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The benefits of unified access to AI-Powered Decisioning + Data
The benefits of Unified Access to AI-Powered Decisioning + Data
What if your decisioning technology came with the same benefits as a smart home system? Think about it:
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Built-in controls to manage risk, security, and identity Preconfigured data integrations that get you up and running quickly and easily Powerful analytics tools to access, analyze and action data Flexibility to expand as your needs evolve Automation to improve efficiency and power better user experiences Auto-optimization to get more accurate the more it’s used User friendly, no-code controls A single user interface to manage all of your technology solutions
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So, why shouldn’t you expect the same benefits from your risk decisioning solution?
You should, but users often don’t.
The reason why is simple: previous risk analytics offerings just weren’t built that way. So, as a user you’ve had to look to multiple products when you want world-class solutions for data and AI-powered decisioning. You’ve relied on vendors to make changes. You’ve relied on multiple user interfaces (UI) to keep control. You’ve waited months for solutions to go live, and… you’ve needed to replace technology a few years later when it can’t expand and scale with your business.
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What does this mean for your credit risk strategy?
As a startup, you might have the latest cloud-based solutions for each component of the credit decisioning process, but they all come from different vendors. So, optimizing performance across all of your solutions is a laborious (and time-intensive) process. As a more established fintech, you might have the MVP solution you went to market with that can’t provide the decisioning accuracy—or power—you need to continue your growth journey. As an older, and typically larger, full- service company, you often have a wealth of data, but it’s locked up in various legacy systems that don’t communicate with each other and, once you’ve managed to get changes approved you’re reliant on IT or a vendor to update your systems.
Ultimately, whatever stage your business is in, the end result is the same—a disjointed, incomplete view of the credit risk lifecycle, limited insights into your decisioning performance, and unoptimized risk decisions that limit growth.
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The lights are on, but no one’s home: the smart home benefits that will open the door to new financial services customers
Whether you’re a startup with a single product line, or a unicorn offering a range of financial solutions, you need to create a financial ‘home’ for your customers, which means delivering a great customer experience from start to finish. At the same time, you must also meet the demanding needs of the organization you work for. Here are the five key features of a risk decisioning platform that will enable you to do both:
No-code control
Streamlined data access
Easy optimization
Full customer lifecycle management
Scalability and expandability
1. No-Code Management: to integrate systems, change processes and launch new products Remember when accessing the internet from a new room in your house meant getting a professional to rewire your home, or running a cable from one end of the house to the other? Your hardcoded systems or inflexible vendor solutions are making you do the same
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thing with your technology. You either wait to make it to the top of the vendor’s priority list or implement a trip hazard solution that will tide you over until something breaks it. But what if your technology was more like a smart home? What could you achieve with a no-code UI to connect to a new data source, make workflow changes and launch a new product? No reliance on IT or a vendor to execute it. Just one solution that has pre-built data integrations and a visual, drag and drop interface to easily make changes to your setup to help you stay ahead in an increasingly competitive market. It’s timesaving and cost-effective— reducing your time to market and enhancing your ability to respond to evolving consumer needs. 2. The Right Data: easy access to real- time, on-demand data We all know that data and analytics are the key to smarter business decisions, but if you can’t access the right data, your business can’t make the right decisions. The same applies in credit risk; the most accurate decisions come from a mix of traditional and alternative data. However, this can leave you with multiple data sources, integrations, and contracts to manage. Without unified data access that feeds into a decisioning engine, credit teams operate on limited insights. Smart homes provide centralized access, connecting dozens of utilities and features through a single UI. Controlling it all is as easy as pushing a button, and customizing it to your needs is just as simple. Want your shades to go down automatically as the sun sets? Do you want your lights to turn on when the shades go down? With one connected interface, you can trigger the right steps at the right time to support your needs. So instead of managing separate functions manually, everything runs seamlessly on its own from only one input.
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To make accurate credit risk decisions, your team needs a similar, efficient and connected process. A single, centralized access point feeds the right data into your decisioning engine at exactly the right time for smarter decisions. No need to sort through hundreds of data sources and as many contracts - one platform and one contract powers curated data and decisions across the whole credit lifecycle. With real-time, on-demand data, you can say “yes” to more of the right customers, faster than ever before.
“Only 27% of financial institutions rate the access to data as strong.” Digital Banking Research Report, Jan. 2021
3. Centralized Control: data and AI- powered decisioning across the customer lifecycle To power continuous innovation across the customer lifecycle you need to be able to launch, learn and iterate with ease, but separate solutions for data and AI-decisioning slow innovation down. What can a smart home teach us about better decisioning across the customer lifecycle? Smart homes bring together data and decisioning to manage identity and produce better decisioning experiences. For example, if someone tries to enter your home, your home’s security system can check the identity of who’s at the door to make sure they only have access if they’re meant to. Whether it’s from facial recognition, pin codes, or even fingerprints, the doors are only unlocked for the right people and entry for those people is quick and easy.
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Smart homes can also go one step further – they can use identity to personalize user experiences, from what temperature to set the thermostat to, to which lights and other applications to turn on. Smart homes connect all systems to deliver a seamless, personalized experience from entry to exit. They can also learn and iterate performance based on new data and user behavior, ensuring the experience and decisioning processes behind it stay at optimal performance. In much the same way, consumers expect their experiences to be seamless, giving them access to tailored financial services products while also protecting them from financial fraud. To support this consumer need and business strategy, financial services organizations need to combine data and decisioning into one cohesive solution that can provide the technology to access, analyze and action data across fraud, identity and credit decisioning processes. And, like a smart home experience, it should bring this information together to get smarter the more it’s used. 4. Optimization: decisioning that gets more accurate every time it’s used Do you know how your current risk models are performing? Or whether model drift is occurring and unhealthy? How long would it take you to respond to performance changes once they’re spotted? Homes without smart systems rely on humans and individual systems to spot performance issues or uncover any efficiency improvement opportunities. Think about how your non-smart home runs. The heating or air conditioning is set to come on at a certain time and go off at a certain time. It doesn’t consider if
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anybody is home, it simply runs as programmed. Much like a non-smart home, traditional decisioning has relied on human intervention to spot model performance changes and identify efficiency improvement options, meaning improvements happen on an ad-hoc basis, if at all. To operate at maximum efficiency and run the most accurate models possible, your AI-powered decisioning and data solution needs to run like a smart home. A centralized UI that connects to all of your necessary data can be used to power a continuous feedback loop, where both historical and real-time data are used to auto-optimize performance on an ongoing basis. Model performance and accuracy can be monitored and adjusted in real time with processes monitored by humans, not reliant on them. 5. Grow and Expand with Confidence: Technology that scales and grows with your business When you first launch your business, you might need minimal decisioning power and a few data integrations, but that’s not going to support you on an aggressive growth trajectory. You need a decisioning solution that can support your needs now and in the future. A solution like a smart home – where you can start with the basics, such as connecting a few appliances to the central UI, and add in more integrations and power as your needs grow and expand. Your smart home solution doesn’t care if you grow into a tower block, expand into a mansion, or just maintain a single-family home, and neither should your technology. Why? Because your decisioning solution should facilitate and empower growth, not inhibit it. While this might seem obvious, not all technology is designed to simplify your growth journey.
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One of the biggest obstacles financial services companies face is having technology that can support their business as it evolves and grows. For example, people often find it a challenge to support decisioning as application volume grows and their offerings expand. Sometimes the impact can be from delays waiting for vendors or in-house teams to make changes; often it means procuring or building new solutions to fill in technology gaps or completely replacing existing solutions. Whatever the path forward, the impact is the same... delayed growth, limited agility, and user frustration. To preempt future technology challenges, look for options that empower you to:
Grow
Expand
Change direction
With a “smart home” solution in place, you can feel secure that the system is working to protect you, optimize consumer experiences, and ready to power your growth.
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The technology you need to build the home, the data you need to optimize it: A Risk-Decisioning Ecosystem
To compete successfully in our digital-first, instant- gratification world, you need a risk-decisioning + data ecosystem that functions like the ultimate smart home to intelligently serve customers. A solution that not only connects every piece of credit decisioning and AI/ML software you own, but also enables you to access any external and internal data source in real time to auto- optimize decisions—along with the impact of those decisions—across your entire customer ifecycle. Risk Technologies That All Work Together, Seamlessly A true, unified risk-decisioning platform is a single, comprehensive cloud-based solution—not a selection of vendor products tied together—that unifies all your risk decisioning, data, and AI through a centralized user interface (UI). It’s a unified solution that works together seamlessly (not through patchwork APIs and hardcoding) and enables you to shorten your development lifecycle and get products to market faster.
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Shorten Your Product Development Lifecycle. Spend More Time Innovating.
Missed Growth and Innovation Opportunities
Rapid Growth and Innovation Opportunities
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Power Growth with These Smart Benefits
The benefits of a unified AI and risk-decisioning platform are significant. With an integrated solution powering your risk decisions, you can: Get the Right Data, On Demand: Quickly integrate data from any source—internal, external, traditional, or alternative— through a single contract and single API platform that pulls the right data exactly when you need it. With simplified access to on-demand data and insights that feed directly into your decisioning engine, get all the benefits of data, without the integration headaches. Launch New Products on Your Schedule: Make changes to processes and launch new products on your schedule—instead of someone else’s— eliminating vendor and IT development team reliance. A unified risk-decisioning, AI and data solution provides a single, integrated UI and makes it easy to understand how to map your workflows, integrations and risk analytics processes so that you can rapidly make changes, test new strategies and get products to market faster. Get Real-Time Views of Your Decisioning, Performance and Third-Party Data to Uncover Actionable Business Insights: Pull all your decisioning, performance and third-party data into one centralized UI to get instantaneous views into your business performance.
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Eliminate AI Challenges: Empower your team with advanced analytics tools such as artificial intelligence (AI) and machine learning (ML) to do more than approve or reject loans, but also improve the speed and accuracy of the decisioning process. Use AI/ML models that are purpose-built to power decisioning across the customer lifecycle. Launch AI-powered decisioning at record speed with AI natively built into your decisioning solution, removing the deployment challenges that slow you down. Pick Your Own Language: The right platform is also model agnostic, meaning models can be uploaded in any language, eliminating the need for recoding so you can quickly implement changes when they’re needed. Auto-Optimize Decisioning: Unlock the value of decisioning data with a feedback loop that powers continuous optimization. With data, AI, and decisioning managed by a single UI, your decisioning data can be fed into AI models to enable continuous learning and optimization, resulting in more accurate performance. Make Unbiased Decisions: To maintain compliance and consumer trust you need AI that is transparent and compliant. Choose technology that can easily show why decisions were made to help manage bias. Power and Support Growth: Choose a solution that grows and scales with your business on your terms. Whether it’s adding new product lines, approving more customers in real-time, or adding in more functionality as your decisioning processes become more sophisticated, your technology should power, not limit growth.
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Simplify the Big Picture: A unified data and decisioning solution makes it easy to analyze decisioning performance and identify innovation opportunities by seamlessly bringing together everything you need to launch, learn, and iterate across your product portfolio. One UI means faster insights, less delays, and rapid innovation. Create World-Class Customer Experiences: To truly thrive in an increasingly competitive industry you need to provide consumers with world-class customer experiences. A unified data and AI-powered decisioning platform lets you make smarter decisions, faster. Use your technology’s powerful data integration and automation capabilities to create streamlined user experiences and drive real-time decisioning.
“With its best-in-class technology for global financial companies, Provenir will be one of our strategic partners helping us provide real time solutions to the market.” Tito Gutiérrez, Country Manager at Flexiplan
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Take the Stress Out of Risk Decisioning with Provenir’s AI-Powered Decisioning Platform
Provenir’s AI-Powered Risk Decisioning Platform is the industry’s first unified data, AI and decisioning solution purpose-built for financial services. By providing a comprehensive real-time view of decisioning- performance, third-party and historical data, as well as automated and auto-optimized AI, Provenir enables you to deliver intelligent decisioning needed to grow your business. By combining three key capabilities with a single no-code UX, Provenir’s AI-Powered Risk Decisioning Platform delivers a one-stop, user-friendly solution that can scale and expand on your terms. Smarter decisions are powered by a single API that gives you the right data at the right time. Integrate data – including credit, identity, fraud, open banking and alternative data — in minutes, rather than months. On-demand data directly fuels your decisioning processes for competitive insights across the customer lifecycle. Together, the unified solution also shortens product launch times from months to weeks. It powers each step in the development lifecycle, enabling you to compile more data, generate quicker insights and learn faster—all within the same unified software platform— so you can spend more time iterating and innovating.
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Take Klarna, for example, a Buy Now, Pay Later (BNPL) provider. They saw massive growth in 2020, adding one million new customers per month in the U.S. alone.
Using Provenir, they’ve been able to globally roll out instant decisioning—when and where customers want it—and make real-time configuration changes to react to market needs. “Provenir has delivered a solution that increases our agility and responsiveness to clients. The implementation of Provenir’s software will contribute towards Klarna’s global market goals.” Klarna
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Provenir's AI-Powered Risk Decisioning Platform: Three Capabilities, One Seamless Solution
Simplify Your Data Supply Chain – Your one-stop fintech data ecosystem You need the right data at the right time to decision, strategize, and make smarter business choices. On-demand data powers real-time decisions at any point in the customer lifecycle. Improve decisioning accuracy with curated data that integrates seamlessly into your decisioning engine. Provenir Data lets your business take control of data all from one centralized, easy-to-access global data platform. Analyze Data with Provenir AI – Maximize decisioning performance with simplified AI Eliminate the barriers holding you back from AI success with a purpose-built AI solution. Provenir simplifies the creation, deployment, and management of AI models across the customer lifecycle, and uses your decisioning data to power continuous auto-optimization of models for more accurate decisioning. Action Data with Provenir Decisioning – Make smarter decisions, faster Automate risk decisioning workflows to offer real-time decisions across identity, credit, and fraud workflows. Instant decisioning processes enable you to increase revenue and create superior customer experiences without compromising risk. Empower your business users with no-code UI and drag and drop functionality.
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Provenir’s AI-Powered Risk Decisioning Platform: The Foundation for Decisioning Success
Fully configurable and scalable to support your business goals, Provenir’s Platform is designed to meet your needs, not someone else’s. With a single no-code UI powering data, AI and decisioning, you can take control of your risk strategy. So whatever size organization you are, and whichever lines of business you serve, we have the industry-leading solution that can power your processes and workflows today, while always being ready to grow with you tomorrow.
• Payments • Fraud • Ecommerce • Buy Now, Pay Later • Digital Banking • Challenger Banking • Insurance • SME Lending • Consumer Lending
• Digital Onboarding • Credit Cards • E-wallet • Auto Financing • Telco • Crypto • Secured Lending / Mortgages • Embedded Finance
Experience for yourself how a unified solution for data and AI-powered decisioning can rapidly drive new innovation and propel your growth. To learn more about Provenir and our industry leading platform, visit our website: provenir.com.
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