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All-Inclusive Experiences: Make Smarter Decisions Faster with a Risk Decisioning Ecosystem

What do travel booking apps and risk decisioning technology have in common? Most of the time not much… but they should.

Let’s look at some of the benefits travel apps offer:

1. It removes the challenges that stand between you and takeoff.

2. It gets you to the right place, faster.

3. It makes it easy to learn, make changes, and make decisions.

4. It brings together data from multiple sources to make sure you get the full picture.

5. It lets you create a personalized vacation, without having to use multiple tools.

6. You can make many, unique bookings, and manage them all from one location.

7. You can go as big or as small as you want.

8. It brings everything you need into one ecosystem.

9. It’s user friendly, intuitive, and puts you in control.

10. You get instant confirmation.

So, why shouldn’t you expect the same experience from your risk decisioning and analytics solution?

You should, but users often don’t. The reason why is simple: previous risk decisioning and 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 decisioning, data integration, and business insights.

You’ve essentially been working with an airline, hotel, and car rental service to book your next vacation, instead of having a ready-to-go travel ecosystem experience.

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 and compiling the insights is a labor– 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 insights you need to continue your growth journey.

If you’re driving an older, and typically larger, full-service firm, you often have a wealth of data, but it’s locked up in various legacy systems that don’t communicate with each other.

Ultimately, the end result is the same—a disjointed, incomplete view of credit risk lifecycle and limited insights into your decisioning performance as a whole.

Key Obstacles Preventing a 5-Star Review Whether you’re an up-and-coming fintech or a financial juggernaut, delivering a great customer experience (and hopefully, earning a 5-star review) is paramount. Of course, at the same time, you must also meet the demanding needs of the organization you work for. Here are seven key reasons why your existing risk decisioning “ecosystem” is preventing you from doing both.

1 Lack of Access to Real-Time and Historical Data We all know that data and analytics are the key to smarter decisioning, but if the right people can’t access it, they can’t use it. Just like flights for your vacation, imagine if you still had to visit 10 different airline sites to see what your options are? It’s time consuming, resource heavy, and you can’t always be sure that you’re seeing the right data you need to make an informed decision. The same applies in credit risk; your risk team might have access to some data sets while your data science team has access to others. To make accurate credit risk decisions your team needs easy access to data across the whole credit lifecycle. Without it, you lose the insights needed to get new products and processes to market faster.

“ Only 27% of financial institutions rate the access to data as strong.”

Digital Banking Research Report, Jan. 2021

2

Reliance on IT Teams to Integrate Systems, Change Processes and Launch New Products

Remember the days when you had to go to a travel agent to book a trip? Your hardcoded systems or inflexible vendor solutions are making you do the same thing. Every time you want to connect to a new data source, make a minor workflow change or launch a new product only increases your reliance on IT or a vendor to execute it. This process is not sustainable for you or your IT team when you want to stay ahead in an increasingly competitive market. It’s too time-consuming and costly — and it slows your time to market, limiting your ability to respond to evolving consumer needs.

3

Limited Visibility into How Your Decisioning is Affecting Your Business

Do you know how your current risk models are performing? Is your loan scorecard still accurate? For example, what would happen if defaults went up to 30%? Or approval rates increased by 2%. Knowing this information and having instant access to it could have a huge impact on your risk tolerances and revenue. Imagine booking a vacation based on reviews from five years ago—so many things could have happened in that timeframe that could impact your holiday experience. The same goes for your decisioning, to make the best decisions you need real-time reviews. Without this on-demand, integrated view into how your decisioning models are performing and in turn affecting other areas of your business, you lack the insights you need to make decisions, alter processes and power product innovation.

4 Predictive Model and ML Deployment Delays Many companies report that their risk teams only deploy a small percentage of models they build. Why? Because businesses often find that their risk team and their decisioning technology—whether it’s a home-grown or vendor solution—speak different languages. For example, your risk team prefers Python, but your technology solution only supports Excel. This means that every model will need to be “translated” before they can be put into production. With 70% of FIs using ML to improve risk decisioning accuracy, easy model deployment is essential to power your ability to respond to market threats or opportunities.

5

Poor Case Management Delays Customer Credit Approvals

When all your data isn’t in one place, you can easily lose track of it. This can be especially true when it comes to tracking customer credit approvals that have manual stops on them because of an issue like missing documents or borderline credit. Your team might not have an efficient way to view all the pending cases at one time or easily drill down into the case details. Without effective case management, you’re basically asking customers to “stay on the line” for days hoping they don’t take their booking elsewhere.

6

Your Technology Can’t Scale and Grow with Your Business

The vacation many young families take verses trips business people or luxury travelers select can be very different, much like the technology you need when you’re powering from startup to unicorn. 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.

7 Managing Multiple Solutions To create an optimized risk decisioning ecosystem, you need to be able to rapidly deploy, learn and iterate new processes to power continuous innovation. To bring the needed information together this often means using multiple software solutions, all run on their own independent UI. This makes it extremely difficult to orchestrate information and processes into an ecosystem, can be labor and time intensive, and requires users to be trained on multiple systems.

Together, these seven obstacles lengthen each step of your product development lifecycle, slow the launch of new products, and limit innovation opportunities.

The All-Inclusive Solution: A True, Fully Integrated Risk-Decisioning Ecosystem To compete successfully in our digital-first, instant-gratification world, you need a risk-decisioning ecosystem that functions like the top travel booking apps.

An ecosystem that not only connects every piece of credit decisioning, visualization, AI+ML, and case management software you own, but also enables you to access any external data source in real time and see the big picture — along with the impact of your decisions—across your entire customer credit lifecycle.

Risk Technologies That All Work Together, Seamlessly A true, integrated risk-decisioning ecosystem is a single, comprehensive cloud-based platform—not a selection of vendor partnership solutions tied together— that unifies all your risk decisioning, data, analytics and insights through a centralized user interface (UI). It’s an ecosystem that works together seamlessly (not through patchwork APIs and hardcoding) and enables you to shorten your development lifecycle and get products to market faster.

Shorten Your Product Development Lifecycle.

Spend More Time Innovating.

Today’s Challenge: Disparate Legacy/Hardcoded Technologies Slow Your Time to Market and Reduce Innovation Time

CUSTOMER ACQUISITION

MISSED GROWTH AND INNOVATION OPPORTUNITIES

INTEGRATE

DEPLOY

DECISION

ITERATE

Long-term delays

Hardcoding processes require extensive build times

Slow decisions and/or limited complexity

Slow analysis and innovation

THE SPEED TO MARKET

INNOVATE

LAUNCH

PRODUCT IDEA

CUSTOMER ACQUISITION

The Promise of Provenir: Integrated Risk Decisioning Ecosystem Accelerates Decision-Making and Time to Market, Giving You More Time to Innovate

INTEGRATE

DEPLOY

DECISION

ITERATE

Simple integration through a single API

Visual, no-code creation

Automated approvals using ML + predictive analytics

Real-time data analytics, instant changes

01

02

03

04

THE SPEED TO MARKET

PRODUCT IDEA

INNOVATE

LAUNCH

Enjoy These First-Class Benefits The benefits of a true risk-decisioning ecosystem are significant. With an integrated solution powering your risk decisions, you can overcome the seven major risk obstacles and: Democratize Data Access + Get Data On-Demand – Quickly integrate data from any data source—internal or external—in one place, including credit risk, fraud, open banking and alternative data. Rather than waiting weeks for integration, it takes minutes. Once integration is complete, your entire risk team can dynamically access and use the data across all your decisioning workflows.

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 true risk-decisioning ecosystem 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 location and combine it with any of your models at any time to get instantaneous views into your business performance.

Speed Your Time to Market with Advanced Analytics: AI + ML + Model-Agnostic Technology – 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. The right platform is also model-agnostic, meaning models can be uploaded into any language, eliminating delays in model deployments so you can quickly implement changes when they’re needed.

Automate Account- and Decision-Monitoring to Simplify Customer Case Management – With a true risk-decisioning ecosystem, you never have to leave the system to manage cases. You can quickly access all of your parked deals that were not auto-approved so that you can drill down into the data and quickly take action. For example, if a loan application had a manual stop on it for a borderline credit score, you could see that and either approve or deny it, then send it back into your decisioning system to communicate with the customer and finish out the workflow.

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.

Simplify the Big Picture – A true risk ecosystem 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 risk decisioning ecosystem 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 operationalize risk models and provide realtime solutions to the market.”

Tito Gutiérrez, Country Manager at Flexiplan

Take the Stress Out of Risk Decisioning with the Provenir Cloud Suite Provenir Cloud Suite is the industry’s first, true risk-decisioning ecosystem. By providing a comprehensive real-time view of unified decisioning-performance, third-party and historical data, as well as automated analytics, Provenir enables your business to deliver the data and insights needed to grow your business.

By combining four best-in-class cloud products with a single no-code UX, Provenir Cloud Suite delivers a one-stop, user-friendly solution that can be built over time and completely on your terms. It also provides a single API that automates three out of the four steps required to connect you to 600+ data types—including credit, fraud, open banking and alternative data—cutting integration time from a month to minutes.

Together, the Suite also shortens product launch times from months to days. It powers each step in the development lifecycle, enabling you to compile more data, generate faster insights and learn faster—all within the same unified software platform—so you can spend more time iterating and innovating.

Take Klarna, for example, a Buy Now Pay Later (BNPL) provider. They saw massive growth in 2020, adding 1 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.”

Brian Billingsley, CEO, North America, Klarna

Provenir Cloud Suite: Four Best-of-Breed Clouds that Work Together Seamlessly Data Cloud + Marketplace – Your one-stop fintech data ecosystem Offering easy, rapid integrations to a wide range of global data sources and using one single API to connect to many data types, including credit, fraud, open banking and alternative data. Access and use data across decisioning workflows in minutes to get new products to market faster.

Decisioning Cloud – Make smarter decisions, faster Automated risk decisioning workflows that offer real-time approvals.

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.

Insights Cloud – Ingest data, extract value Get real-time views of your decisioning performance to uncover actionable business insights. Combine decisioning data, third-party data and historical data to underpin a data-driven strategy. Visualize performance and innovate faster with customized dashboards available across your entire decisioning ecosystem.

Solutions Cloud – Powered by Salesforce, decisioned by Provenir Create applications in our case management solution for Salesforce and send to the Decisioning Cloud for instant approvals. Connect to get instant case management capabilities for rapid deployment. Simplify managing your application funnel with preconfigured dashboards.

Experience Better Risk Decisioning with Provenir Cloud Suite The best news of all? Provenir Cloud Suite and its risk-decisioning ecosystem are not one-size-fits-all. Each cloud suite was purpose-built to integrate seamlessly with the others. 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 • Secured Lending / Mortgages • Embedded Finance

Experience for yourself how the first true risk-decisioning ecosystem can rapidly drive new innovation and propel your growth. To learn more about Provenir Cloud Suite and its industry-leading products, visit our website.

Provenir.com