Data-as-a-Service, A New Frontier for Credit Decisioning

Bharath Vellore

General Manager, Asia Pacific, Provenir

The push to digitise financial services has left organisations grappling with fraudulent risks. Maintaining a digitally seamless customer experience is also a key part of the business agenda. Organisations have too much on their plate. How should businesses go about providing highly accurate credit and risk decisioning? CIO World Asia spoke with Bharath Vellore, General Manager, Asia Pacific, Provenir to find out more about identifying fraud with Data-as-a-Service (DaaS) platforms. 

Vulnerability Of Online Banking Platforms

While there are technologies to safeguard online platforms, financial offerings made available on digital platforms are more susceptible to fraud and financial crimes. As such, it is important for financial institutions to stay a step ahead of cyber attackers keen on exploiting weaknesses in the system – another reason a fully-integrated fraud detection process is necessary for organisations to compete in today’s environment.

To detect fraud in real time, instant access to data sources from a Marketplace is essential to enable businesses to swiftly tackle and shut down hazards to the business. Together with AI, alternative data empowers businesses to nib fraud in the bud, and minimize the risk to their organization. 

Detecting Fraud With Provenir

In 2020, identity fraud cost the industry a total of USD 56 billion, and has since become more sophisticated and rampant. To circumvent this, financial institutions are looking to technology to provide flexibility, scalability, new data sources and self-learning models. 

Provenir’s solution brings together data, artificial intelligence (AI) and decisioning into a singular and unified risk decisioning platform. This symbiosis results in real time access to a variety of data, including traditional and alternative sources that provide organisations with more options and a greater ability and insight into suspicious activities. At the same time, the Provenir AI is designed to spot relationships and patterns in data, something impossible with traditional and human laboured decisioning, resulting in an increase in the accuracy in detection and fraud prevention.

Empowered By Provenir Marketplace And Data Cloud

In today’s world, financial institutions and fintechs are struggling with advanced credit models as organisations are equipped with antiquated systems and limited access to alternative data. As such, this has suffocated growth as dependence on traditional data, narrow alternative data, human error and rigid credit modelling continues to result in deficient credit models.

Data-as-a-Service has changed this. The Provenir Marketplace provides organisations with a one-stop hub to access traditional fraud, credit, identity open banking and alternative data – all of which will define the future of data consumption. Best of all, a data marketplace allows organisations to access data from global data providers – allowing organisations to expand their offerings across multiple countries.

By selecting specific data sources through the Data Cloud’s single API, businesses can create rich and customised datasets to meet any business need. With the cloud taking care of the API connections to data providers, users can connect to new data sources almost instantly, and quickly test data across multiple decisioning processes easily. All of this is made possible through Provenir’s single API  integration that eliminates the need for additional and extensive development resources.

With data at one’s fingertips, organisations can envision future innovations in credit and risk decisioning. This allows businesses to offer a greater spectrum of products and services across the entire customer lifecycle.