Using Robust Credit Risk Analysis to Make Better Decisions
Digitization of financial services gives you an incredible opportunity to power world-class consumer experiences, but it also exposes your business to a wide range of new risks. With consumers now expecting real-time credit approvals, you need credit risk analysis technology that powers instant decisioning without exposing your business to more risk. But, why stop there? What if you could have technology that actively empowers your organization to reduce decision risk?
With the Provenir Platform, you can!
Provenir’s risk decision analysis and data science platform is designed to eliminate the credit risk analysis challenges that prevent you from rapidly responding to new risks and enable your risk team to develop and deploy innovative risk strategies that reduce decision risk.
Decision Engine Technology: Access and Orchestrate Data to Make Smarter Decisions
The base for any decision is data, without the right data in the right place you’re exposed to increased risk and forced to make decisions without seeing the full picture. The Provenir Platform is a powerful data integration and orchestration tool that puts data access in the hands of business users. No vendor reliance, no hardcoding.
The Platform’s integration wizard offers a drag and drop interface that allows non-technical users to handle data mapping to both internal and external sources. Which means a minimal need for engineering input and no waiting on vendors to complete integrations. And, with no hardcoding, your team can quickly and easily update integrations to use new data fields.
Use Provenir’s powerful integration capabilities to empower your team to explore new and alternative data sources to reduce decision risk and power innovation in your credit risk analysis.
Automate Processes to Improve Decision Risk Analysis
Automating the processes behind credit applications doesn’t just speed up approval time, it makes sure that all applications follow the same vigorous decisioning checks. From KYC and fraud checks to credit scoring and pricing, the Provenir Platform can automate all decisioning processes to power instant credit decisions and reduced decision risk.
Not all credit applications are a high risk to your business, but the ones that do pose increased risk require extra checks. The Platform allows your team to develop sophisticated credit risk analysis systems that can power straight-through processing for simple applications and flag high-risk applications for additional processing or manual review.
Develop, Test, and Deploy Risk Models and Scorecards Without Delay
As you already know, accessing the data you need is just the beginning. To reduce decision risk, you need to be able to import, test, and deploy scorecards and risk models into your decisioning processes quickly and easily.
One of the biggest challenges financial institutions face when working to reduce decision risk is delays in deploying new and updated models. Whether you’re a fintech outgrowing hardcoded MVP decisioning software, a traditional institution wrangling legacy systems, or a financial services organization relying on a vendor solution, model delays are often caused by decisioning software limitations. The Provenir Platform is designed to eliminate these limitations.
Are your model deployments currently slowed by recoding work? The Platform is model agnostic and supports imports in Spark, Python, R, plus many more. With Provenir your risk team can natively operationalize risk models eliminating delays caused by recoding. They can also take advantage of the Platform’s low-code interface, which puts the power of importing, testing, and deploying models in the hands of business users.
The Platform automatically pulls fields for mapping and models can be tested within your Provenir environment. Test results are shown visually within the Platform, making it easy for your risk team to identify errors and deploy models into live credit risk analysis and decisioning processes without relying on your vendor or dev team.
Use Advanced Data Science Tools to Improve Decisioning Accuracy
Advanced data science tools have the power to help you identify opportunities to improve decision risk analysis and make smarter decisions. In addition to making integration and orchestration easy, Provenir also simplifies and supports the integration of data analytics tools including AmazonML, SparkML, and TensorFlow models. Use these tools within the Platform to analyze every data point generated by your decisioning processes and any other data to improve decisioning accuracy and reduce decision risk.
Improve Credit Risk Analysis to Reduce Decision Risk with Provenir
Provenir can help your team implement innovative risk strategies that reduce decision risk. To learn more about how Provenir empowers your team to take control of risk contact us today.