Short-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,” said Frederic Nze, Oakam’s founder and CEO. “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.”
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,” said Paul Thomas, Managing Director, Provenir. “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.”
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.
Provenir is committed to making risk analytics and decisioning simpler, faster and more efficient. Provenir automates and orchestrates the risk analytics and decisioning life cycle so that financial services organizations can shorten time to revenue, minimize exposure and reward their customers with quick response times. Providing solutions for small-to-medium business lending, consumer lending and credit, auto financing and leasing, commercial lending, payments and alternative (non-bank) lending, Provenir partners with clients to improve individual processes or achieve a transformative platform for risk analytics and decisioning across the organization. Provenir was founded in 1992 and is headquartered in Parsippany, New Jersey with UK operations in London and Leeds. For more information please visit www.provenir.com
Terri Bloore, Finn Partners
T: +44 (0)20 7017 8432