Provenir_Case_Study_Instabank_210722

Real-time integrations

Access multiple traditional + alternative services

Consumer Lending

Instabank provides savings, insurance, POS loans, and Instapay MasterCard credit card services. www.Instabank.no

Decisioning Cloud

Quickly Implement Change

Modify rules + processes easily in a visual environment

Rapid Roll-out

Easily scale to support expansion + growing volumes

Since opening its digital doors in 2016, Instabank has become a disrupter in the Nordic banking community.

One of its key products is instantly approved, direct-toconsumer, unsecured loans. The bank also partners with retailers to provide real-time point-of-sale loans to their customers. Initially, the bank used a traditional lending solution with thousands of lines of code. As a digital “challenger” bank, Instabank needed a platform that would not only enable instant decisioning, but also offer the flexibility and scalability to support the company’s rapid growth.

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To increase agility, Instabank selected the Provenir Decisioning Cloud, for two key reasons: 1) The cloud-based implementation model met its need for rapid deployment with controlled costs, and 2) Provenir’s visual, business-focused design tools would support their fast growth plans. “The nature of our business requires an analytics and decisioning engine that places the control in our hands to manage and configure business logic or credit policy as the company grows. Provenir gives Instabank that control in every aspect – from the ability to operationalize our analytic models down to the visual integration tools,” says Farzad Jalily.

Instabank is now managing over one billion kroner in loans through the Provenir solution. The bank first moved pricing and credit decisioning logic to Provenir, enabling it to rapidly design and implement processes and rules to meet the unique lending requirements for Norway, Finland, and Sweden.

Instabank is using Provenir to power a world-class consumer experience requiring minimal information from the applicant. Provenir then gathers credit data from Experian and several other sources to automatically calculate a risk score. The whole process takes less than one minute to approve a loan and determine appropriate offers! Instabank is finding Provenir to be a powerful ally in growing its business across multiple countries. The bank plans to move all its business logic and solutions to Provenir to maximize its use of the platform’s flexibility and scalability.

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