Vendor Overview: Provenir Executive summary In the past decade, the impacts of digitization and the COVID-19 pandemic have driven a fundamental change in the overall market landscape around credit and fraud risk. Credit has now expanded out from the retail, wholesale and wealth management areas to include alternative, private and non-bank credit. Equally, fraudsters have adopted artificial intelligence (AI) and automation as part of their toolkit, creating an ‘arms race’ between fraudsters and banks, with stringent regulatory drivers aimed at applying controls across the various channels of banking. These include not only traditional branch banking, but also a variety of digital banking modes such as mobile and online banking. In this article, a profile of Provenir, we share our market perspective on how fraud and credit are combining as a business function as the importance of using automation and advanced technologies grows. AI, machine learning (ML) and natural language processing (NLP) are transforming the credit monitoring cycle, helping to prevent fraud and mitigate the corresponding credit risks. We highlight Provenir’s platform and product capabilities in data orchestration, risk management and regulatory compliance, which address the combined market needs around credit and fraud.
Credit and fraud – a holistic view in risk management Core components The convergence of credit and fraud involves several interconnected components that work together to prevent fraud while enabling seamless credit operations. Figure 1 and Table 1 (on pages 2 to 3) provide an overview of these components. Figure 1: The convergence of credit and fraud – key components
Credit processing
Identity verification
Credit decisioning
Fraud and ID monitoring and management
Credit monitoring
Fraud screening
Credit risk management Credit portfolio management Credit analytics
CREDIT FRAUD
Regulatory compliance Multi-layered authentication Cybersecurity
Source: Chartis Research
1 | Vendor Overview: Provenir
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