Provenir 2024 Survey

Maximize Value Across the Entire Customer Lifecycle

Global Risk Decisioning Survey 2024

Provenir surveyed decision makers at financial services providers and fintechs to understand their risk decisioning challenges, customer management priorities, and confidence in the accuracy and flexibility of their risk models.

Survey period: September 2023

Respondents: 300+ global decision makers

What are your top 3 risk decisioning challenges?

0 10 20 30 40 50

Managing risk across the customer journey 49 %

48 %

43 %

43 %

33 %

31 %

27 %

26 %

Developing and deploying risk decisioning processes

Identifying efficiency and performance improvement opportunities

Identifying fraud

Maximizing customer profitability

Inflexible risk models

Outdated technology

Personalizing offers across the customer lifecycle

Almost half of financial services providers say developing and deploying risk decisioning processes, and managing risk across the customer journey are their biggest challenges.

Over the last 6 months, which area has been your top priority?

Customer management

Managing customer retention/churn

53 %

Reviewing collections strategies and recovery actions

47 %

15 %

16 %

Customer acquisition

Predicting credit adjustments

11

%

Expanding through cross/upsell

10 %

Across all regions, managing customers post-acquisition remains the primary focus for more than half of all financial services providers surveyed.

How accurate are your credit risk decisioning models?

Almost 40% of respondents feel their credit risk decisioning is not entirely effective compared to 83% in 2022. While confidence has improved, significant opportunity remains for more accurate and equitable credit decisioning.

Not at all less than half the time

Mostly 76-95% of the time 54 %

8 %

Somewhat 50-75% of the time 31 %

7 %

Completely

How confident are you that your credit risk decisioning logic can be easily and quickly modified in response to the changing macro-economic environment?

70% of respondents are not confident in their ability to modify risk decisioning logic quickly.

Not Confident less than half

the time 20 %

Mostly Confident 76-95% of the time 30 %

Somewhat Confident 50-75% of the time 38 %

Completely Confident 13 %

How effective are your anti-fraud measures? Only 7% of financial services providers are completely confident in their anti-fraud measures.

Mostly 76-95% of the time 52 %

Somewhat 50-75% of the time 34 %

Not at all less than half the time 7 %

Completely 7 %

What is your biggest challenge to delivering hyper-personalization for customers?

Data quality & integration

38 %

19 %

Real-time decisioning

Advanced analytics development & deployment

18 %

10 %

Personalization logic

9 %

Legacy technology

Operationalizing a data feedback loop

6 %

Data challenges and real-time decisioning stand in the way of hyper-personalization for financial services providers.

Demographics

Titles:

What is the size of your organization?

VP 12 % Director 22 % Manager 25 % Other 10 %

● 32 % Less than 100 employees ● 31 % 100-500 employees ● 9 % 500-1,000 employees ● 17 % 1,000-5,000 employees ● 3 % 5,000 – 10,000 employees ● 8 % 10K+ employees

C Suite 31 %

Geo:

NA EMEA

APAC

About Us

Provenir helps fintechs and financial services providers unlock the secret to smarter risk decisioning. Provenir’s AI-powered platform brings together the power of decisioning, data, and case management to drive intelligent decisions. This unique offering gives organizations the ability to power decisioning innovation across the full customer lifecycle, driving improvements in the customer experience, access to financial services, business agility, and more. Provenir works with disruptive financial services organizations in more than 50 countries and processes more than 4 billion transactions annually.

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