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UK Lender Oakam Selects Provenir for Real-Time Loan Decisions Supporting Digital Growth

ort-term lender chooses Provenir’s Risk Decisioning Platform as a scalable solution to speed up loan decisions

London, UK – January 21, 2016—Provenir, the risk analytics and decisioning solutions provider, today announces that fintech lender Oakam has chosen its platform to help it deliver rapid, accurate loan decisions to personal customers.

London-based Oakam provides financial services for people who find it difficult to borrow from banks, offering a straightforward, simple loan application and approval process. It is expanding its customer service offering with an increased online presence and a free mobile app, which gives customers greater control over managing their loan. Customers can also apply by phone or through one of its 22 UK retail stores across London and the Midlands.

To equip the business to handle growth and to improve efficiency, allowing their advisors to focus more time making personal loan decisions and lending assessments on non clearcut customers, Oakam sought a scalable risk analytics and decisioning platform. The Provenir platform – selected by other well-known financial institutions including Resurs Bank and Klarna – provides connections to multiple data sources for data enrichment and will help Oakam return improved and enhanced loan decisions.

“With Provenir’s industry experience and expertise we will have the right technology to make better decisions faster,”. “Provenir will help us meet high demand for our services and deliver a great experience for our customers through its digital solution that will scale as we grow. It will free up staff time to focus on serving customers and give us in-depth management information to help us evolve our business as a responsible lender.”

Frederic Nze, founder and CEO

Oakam will use the cloud-based Provenir platform to speed up loan decisions through a single, digital solution that interfaces with all required data sources, simplifying and managing the credit decision process.

Oakam will benefit from agile, user-friendly configuration tools, allowing it to update processes and credit decision rules as needs evolve. The solution will give Oakam the scope to grow and develop the capabilities of its business processes over time.

“We’re delighted to be working with Oakam, helping them deliver great customer service. Our expertise is in delivering digital solutions to streamline, automate and speed up credit and lending decisions while reducing risk and complying with regulations. With the recent launch of their mobile app Oakam have exciting digital plans and we’re looking forward to helping them achieve their aims.”

Managing Director, Provenir.

About Oakam

Oakam is on a mission to make financials services work better for billions of people around the world.

Oakams’ customers are the ‘under-banked’. They are excluded from the mainstream system of financial services used by many to easily access credit, due to low incomes or poor or no credit history in the UK. Since 2007, via a network of high-street stores and a virtual store, Oakam have provided affordable credit based on a deep understanding of customers personal circumstances — not just their credit score. Oakam are now building on this success by expanding services digitally across the UK and overseas.

Above all, Oakam’s focus is always on building trusted relationships, by serving customers respectfully and often in their own language. Oakam’s 290 staff speak more than 27 languages and even more dialects. Our relentless focus on customer service is the reason why the vast majority of our customers come via word-of-mouth referral.

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TBI Bank Chooses the Provenir Cloud for Real-time Credit Decisions

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TBI Bank Chooses the Provenir Cloud for Real-time Credit Decisions

TBI Bank Chooses the Provenir Cloud for Real-time Credit Decisions
Digital process transformation and automation at the bank supports aggressive growth

London, UK –  3 January 2017 – Provenir, provider of real-time, risk decisioning solutions, today announced that TBI Bank, which serves consumers and businesses in Bulgaria and Romania, has chosen The Provenir Cloud for rapid risk decision-making and streamlined processing of customer applications.

Provider of consumer financing solutions, credit cards and small business lending, TBI Bank is one of the fastest growing banks in its market. Through its 65 offices and online banking services it serves over one million customers. The Bank is part of the 4Finance Group, one of Europe’s largest and fastest growing online and consumer mobile lending groups known for deploying data-driven analysis in its businesses.

The Provenir Cloud will provide TBI Bank with an efficient risk analytics and decisioning solution for faster, consistent credit and loan decisions. Provenir’s ability to integrate easily with any structured and unstructured data sources in minutes will help TBI Bank make risk decisions in seconds. TBI Bank has ambitious growth plans and at the same time will support 4Finance in a number of markets over the next 12 to 18 months. It will use The Provenir Cloud and the scalability, cost-efficiency and real-time updates it offers, as a key enabler for this growth.

“We pride ourselves on delivering a high-quality service to our customers with swift credit decisions and efficient loan application processing. The Provenir solution will help us make decisions in seconds, improve our customer experience and grow our business,” said Petr Baron, CEO of TBI.

“In the competitive market we operate in we embrace the role data-driven analytics plays in rapid credit decision-making. The technology we deploy helps us evolve our products and services and our customers’ experience. The Provenir solution will provide efficient integration to our data sources, facilitating excellent loan processing capabilities. Of particular importance to us is ease of integration and Provenir excels in this area.”

With a history of innovative product development, TBI Bank has an ongoing program of automation and digitization supporting its impressive growth. The scalable Provenir Cloud will help deliver this strategy.    

“We’re delighted TBI Bank chose Provenir as they continue delivering their transformation objectives in support of their customer-centric strategy,” said Paul Thomas, Managing Director, Provenir. “Accuracy, compliance and the real-time deployment of analytics into the decisioning process all contribute to delivering a great experience for the consumer. TBI Bank recognizes the role technology plays in achieving this and we look forward to helping them achieve their goals.” 

About TBI Bank

TBI Bank is a fully licensed Bulgarian bank operating in the Bulgarian and Romanian markets as part of the 4Finance Group. The bank is specialist in Retail and SME Banking.

4Finance is one of the largest and fastest growing groups in online and mobile lending for consumers. The company operates in Argentina, Armenia, Bulgaria, Georgia, Denmark, Spain, Latvia, Lithuania, Mexico, Poland, Romania, the USA, Finland, Czech Republic, Sweden, Dominican Republic, and Slovakia.

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FactorTrust and Provenir Partner to Deliver Clients Faster Lending Solutions for the Underbanked

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FactorTrust and Provenir Partner to Deliver Clients Faster Lending Solutions for the Underbanked

Integrated solution to be available at Money 20/20

ATLANTA (Oct. 18, 2016) – In advance of Money 20/20, the financial industry’s largest tradeshow, FactorTrust, The Alternative Credit Bureau, announces the integration of its database with risk analytics and decision solutions provider Provenir. The integration provides Provenir’s clients with exposure to a greater pool of creditworthy borrowers.

“Combining FactorTrust’s ability to accurately mine and score underbanked consumers with Provenir’s automated end-to-end risk analytics and decisioning platform provides lenders with an even quicker and more accurate and robust lending solution,” states Greg Rable, CEO of FactorTrust.

FactorTrust’s real-time database of more than 200 million loan transactions provides lenders with a holistic view of underbanked consumers’ creditworthiness and ability to repay loans. Though all lenders, including banks, benefit from FactorTrust’s data, it is especially valuable in the consumer lending, auto and rent-to-own industries.

“Our clients are frequently looking for reliable and accurate data sources as an alternative to traditional bureau, which integrate into the lending process simply,” says Paul Thomas, Provenir’s global head of sales and marketing. “By developing a relationship with FactorTrust, we’re providing a value-add for our clients which not only cuts down on the time associated with underwriting, but is also cost-efficient to implement.”

For more information on FactorTrust, please visit www.FactorTrust.com or contact FactorTrust at 1-866-910-8497.

About FactorTrust

FactorTrust, The Alternative Credit Bureau, helps lenders manage the credit lifecycle of underbanked consumers using unique alternative credit information not available from the Big Three bureaus, enabling them to offer non-prime consumers the credit they deserve. Nearly 113 million U.S. adults have non-prime scores. Leveraging the company’s credit information, lenders can more accurately predict future borrowing behavior, credit performance and risk scoring for this growing segment. Headquartered in Atlanta, the experienced FactorTrust team of predictive analytics specialists, statisticians and financial industry experts has delivered unique data and valuable insight to lenders throughout the U.S. for nearly 10 years. For more information on the quarterly FactorTrust Underbanked Index or the company itself, visit www.FactorTrust.com.

About Provenir

Provenir makes risk analytics faster and simpler for financial institutions. Our Provenir risk analytics and decisioning platform is a powerful orchestration hub that can listen to any channel, integrate with any data service and operationalize any analytic model. We help clients process more applications with greater efficiency and increase sales conversions with instant, real-time risk decisioning, serving clients across a broad range of financial verticals
including consumer, commercial, cards, payments, ecommerce and auto financing. Provenir is headquartered in Parsippany, New Jersey with UK operations in London and Leeds. For more information please visit www.provenir.com.

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Blogs by our Clients: Breaking down the Barriers to Financial Inclusion

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Blogs by our Clients:
Breaking down the Barriers to Financial Inclusion

New research, supported by Oakam, highlights need for shake up in the way the financially excluded are assessed for credit worthiness

In Oakam’s experience those using ‘high cost’ credit is a diverse group which includes those on low incomes and those with little credit history such as recent migrants.  These consumers are usually borrowing with a very clear understanding of the costs associated with their borrowing choices.  In fact, as recent research by Which magazine revealed, a ‘high cost’ loan is very often a cheaper option for consumers than an overdraft facility on their current account (which begs the question…high cost in comparison to what?).  However, it appears that even responsible users of ‘high cost’ credit – those that make the required repayments and manage their other debt obligations at the same time—suffer from constrained future access to credit.  This is clearly unjust.

There is no doubt…the way credit is accessed in the UK is broken for millions of people.

It was designed for big banks with credit bureaus developing credit scores for mortgages, credit cards, and personal loans for Prime borrowers.

However, for those on the low end of the economic spectrum, credit scoring tools today may in fact be trapping consumers in high cost debt.

Taking a small loan, even with a high APR, can be the right decision for a consumer if it lowers the chance of default on other obligations.

However, Oakam has evidence that even when taking a small loan improves how that customer services their debt obligations, their credit score can suffer long term damage.

The impact of this damage means the customer finds they have fewer options for accessing credit, forcing them to rely even more on high cost credit and the cycle continues.

At Oakam, we recently supported the work done by academics from The London School of Economics and Political Science, Sussex University, and New York University looking at the long term impact of the use of ‘high cost’ credit.  The full study can be downloaded from the Social Science Research Network.

In their paper, the authors found evidence that “using high-cost credit may leave a stigma on a borrower’s credit history: if borrowers that take up high-cost loans are tagged as high-risk by lenders, they may as a result face higher borrowing costs in the future.”    If users of high cost credit actually showed deteriorating repayment behaviour this increase in future borrowing costs might make sense. However, the authors also found “that borrowers that take up a high-cost loan suffer an immediate decline in their credit rating. This decline cannot be explained by the repayment behavior of the borrower, because, if anything, taking up high-cost loan improves repayment behavior.”

At Oakam, we view our success as synonymous with our customers’ success.  As one company we alone can’t change the plight of the financial excluded.  What we can do is make sure that our product and services are designed to create the best customer outcomes, which we believe are access to credit today to address a pressing need and the option to access to more credit at a lower price in the future.  For example, we lower customer’s interest rates over time, offer small weekly repayments, and always allow a loan to amortize as opposed to being rolled over into an even larger debt.

But there is only so much we can do when the broader system is stacked against ‘high cost’   borrowers.

Some companies, like Aire, are pioneering new ways of assessing borrowers credit worthiness.  And, other companies such as Pockit and TransferGo are making financial services more accessible to lower income consumers.  But more needs to be done.  That is why we urgently calling for policy makers and like-minded Fintech companies and lenders to address the systemic problems relating to access to credit for lower income or financially excluded customers.

This blog post discusses the impact of the current system for assessing credit worthiness on the well- being of ‘high cost’ borrowers.  A future blog post will discuss how the underlying costs of providing credit to the financially excluded is a key driver of the higher costs these customers face.

Oakam is backed by Cabot Square Capital LLP, a leading financial services private equity firm.

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Rent-A-Center Adopts Provenir Cloud

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Rent-A-Center Adopts Provenir Cloud

Intelligent Risk Analytics and Decisioning Solution provides scalability to high growth company

New York, NY – September 13, 2016 – Provenir, provider of risk analytics and decisioning solutions, today announces that rent-to-own industry leader Rent-A-Center, Inc. has adopted Provenir’s hosted solution, Provenir Cloud, to support the processing of customer applications for lease purchase agreements in connection with its AcceptanceNow line of business.

“Provenir’s risk analytics and decisioning platform’s scalability and rich functionality provide significant value to Rent-A-Center’s growth plans and transformation,” said Mark Denman, EVP of AcceptanceNow at Rent-A-Center. “By implementing Provenir Cloud to process customer lease applications, we will increase speed, improve delivery and provide our customers better, faster access to our products and services.”

The Provenir solution will sit in the heart of RAC’s processing workflow, acting as an orchestrating hub and connecting internal and external data with various rules and risk models.

“Provenir is committed to providing Rent-A-Center with a flexible, secure and scalable environment that ensures simplified maintenance for the users so that they can continue to deliver value to their customers while pursuing their growth strategy,” said Paul Thomas, Managing Director at Provenir.

About Provenir

Provenir makes risk analytics faster and simpler for financial institutions. Our Provenir risk analytics and decisioning platform is a powerful orchestration hub that can listen to any channel, integrate with any data service and operationalize any analytic model. We help clients process more applications with greater efficiency and increase sales conversions with instant, real-time risk decisioning, serving clients across a broad range of financial verticals including consumer, commercial, cards, payments, ecommerce and auto financing. Provenir is headquartered in Parsippany, New Jersey with UK operations in London and Leeds. For more information please visit www.provenir.com.

About Rent-A-Center, Inc.

A rent-to-own industry leader, Plano, TX-based, Rent-A-Center, Inc., is focused on improving the quality of life for its customers by providing them the opportunity to obtain ownership of high-quality, durable products such as consumer electronics, appliances, computers, furniture and accessories, and smartphones, under flexible rental purchase agreements with no long-term obligation. The Company owns and operates approximately 2,600 stores in the United States, Mexico, Canada and Puerto Rico, and approximately 1,915 Acceptance Now locations in the United States and Puerto Rico. Rent-A-Center Franchising International, Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 225 rent-to-own stores operating under the trade names of “Rent-A-Center,” “ColorTyme,” and “RimTyme.” For additional information about the Company, please visit our website at www.rentacenter.com.

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The ‘under banked’ foreigners are an untapped customer base for lenders in the US

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The ‘Under Banked’ Foreigners
are an Untapped Customer Base for Lenders in the US

In 2015, the U.S. Department of State issued 477,780 temporary work visas to foreign nationals

These people represent 0.3 percent of the U.S. labor force and are a largely untapped customer base for U.S. businesses. Why? They do not have traditional credit history established in the U.S. and so businesses are not comfortable taking on the risk of their business. When I moved from Australia four years ago on a work visa, I could not even get a cell phone contract.

I approached multiple phone providers and they all told me the same thing. That I did not have enough of a credit history to merit a long term phone contract with their company. This is because most companies – not just phone providers – use traditional databases and resources like the FICO score to determine the creditworthiness of an individual.

FICO scores are a purely U.S. based metric and so, while I own property in Australia and hold a job in the U.S., I was requisitioned to a month to month plan on a lesser phone carrier. This month to month plan has allowed me to build my “financial reputation” and one day I hope to graduate to a regular cell phone plan within the U.S.

My new credit reputation will then also give banks the confidence to one day give me a business, home or auto loan. But it will have taken them over two and a half years to do so. In the meantime, my phone carrier and other traditional lenders have lost out on millions of dollars on potential long term contracts with me and thousands of other “under banked” foreign nationals.

As financial tides turn around the globe and the makeup of the U.S. workforce continues to diversify, many alternative and P2P lenders are realizing that relying on the limited data of a FICO score to provide a credible risk assessment of a potential customer is no longer viable. Casting a wider net to incorporate data from international bureaus and an individual’s social media profile can provide a better risk profile for customers who come from overseas, so that both customers and businesses can benefit in a more positive way.

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Happy 50th Birthday Barclaycard: Is It Now Time To Retire?

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Happy 50th Birthday Barclaycard:
Is It Now Time To Retire?

Barclaycard, the UK’s first credit card, hits a major milestone today as it celebrates its 50thbirthday.

It was on this day back in 1966 when the very first Barclaycard was dispatched. By the end of that year, some 1.25 million Brits had received one through their letterboxes. While not all of these people went on to make a purchase using their card, for many, this plastic rectangle was a liberating addition to their wallets and purses.

Just like with Bank of America’s Americard launch in 1958 (which was later rebranded as Visa), Barclaycard kick-started the democratization of the UK lending industry. For example, women no longer needed a male guarantor to get credit, while paying for meals out and shopping became quicker and easier for consumers and merchants alike.

With credit limits of no more than £100 and just one month to pay back the money borrowed, this was by no means an overnight credit revolution, but the launch of the UK’s first credit card did set the wheels in motion for what today has become an enormous industry. Indeed, in November 2015, some 60 million credit cards were in circulation in the UK.

But at the grand old age of 50, will it soon be time for Barclaycard (and the many other credit cards now on offer) to reach for the pipe and slippers?

This isn’t likely to happen anytime soon. The credit card industry is doing a pretty decent job of developing and adopting new technology to streamline its processes and make credit even more accessible to customers. Contactless technology, mobile payments and wearables, improved security, as well as the use of Big Data in order to make swift, accurate credit decisions, are all colliding to make today’s credit card payment process simple, quick and hassle-free.

But despite all this innovation, don’t expect credit card providers to have it all their own way in the future.  The emergence of P2P lending, online payment services, payday loans and pre-paid cards (to name just a few) means that today’s consumers and small businesses are faced with considerably more choice and control over how and when they access credit.

It is this increased market competition that will ensure that the democratization of credit – a process that started in the UK 50 years ago today – will continue to evolve.

You can learn more about how Barclaycard fits into the history of lending on our infographic.

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Provenir is Now Integrated with Salesforce

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Provenir is Now Integrated with Salesforce

Provenir is now integrated with Salesforce
Platform providing a risk analytics and decisioning orchestration hub to banks and fintech disruptors adds Salesforce integration

New York, NY – May 5 2016 – Provenir, provider of risk analytics and decisioning solutions, today announces the integration of its platform with Salesforce to improve the execution of complex credit decisioning processes with increased transparency across platforms. Companies that use Salesforce for customer relationship management (CRM) can now connect to Provenir’s platform to run automated risk analytics and decisioning for credit and loan applications, as well as mobile payments and e-commerce transactions — all from within their Salesforce environments.

Slow, inefficient manual processes hamper risk analytics and decisioning processes. Banks, card issuers and even fintech disruptors spend hours performing credit checks, risk scoring and due diligence processes on legacy systems. Not only does this make the process more complex, it often requires the duplication of customer data, which is both time consuming and error prone. Through this integration, Provenir’s risk platform interacts directly with Salesforce for a real-time and seamless risk analytics and decisioning processing experience that utilises a single data set.

“To manage the full credit and risk lifecycle, companies need to integrate with service bureaus, internal and external databases, risk models and CRM systems. At Provenir, we provide an orchestration hub that is truly agnostic to any technology, database, data service or risk model. With that, we can help clients automate and move towards instantaneous risk decisioning and provide a real-time experience to their customers,” said Paul Thomas, Managing Director, Provenir.

Salesforce and others are among the trademarks of salesforce.com, inc.

About Provenir

Provenir makes risk analytics faster and simpler for financial institutions. Our Provenir risk analytics and decisioning platform is a powerful orchestration hub that can listen to any channel, integrate with any data service and operationalize any analytic model. We help clients process more applications with greater efficiency and increase sales conversions with instant, real-time risk decisioning, serving clients across a broad range of financial verticals including consumer, commercial, cards, payments, ecommerce and auto financing. Provenir is headquartered in Parsippany, New Jersey with UK operations in London and Leeds. For more information please visit www.provenir.com.

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Money20/20 Europe – a breath of fresh air

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Money20/20 Europe –
a breath of fresh air

The arrival of Money20/20 in Copenhagen brought a breath of fresh air to the European conference circuit. The high-energy, well-structured event generated a bright atmosphere for conversation and collaboration – and not just because business in the networking area was conducted in colourful sheds. Notable by their absence were customers, but industry players were out in force and a recurring topic of conversation was how today’s banks and financial institutions can add immediacy to their processes.

The fact that customers have taken to services like Amazon 1-Click, Twitter and Alipay suggests that immediacy is what they want.

To deliver it, banks and FIs need to be digital and online. That’s a minimum, but it isn’t enough. They also need decision-making that supports immediacy. Manual, complex risk analytics and decisioning is clunky and slow. Automated, streamlined processes returning a rapid ‘yes’ or an immediate ‘no’ credit or loan decision are what’s needed.

People share information online constantly; and it’s resulted in new forms of data. The complete view of a prospective customer no longer resides only in bank statements and spreadsheets. It’s also in online reviews and online behaviour.

If a consumer wants to know if a company is reliable and provides value for money, they’ll look at review sites and read what people have written about them on Twitter. Why wouldn’t the same information form part of risk decisions taken by finance and payments providers?

Inspiring speakers at the event included BBVA’s CEO Carlos Torres Vila and Sebastian Siemiatkowski, CEO and co-founder of innovative e-commerce company Klarna, which is changing the way people pay for goods online. Ricky Knox, co-founder of digital-only bank Tandem talked about how their approach is reimagining the bank as we know it.

It was a successful start in Europe for the Money 20/20 brand. We look forward to October and Las Vegas.

Learn how Klarna was able to increase agility with credit risk analytics.

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Bigbank Selects the Provenir Cloud to Automate its Credit and Loan Processes

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Bigbank Selects the Provenir Cloud to Automate its Credit and Loan Processes

Bigbank’s digital transformation will reduce time to market, improve efficiency and customer centricity and support business growth

New York, NY – April 11 2016 – Provenir, provider of risk analytics and decisioning solutions, today announces that Bigbank has chosen the Provenir solution to overhaul its processing of credit and loans.

Estonian-owned Bigbank provides term deposits and consumer loans. It operates in the Baltics, Nordics, Germany, the Netherlands, Austria and Spain and is subject to a range of evolving regulation. To remain compliant, and to stay competitive as market conditions and customer expectations change, Bigbank makes updates to risk models and policies, which can take up to four weeks. Changes will be simpler and quicker with Provenir as they won’t
require IT development.

The Provenir cloud solution is ideal for rapid implementation where higher levels of automation are needed across multiple regions. The digital solution will also improve the capture and effective use of customer data so that Bigbank can continue to provide great customer service.

“At Bigbank we recognise investment in technology can help us achieve our goals of delighting customers and growing market share. Our digital transformation is enabling us to innovate and be more agile in our delivery and processes. This helps us achieve excellent time to market for product developments and provide great customer service,” said Agur Jõgi, Chief Technology Officer, Bigbank. “The Provenir solution is an important element in
this transformation. We’re pleased with how quickly we’ve been able to develop an end-to-end efficient workflow; the interface is so visual that it is simple to design effective, transparent business processes.”

The scalable risk analytics and decisioning Provenir platform will give Bigbank the scope to grow and develop the capabilities of its business processes over time.

Paul Thomas, Managing Director, Provenir said: “We’re excited to be working with Bigbank at this significant time in the implementation of its technology strategy. Bigbank’s customer centric approach recognises that meeting expectations means being nimble and easy to do business with, and for Bigbank this means efficient, automated, credit decisioning and loan origination.”

About Bigbank
Bigbank AS (www.bigbank.ee) is an Estonian-owned bank that specialises in consumer loans and term deposits. It has subsidiaries in Finland, Sweden, Latvia, Lithuania and Spain and also offers its products as a cross-border service in Austria, Germany and the Netherlands. The bank employs 423 people: 193 in Estonia, 87 in Latvia, 61 in Lithuania, 33 in Finland, 29 in Spain and 20 in Sweden.

About Provenir
Provenir makes risk analytics faster and simpler for financial institutions. Our Provenir risk analytics and decisioning platform is a powerful orchestration hub that can listen to any channel, integrate with any data service and operationalize any analytic model. We help clients process more applications with greater efficiency and increase sales conversions with instant, real-time risk decisioning, serving clients across a broad range of financial verticals including consumer, commercial, cards, payments, ecommerce and auto financing. Provenir is headquartered in Parsippany, New Jersey with UK operations in London and Leeds. For more information please visit www.provenir.com.

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