A pioneering leader in consumer credit in the UK recognised for excellence and innovation in the ‘Best Use of IT in Consumer Finance’ category
LONDON, UK – January 17, 2024 – Provenir, a global leader in AI-powered risk decisioning software, today congratulated NewDay for being named a 2024 FSTech finalist in the ‘Best use of IT in Consumer Finance’ category.
FStech Awards spotlight companies excelling in the UK and EMEA financial services sector. The ‘Best Use of IT in Consumer Finance’ category recognises organisations for their innovative use of technology to achieve significant cost benefits, streamline internal processes, enhance customer service and lay the foundation for future success. FSTech Award winners, selected by independent expert judges, will be revealed at the FSTech Awards 2024 Gala on March 14th at the London Marriott Hotel, Grosvenor Square.
NewDay is a leading provider of consumer credit in the UK, providing more than 4 million customers responsible access to credit. With an emphasis on technology-enabled flexibility and innovation, NewDay offers direct-to-consumer products as well as collaborations with merchants. Their Merchant Offering includes co-branded credit cards and Newpay, a flexible digital finance product catering to both large retailers and SMEs, with Buy Now Pay Later and instalment finance options.
By leveraging Provenir’s AI-Powered Risk Decisioning Platform, NewDay is able to streamline every step of its lending process to create an end-to-end, fully integrated solution that extends across the entire credit lifecycle from originations through to management of charged-off and debt-sold accounts. The integration of Provenir with NewDay’s extensive data lake accelerated a sophisticated and data-rich model environment. This has enabled NewDay to achieve faster delivery cycles, allowing the delivery of multiple changes within the same sprint. The end result is a service team that can drive change in the business quickly to respond to market pressures, customer needs and industry trends.
Implementing Provenir’s AI-powered risk decisioning platform has revolutionised NewDay’s credit risk management, enhancing processes, reducing costs, and improving customer experiences. By partnering with Provenir, NewDay has experienced a 13% increase in auto loan accept rate, a 46% increase in referral accept rate, speed of change reduced by 80%, incident detection reduced from more than 2 hours to less than 5 minutes and an increased product exposure on aggregator sites from 2 products to 13 all with real-time quote and decisioning, providing NewDay with a competitive advantage.
“We would like to extend our congratulations to NewDay on being named as a FSTech Award finalist in the ‘Best use of IT in the Consumer Finance Category,”stated Frode Berg, Managing Director, EMEA at Provenir. “At Provenir, we take pride in our supportive role within NewDay’s credit risk management and are delighted that this collaboration has positioned NewDay for future technological advancements under its ‘NewTech’ initiative, setting a benchmark for strategic technology use in consumer finance.”
“Provenir’s solution has been an excellent addition to NewDay’s tech stack,” said Mandy Sumner, Head of Strategic and Operational Implementation at NewDay. “The platform’s advanced data analytics capabilities have allowed us to make faster, more accurate risk decisions, improving customer experiences and operational efficiency. Provenir’s commitment to innovation and continuous improvement has been instrumental in our success. We are proud to partner with Provenir and recommend their solution to any organisation seeking to unlock the power of their data.”
