Provenir
Provenir is a platform that uses AI technology to help businesses make smarter choices when it comes to lending and underwriting. The AI tool they use is called Provenir AI. It uses machine learning and artificial intelligence to study different types of information, like customer details, financial history, and transaction data. Its goal is to determine the likelihood of a loan not being repaid.
Provenir AI is used by different types of businesses, such as banks, credit unions, and fintech companies. Studies have proven that it works well in lowering the chances of credit problems and making lending more profitable.
Here are some of the features of Provenir AI:
- Automated credit decisioning: Provenir AI can automate the process of making credit decisions. This helps to free up human resources so they can concentrate on other tasks.
- Risk scoring: Provenir AI can evaluate each person applying for a loan and assign them a rating that indicates their level of risk. This rating can then be used to help make decisions about whether or not to lend to them.
- Fraud detection: Provenir AI can find fake loan applications, keeping businesses safe from losing money.
- Compliance: Provenir AI can assist businesses in following lending rules and regulations.
- Reduced credit risk: Provenir AI can assist in minimizing the risk of lending to individuals who are more likely to default on their loans.
- Increased profitability: Provenir AI can help you make smarter lending choices, which can lead to higher profits.
- Improved compliance: Provenir AI can assist you in better following lending regulations.
- Freed up human resources: Provenir AI can automate the credit decision process, which means it can do the work of humans. This allows humans to have more time to do other tasks.
