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A ‘virtual’ team effort; GoBear deploys Provenir Cloud to power digital financial services in ASEAN

Provenir supports GoBear’s financial inclusion goals with cloud-based risk analytics platform deployed via ‘virtual’ teams

Singapore – April 22, 2020– Provenir, a leader in risk decisioning and data analytics software, announced today that GoBear has chosen the Provenir Platform to power innovative user experiences for its customers, and has deployed the technology through a ‘virtual’ team approach amidst the current COVID-19 crisis. Singapore-based fintech GoBear is an industry-leading and highly innovative financial services organization focused on improving financial inclusion throughout the ASEAN region.

The Provenir Platform was selected for its ability to support GoBear’s innovation plans and to empower the business to meet the increasing demand for simplified, digital-first banking experiences throughout the region. GoBear will use the Platform to process and assess insurance and loan applications in real-time through Provenir’s cloud-based risk analytics solution and use the low-code Platform to rapidly implement and iterate risk processes.

“To fulfil our core mission to improve financial inclusion, we needed to provide a simplified, fast and effortless experience for our users,” Nelius Strydom, Chief Product Officer of GoBear explained. “Provenir’s user-friendly solution allows us to be in full control of our risk strategy while powering real-time decisioning for our customers. With the speed and flexibility of the Provenir Platform driving our decisioning, we will be able to manage and configure business logic or risk policy as the company grows.”

“We are very excited to have GoBear onboard using Provenir’s cloud-based Risk Analytics and Decisioning Platform to deliver a real-time, world-class digital experience to its customers,” said John Warren, Provenir’s General Manager of the APAC region. “Despite the constraints of the COVID-19 crisis, huge dedication and versatility has been shown by Provenir and GoBear’s ‘virtual’ teams to deploy the platform on time yet 100% remotely. This is a great example of adapting in these challenging times to continue to deliver for our clients.”

Patrick Tan, Regional Account Director at Provenir added, “We originally planned to conduct a large part of the deployment onsite. This was quickly reviewed in light of the growing crisis and the development and training teams from Asia and the UK were able to collaborate seamlessly via remote technology – an incredible coordinated effort. We’re confident that we can help GoBear achieve the agility and scalability it needs to succeed and grow in Asia’s increasingly competitive financial services landscape.”

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Industry leaders, Provenir and Meridian Credit Union, partner to power industry leading banking experiences for Members.

New Jersey, US – March 11, 2020 – Provenir, a leader in risk decisioning and data analytics software, announced today that Meridian has selected the Provenir Platform to help power innovation strategies and deliver world-class lending experiences for its members. Meridian, Ontario’s largest credit union and the third largest in Canada, is a recognized leader with notable industry-first digital innovations.

Provenir’s Platform will now form the technology foundation used by the Meridian team to robustly manage credit risk, allowing Meridian to rapidly respond to member needs. The Platform processes, assesses, and decisions credit applications in real-time, mitigating potential risks while powering industry-leading consumer experiences.

“With Meridian’s ambitious innovation plans and deep focus on delivering a differentiated experience along with a superior level of service to our Members, the partnership with Provenir is an obvious choice, “said Leo Gautreau, Chief Risk Officer at Meridian  “We will be able to make decisions faster, using accurate and real time data customized to better meet the needs of our Members.”

Provenir’s Executive Vice President for the Americas, Kathy Stares, is thrilled to partner with Meridian, “It’s an incredible opportunity to work with such a creative team and we’re excited to help Meridian lead innovation in the Canadian financial services industry,” said Stares. “It’s rewarding to see the Platform used to power outstanding digital lending experiences and we’re confident that we can help Meridian to continue to support its members with exceptional services as it grows throughout the region!”

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Provenir and Creci partner to drive lending innovation, agility and credit risk management to provide social impact companies with faster access to funding.

Miami, Florida – March 4, 2020 – Provenir, a leading risk analytics software company, today announced Creci as a new client. Creci is a Colombian-American Fintech specializing in providing credit to small businesses, both in Latin America and the United States, that generate social impact and are focused on achieving the Sustainable Development Objectives defined by the United Nations.

Creci—a new start-up based in Hollywood, Florida, with offices in Medellin—chose Provenir to meet all of its credit risk decisioning needs. With Provenir, Creci will approve loans instantly through its digital platform and operationalize risk models in real time using the integrations offered by Provenir, thus ensuring future business agility and growth.

Andres Idarraga, CEO and Co-Founder of Creci, explained, “In order to develop our own risk decision models and at the same time meet our goal of empowering small businesses that generate social impact, we needed to digitize our processes. So, we are happy to be working with Provenir, an industry-leading technology company that works on solutions for leading fintech and global financial institutions.”

“We are very excited to have Creci as our first Colombian client using Provenir’s innovative platform, it will help manage not only their real-time risk decision processes, but also ensure an openness to technology and a speedy market entry. Creci is a unique institution in its market, as it is 100% dedicated to financing projects with social impact. And, I am sure that the growth of innovative companies in Latin America, such as Creci, offers a huge opportunity for Provenir and our region,” said Gaston Peralta, Director of Business Development for Latin America.

Provenir offers a unique and innovative product to help small fintech companies control their credit risk and in turn powers the growth of SME and individual lending in Latin America. In addition, Provenir supports other financial institutions, such as banks and neo-banks, to manage their risk exposure using solutions that allows them to quickly and easily implement their own strategies and risk models. Which means, that businesses can focus on powering growth and providing a better experience for their users. “Provenir makes the same advanced and innovative technology used by leading global financial institutions available to our region” added Gaston Peralta.

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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
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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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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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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Provenir will help leading Nordic bank speed up and simplify credit and lending

London, UK – 3 September 2015—Provenir, the risk decisioning solutions provider, today announces that Resurs Bank, a market leader for retail finance to private customers in the Nordic countries, has chosen Provenir to globally support its customer risk and decisioning processes.

Based in Sweden and expanding in the Nordic region, Resurs Bank is a recognised industry leader delivering customer centric services for sales finance, e-commerce finance, credit cards and personal loans. After a number of acquisitions and rapid growth the bank required a uniform credit approval process; one that would tap into information from several core systems. It also wanted to make best use of information held on customer behaviour and to support its online presence with efficient, digital back-office processes for a great customer experience.

“We found that Provenir outperformed their competitors in the areas where we sought excellence – time to market, functionality, flexibility and technology,” said Fredrik Ridaeus, Resurs Bank’s Nordic Credit Manager. “With the Provenir solution we will be able to consolidate the systems supporting credit decisions across our whole group onto one platform. We forecast significant growth in our transaction volumes in the future and Provenir, as best in class, is central to us achieving this growth.”

The Provenir platform provides a digital credit decision solution including credit scoring that Resurs Bank will use across all of its credit and lending products. Implementation has begun with the solution supporting products and services in Denmark, with further country roll-outs planned in support of Resurs Bank’s future growth.

Through an efficient, standardised process, Provenir’s solution will improve the quality of credit decisions. Resurs Bank will be able to quickly update credit policies as needed without recourse to IT support. Customer pre-selection targeting will be improved through the effective use of internal data. Cost overheads will also be reduced by virtue of the single platform across Resurs Bank’s businesses, enabling more rapid new market entry.

“We are very proud to be working with Resurs Bank, helping them achieve their business goals,” said Paul Thomas, Managing Director, Provenir. “Provenir is expert at introducing digital solutions for bank and non-bank lenders that help them streamline, automate and speed up credit decisions. This is a critical time as incumbent businesses look to evolve and become more customer-centric. Resurs Bank embraces these objectives; it has exciting growth plans and we’re delighted that through the Provenir solution and our experienced project team we will be a part of making that happen.”

What is a decision engine and how does it help your business processes?