NEWS
In this exclusive Fintech Magazine interview, Frode Berg, Managing Director for EMEA at Provenir, outlines his expectations for 2024 when it comes to digital transformation in the financial services sector and how much he believes Gen AI will impact the industry.
What is a decision engine and how does it help your business processes?
SURVEY
Provenir surveyed more than 300 decision makers from a variety of financial services providers and fintechs around the globe in order to understand their:
This special North America edition includes 2024 opportunities for providers in the region from Provenir’s Executive Vice President of North America, Kathy Stares. She covers:
ON-DEMAND WEBINAR
This made perfect sense. Competition for prime banking customers was fierce, and banks spent a lot of money trying to capture their business. When fintech came on the scene, banks rightly concluded that investments in digital account opening were critical for fending off these new competitors and maintaining their market share, especially with Millennial and Gen Z customers.
It made perfect sense … until it didn’t.
The nature of competition in financial services has changed. The digitization of banking products, the emergence of lead aggregators, and, most importantly, open banking have made it easier for bank customers to shop around and to switch financial service providers than it has ever been.
In this webinar, Alex Johnson (Founder, Fintech Takes) and Kathy Mitchell-Stares (EVP North America, Provenir) will:
Founder, Fintech Takes
EVP North America, Provenir
BLOG
As we make the leap into a new year, the banking sector continues its transformation. From evolving lending practices to new competition, and changing fraud risks and compliance needs, banks are constantly adapting to a shifting landscape. We’re looking ahead to 10 trends and challenges to watch for in the coming year.
2024 could be a pivotal junction for the banking industry – and the financial services industry as a whole – where embracing change and innovating risk management strategies will be key to staying relevant and successful. Understanding these trends and adapting to the challenges at hand will be crucial for banks to thrive in this dynamic landscape.
PODCAST
What do these topics all have in common? They’re innovative ideas our thought leaders have shared with us in our very first season of The Disruptor Sessions.
We’ve loved having fascinating conversations with our brilliant guests, so for our final episode of 2023, we’re looking back at some of the hot topics we couldn’t stop talking about. Tune in for global insights on financial inclusion, artificial intelligence, alternative data and open banking, and – our bread and butter – innovation across financial services.
We hope you’ve enjoyed season 1 and we can’t wait to see you again next year for season 2!
Tune into our Podcast on Apple or Spotify by clicking the icons below.
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SoFi’s Aaron Webster Wants to Make It Easier to Divorce Your Bank
What’s SoFi’s secret to differentiation in a crowded fintech ecosystem? Where should we look to find the next big disruption for American financial services? North America host Kathy Stares sits down with SoFi’s Chief Risk Officer, Aaron Webster, to answer these questions and more in our very first episode of The Disruptor Sessions.
TransUnion’s Nidhi Verma Introduces the New Kids on the (Credit) Block
Though they used to be invisible, today they might be the future of the credit market. On this episode of The Disruptor Sessions, we’re exploring the new-to-credit (NTC) population. Though they used to be invisible, today they might be the future of the credit market.
North America host Kathy Stares (Provenir’s EVP, Americas) and TransUnion’s VP of International Research and Consulting, Nidhi Verma, discuss the immense opportunities in engaging this powerful group. Drawing from TU’s recent report on NTCs, they debunk the myths around risk, define the business case for financial inclusion, and develop a vision of what the future of financial inclusion could look like globally.
Carbon’s Ceci López and Kike Fashola Are Banking on Nigerian Fintech Innovation
These risk leaders are disrupting the status quo across Africa’s fintech landscape. In our first MEA-focused episode, host Adrian Pillay sits down with digital bank Carbon’s Ceci López (Head of Decisioning) and Kike Fashola (Chief Risk Officer) to take a look at the relationship between risk and reward and the future of fintech in Nigeria.
They dig into topics like using data science to support innovation, how to drive adoption of emerging tech in an emerging market, and some of the implications we may not always think of when we talk about AI in risk management.
tbi Bank’s Costin Mincovici Wants to See More ‘Aha’ Moments in Digital Banking
Costin Mincovici, tbi Bank’s Chief Credit Officer, is a risk leader that likes to say yes. Yes to mobile-first financial services, yes to digital banking disruption, and yes to multi-country risk strategies that offer the accessible experiences that can make or break a provider.
He shares his insights with our EMEA host and Provenir’s regional leader, Frode Berg. They explore everything from the ethical implications of data usage, to market approaches that protect the interests of both the customer and bank, to the “aha” moments Costin hopes to see more of across fintech.
SoFi’s Aaron Webster Wants to Make It Easier to Divorce Your Bank
What’s SoFi’s secret to differentiation in a crowded fintech ecosystem? Where should we look to find the next big disruption for American financial services? North America host Kathy Stares sits down with SoFi’s Chief Risk Officer, Aaron Webster, to answer these questions and more in our very first episode of The Disruptor Sessions.
TransUnion’s Nidhi Verma Introduces the New Kids on the (Credit) Block
Though they used to be invisible, today they might be the future of the credit market. On this episode of The Disruptor Sessions, we’re exploring the new-to-credit (NTC) population. Though they used to be invisible, today they might be the future of the credit market.
North America host Kathy Stares (Provenir’s EVP, Americas) and TransUnion’s VP of International Research and Consulting, Nidhi Verma, discuss the immense opportunities in engaging this powerful group. Drawing from TU’s recent report on NTCs, they debunk the myths around risk, define the business case for financial inclusion, and develop a vision of what the future of financial inclusion could look like globally.
Kike is a graduate of Covenant University, where she majored in Industrial Mathematics.
Kike is a positive and proactive individual who is always looking for ways to improve. She is not afraid to challenge the status quo and is always looking for the silver lining.
Carbon’s Ceci López and Kike Fashola Are Banking on Nigerian Fintech Innovation
These risk leaders are disrupting the status quo across Africa’s fintech landscape. In our first MEA-focused episode, host Adrian Pillay sits down with digital bank Carbon’s Ceci López (Head of Decisioning) and Kike Fashola (Chief Risk Officer) to take a look at the relationship between risk and reward and the future of fintech in Nigeria.
They dig into topics like using data science to support innovation, how to drive adoption of emerging tech in an emerging market, and some of the implications we may not always think of when we talk about AI in risk management.
He has held various leadership roles at leading Credit Risk companies such as TransUnion, Dun & Bradstreet, Experian and FICO. He is Vice President of Sales at Provenir, and is responsible for its business in Middle East and Africa.
tbi Bank’s Costin Mincovici Wants to See More ‘Aha’ Moments in Digital Banking
Costin Mincovici, tbi Bank’s Chief Credit Officer, is a risk leader that likes to say yes. Yes to mobile-first financial services, yes to digital banking disruption, and yes to multi-country risk strategies that offer the accessible experiences that can make or break a provider.
He shares his insights with our EMEA host and Provenir’s regional leader, Frode Berg. They explore everything from the ethical implications of data usage, to market approaches that protect the interests of both the customer and bank, to the “aha” moments Costin hopes to see more of across fintech.
SURVEY
Provenir surveyed more than 300 decision makers from a variety of financial services providers and fintechs around the globe in order to understand their:
See how your organization aligns.
NEWS
MSMEs make up 99.58% of over a million businesses in the Philippines, half of which are in trades, according to data from its Department of Trade and Industry. In total, these entities generate 65.1% of total employment in the Philippines.
However, like many Asian markets, traditional financial institutions in the Philippines have long preferred wholesale lending over retail lending, leaving MSMEs’ funding needs underserved.
The Corporate Treasurer tapped industry experts, including Kim Minor, Senior Vice President of Global Marketing at Provenir, to share insights into the infrastructure and technology investments and collaboration needed to power the country’s digital transformation efforts.
This article was originally published on the Corporate Treasurer, Ryan Li, Author
thecorporatetreasurer“>Read Now
What is a decision engine and how does it help your business processes?
NEWS
The appointment reflects Provenir’s ongoing dedication to strategic growth and the development of innovative industry solutions.
LONDON, UK – Dec. 6, 2023 – Provenir, the global leader in AI-powered risk decisioning software, today announces the appointment of Mark Collingwood as its new Vice President and Regional Leader of UK, Ireland and the Nordics.
Based in Provenir’s London office and bringing more than 25 years’ experience in analytics, lifecycle decisioning and business consulting, Collingwood is responsible for expanding the company’s customer base across the region by helping organizations drive business transformation through the use of advanced decisioning technology and AI.
Collingwood is a widely respected industry figure, having held senior leadership roles at FICO and Experian, spanning multiple sectors including financial services, retail, automotive and telecoms. Prior to joining Provenir, he served as Vice President and Managing Director for FICO’s decisioning business across EMEA.
“We are absolutely delighted to have Mark join the Provenir team, and we welcome his leadership in directing our growth efforts across the region,” said Frode Berg, Managing Director, Provenir EMEA. “His deep expertise in analytics, decisioning and business consulting combined with his commercial leadership acumen will help us to expand our footprint in the region.”
Commenting on his appointment, Collingwood added, “I am thrilled to be joining Provenir at such a pivotal time in the company’s growth trajectory. I am excited about working alongside an exceptionally talented team to cement Provenir’s position as a leader in the decisioning technology market and enable fintechs and financial services providers to serve customers more quickly and more efficiently.”
What is a decision engine and how does it help your business processes?
NEWS
43 percent say identifying fraud is a top challenge, yet only 7 percent report their anti-fraud measures are completely effective.
Parsippany, NJ – December 5, 2023 – As credit default and fraud rates rise, 70 percent of financial services executives are not confident in their ability to modify risk decisioning quickly to keep pace with shifts in consumer behavior and the economy. Additionally, 43 percent say identifying fraud is a top challenge, yet only 7 percent report their anti-fraud measures are completely effective, according to a new survey conducted by Provenir, a global leader in AI-powered risk decisioning software.
Risk decisioning is especially crucial as credit policies tighten and there is a need for financial institutions to closely monitor portfolios to understand and manage risks associated with extending credit and mitigate the probability of default. Additionally, it’s an essential component of financial inclusion – making financial services accessible to and affordable to all individuals and businesses.
Provenir surveyed senior 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. This is the second year the company has fielded the survey.
The full report of the survey findings can be found here.
Almost 40 percent of respondents say their risk decisioning is only “somewhat” or “not at all” accurate, compared to 83 percent who responded this way in last year’s survey. While overall confidence has improved year-over-year, there is marked room for improvement in decisioning agility to keep pace with shifts in consumer behavior and the economic environment.
Data orchestration and risk decisioning processes spanning identity, credit and fraud are imperative to enable financial institutions to put in place strong anti-fraud measures; however, 43 percent say identifying fraud is a top challenge, yet only 7 percent are completely confident that their anti-fraud measures are completely effective. This is concerning at a time when financial institutions are facing increasing financial fraud. A TransUnion study found the percentage of suspected global digital fraud attempts in financial services has increased significantly in recent years.
When asked about top risk decisioning challenges, almost half of financial services providers cite managing risk across the customer lifecycle (49%) and developing and deploying risk decisioning processes (48%) as their biggest challenges.
Globally, managing customers post-acquisition was the primary focus for more than half of all financial services providers when asked about their key objectives over the previous six months.
Credit risk management is key to helping financial institutions redefine business models, offer new products and services, and transform customer interactions. But data challenges and an inability to execute real-time decisioning stand in the way of hyper-personalization of offers, promotions, and service for financial services providers. This may be why only 10 percent of organizations surveyed report growing customer wallet share through cross/upsell tactics is a priority.
“In a challenging economy, it becomes even more critical to proactively manage and mitigate risk,” said Geoff Miller, Chief Commercial Officer at Provenir. “If an organization can do this well, they improve customer retention, reduce defaults, and maximize financial inclusion and revenue opportunities. Decisioning – to support credit, fraud, compliance and product decisions – is the foundation for long-term success, growth, and profitability in the financial services sector. Organizations can gain tremendous competitive advantage with AI-powered decisioning complete with case management, data, and insights, to support smarter, faster risk decisions across the entire customer lifecycle.”
The survey was conducted in September 2023; 314 respondents based in North America, EMEA and Asia Pacific regions participated, holding the titles of manager, director, vice president, or above.
What is a decision engine and how does it help your business processes?
NEWS
tbi bank offers clients credit decisions in real-time at scale via Provenir’s AI-Powered Risk Decisioning Platform
Parsippany, NJ – November 29, 2023 – Provenir, a global leader in AI-powered risk decisioning software, along with customer tbi bank, a mobile-first challenger bank in Southeast Europe, have together been named winners of a IBSi NeoChallenger Bank Award for “Best in Digital Lending Implementation.”
The IBSi NeoChallenger Bank Awards recognize successful technology project implementations at neobanks, challenger banks, and digital arms of traditional banks and the impact these programs have had on improving customer experience.
tbi bank built a credit decisioning center of excellence using Provenir’s AI-Powered Risk Decisioning Platform to bring risk decisioning, data and AI capabilities together to enable more accurate credit decisions in real-time, with the flexibility to iterate, expand, and scale on a global level, without extensive IT resources.
Provenir’s AI-Powered Risk Decisioning Platform is a single, comprehensive cloud-based solution that unifies all risk decisioning, data, and AI through a centralized user interface, letting organizations bypass patchwork APIs and hardcoding for shorter development lifecycles and faster time-to-market.
By leveraging cutting-edge technology to revolutionize lending processes, tbi bank is now a leading regional innovator in credit assessment automation, performing underwriting quickly and at scale. This has enabled capacity growth from less than 500,000 credit applications to 7 million applications annually – for a 1,400 percent improvement.
“We are pleased to be recognized for this honor along with our esteemed customer tbi bank who is providing faster and more accurate lending, resulting in improved customer experience while also reducing risk,” said Frode Berg, Provenir’s Managing Director for EMEA. “We look forward to continually supporting tbi bank with its credit decisioning needs as it looks to expand its digital business and product offerings for its growing customer base.”
“The partnership between tbi bank and Provenir is a testament to the success achievable through collaborative innovation,” said Nikhil Gokhale, Director – Research & Digital Properties at IBS Intelligence. “By combining tbi bank’s customer-centric focus with Provenir’s advanced risk decisioning capabilities, they have achieved a significant improvement in their underwriting capability and compliance. I would like to congratulate Provenir and tbi bank for their win in the category,‘NeoChallenger Bank Awards – Best in Digital Lending Implementation.’”
What is a decision engine and how does it help your business processes?
