Credit decisions that aggregate data For many lenders, credit check and application assessment procedures cause major traffic jams. Traditional lending processes require customers to fill in a mountain of paperwork and provide the necessary data so lenders don’t have to collect it themselves. Smart digital applications can automatically pull that information in through Provenir’s decisioning platform, significantly reducing the customer’s workload – and the hours they spend sitting in the dealership. Additionally, Know Your Customer (KYC) data, including identity verification and due diligence, can also be automated. When it comes to the actual lending decision, the Blockbuster experience
involves underwriters using spreadsheets or other forms of manual processing to determine speedy process. With a Netflix experience, your customers are looking at short application forms that feed powerful decisioning tools; automating data gathering, risk modeling a customer’s credit risk, which is not a and even providing personalized pricing customized to each applicant’s level of risk. Your customer gets their answer (and the best deal possible) in under a second. Making a credit decision quickly is key to customer satisfaction, but more than that, making the right credit decision as quickly as possible is key to longer-term growth overall. Automated access to data offers you ever-more data
sources to more precisely measure risk. Increased data at hand, and more accurate decisioning, allows you to expand approvals to people with less robust credit histories and lower credit scores while remaining confident in your predictions.
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