type”:”text”,”props”:{“column_breakpoint”:”m”,”content”:”

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Provenir Appoints Andres Elizondo as Chief Financial Officer

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Provenir Appoints Andres Elizondo
as Chief Financial Officer

The appointment reflects Provenir’s commitment to growth and the development of innovative industry solutions

Parsippany, NJ – Sept. 5, 2023 – Provenir, a global leader in AI-powered risk decisioning software, today announced the appointment of Andres Elizondo as its new Chief Financial Officer. Elizondo brings a wealth of experience which combines both finance and strategy, with a focus on driving and delivering long-term business value.

With more than 15 years of experience, Elizondo has a proven track record in creating and leading the finance functions of global technology companies as well as private equity-backed firms. Previously, Elizondo was the Group CFO at software development platform Builder.ai and served as CFO of the EMEA region at Rackspace Technology and was part of the leadership team that took the company public. In these roles, he implemented strategies that drove growth and delivered exceptional shareholder value.

Provenir’s mission is to help fintechs and financial services providers around the globe make smarter risk decisions and disrupt the increasingly competitive financial technology landscape,” said Larry Smith, Founder and CEO of Provenir. “Andres brings a unique blend of technical knowledge and financial expertise. I am confident the addition of Andres to our leadership team will help support Provenir’s expansion and market leadership goals.”

“I’m very excited to join Provenir and be part of the company’s growth,” said Elizondo. “Provenir has been at the forefront of developing industry-leading risk decisioning and data analytics solutions to meet the rising need for high-quality financial services. I’m looking forward to championing Provenir’s growth plans and delivering even more value for our customers.”

Elizondo received a bachelor’s degree in Mechatronics Engineering from the Instituto Tecnológico y de Estudios Superiores de Monterrey in Mexico. He completed his master’s degree in Business Administration at London Business School as well as The Wharton School at University of Pennsylvania. Currently based in London, Elizondo will work with Provenir’s global finance team in New Jersey, the United Kingdom, and India.

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Banking on Cloud and Digitalisation

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Banking on Cloud and Digitalisation

In the race to transform the banking industry, much has been said about how the industry is adopting digitalization in its approach. One essential digitalisation process that the banking sector, along with several other segments in the financial industry, uses is cloud migration technology.

The Star recently tapped industry experts, including Bharath Vellore, general manager, APAC for Provenir, to delve into the benefits of the cloud and how other technology such as mobile apps, AI, machine learning, big data, biometrics and chatbots are changing the customer experience.

This article was originally published on The Star, Keith Hiew, Author

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Provenir Named US Fintech Awards 2023 Finalist in Two Categories, ‘Fintech of the Year’ and ‘Data Initiative of the Year’

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Provenir Named US Fintech Awards 2023 Finalist
in Two Categories, ‘Fintech of the Year’ and ‘Data Initiative of the Year’

The US Fintech Awards 2023 celebrate the fintech market, and the achievements and successes of the country’s best and brightest fintech companies, products, teams, and individuals

Parsippany, NJ August 22, 2023 – Provenir, a global leader in AI-powered risk decisioning software, today announced that it has been named a finalist in the “Fintech of the Year” and “Data Initiative of the Year” categories for the US Fintech Awards 2023.

This marks the second year back-to-back that Provenir has been named finalist in both categories for the US Fintech Awards. The US Fintech Awards is a key benchmark by which financial services modernization and technological progress in the world’s premier financial services center are judged. The awards program is organized by FinTech Intel, the global market intelligence platform for financial services technology.

“Provenir is honored to be named a two-time finalist for both ‘Fintech of the Year’ and ‘Data Initiative of the Year,’ for the US Fintech Awards which honors the most innovative fintech companies and individuals in the United States of America,” said Kathy Stares, Executive Vice President for North America, Provenir. “In today’s fintech market, there exists tons of data – often residing in siloed environments – making it difficult to access and costly to integrate into credit decisioning. Provenir brings together the power of decisioning, data and AI to drive instant decisions, foster financial inclusion, reduce risk and prevent fraud.”

A key tenet of the Provenir AI-Powered Risk Decisioning Platform is Provenir Data. Provenir Data is a global data and intelligence platform that makes accessing data fast and easy. Through a single API, it brings together a curated range of data and data solutions known as the Provenir Marketplace.

The Provenir Marketplace, which includes more than 100 data partners, is a comprehensive fintech data and intelligence ecosystem 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.

Winners of the US Fintech Awards 2023 will be unveiled during the Nov. 2 awards ceremony at The Edison Ballroom in New York City.

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Making Good on the Promise of Open Banking Requires Technology and Solid Execution

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Making Good on the Promise of Open Banking
Requires Technology and Solid Execution

Open banking is here and is showing no signs of slowing down.

According to a recent Finastra survey, 56 percent of US financial institutions (FIs) surveyed regard open finance as a “must have”, up from 45% in 2021. Globally, the open banking market is expected to grow to $43 billion by 2026 from its value of $7 billion in 2018.

With the advent of open banking, consumers can now manage their financial information, accessing it across different platforms, benefiting from a smoother, more personalized experience in the process.

In this Finextra blog, Kathy Stares, executive vice president, North America with Provenir, explains how FIs must change – analytically, operationally, and even culturally (no longer owning customer data) – to benefit from the open banking revolution.

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Provenir Customer tbi bank Named 2023 Constellation Research SuperNova Awards Finalist

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Provenir Customer tbi bank
Named 2023 Constellation Research SuperNova Awards Finalist

Mobile-first challenger bank in Southeast Europe is recognized for disruption and innovation in “Data to Decision” category

Parsippany, NJ — August 15, 2023 — Provenir, a global leader in data and AI-powered risk decisioning software, today congratulated Chief Credit Officer Costin Mincovici of tbi bank for being named a Constellation Research 2023 SuperNova Awards’ finalist in the “Data to Decisions” category.

The Constellation SuperNova Awards recognize individuals and teams who are prioritizing disruptive technology and transforming their organizations with digital initiatives. SuperNova Award winners are determined by a combination of public voting and SuperNova judges’ input. Winners are announced live at the 2023 Supernova Awards Gala Oct. 25 at Constellation’s Connected Enterprise (CCE).

SuperNova awards voting is open to the public through Sept. 1 on the Constellation website. View and vote for Costin Mincovici and tbi bank’s entry here: https://www.constellationr.com/node/25106/vote/application/view/1025

tbi bank is a mobile-first challenger bank in Southeast Europe, operating in Bulgaria, Romania, Greece, Germany, and Lithuania. Via digital channels and trusted partnerships with nearly 20,000 merchant locations, tbi serves 2 million clients and issued 550,000 loans in 2022. Its business model and customer-focused approach has made it one of the most profitable and efficient banks in the region.

Leveraging Provenir’s AI- Powered and Data Decisioning platform, tbi bank is able to automate decisioning processes and quickly implement changes via use of a dynamic low-code platform. tbi bank can also offer clients credit decisions in real-time at scale, with a decisioning engine that is efficiently managed with only three full-time employees for the three markets tbi operates in.

By providing faster and more accurate lending decisions, tbi can provide customers with the best experience while reducing risk. The bank has achieved significant market differentiation by offering the speed and convenience consumers require while more easily tailoring lending products and terms to meet the specific needs of customers.

The bank can also now perform underwriting quickly and at scale, enabling capacity growth from less than 500,000 credit applications to 7 million applications annually – for a 1,400% improvement. They’ve also improved efficiency with the ability to implement changes in minutes, thanks to the use of low-code functionality. Their customer experience has also improved through tailored offerings and streamlined credit approvals and can confidently manage compliance operations, with the ability to adapt very quickly to updates and implement needed changes quickly, for best-practice compliance and governance.

“We congratulate Costin and tbi bank on being named a SuperNova award finalist, having been distinguished for their innovation in the Data to Decisions category,” said Name Here, title here at Provenir. “Provenir is very proud to play a supporting role in tbi bank’s automated decisioning processes leveraging a cohesive risk ecosystem of decisioning, data and AI that enable smarter decisions across the entire customer lifecycle.”

“Savvy digital leaders from all industries have made the move from digital channels to digital business models. Despite a high level of uncertainty, rampant inflation, rising interest rates, uncertain inventory and a massive labor shortage, this year’s SuperNova Award winners have made a significant impact to their businesses,” said R “Ray” Wang, founder and CEO of Constellation Research. “The lessons learned from these organizations provide a strong template and great inspiration for other leaders looking to pave the way in their organizations.”

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