Putting Data at The Heart of Financial Services

Even before the well-documented events of 2020, the business landscape was evolving. The financial services industry was not immune, owing to a wave of new entrants intent on disrupting traditional service models and showing the sector that consumers are willing to adopt digital platforms.

Having served businesses for nearly 200 years, Dun & Bradstreet knows that the sentiment of disrupt or be disrupted rings true for organisations of all shapes and sizes, even in financial services. But despite being faced with the facts and declining market share, many established Financial Service Institutions (FSIs) continued to resist and cling on to the status quo.

Or, that was at least until the global pandemic turned our world upside down and forced every industry to rethink the way they do business. Seemingly overnight, FSIs had to deliver better products and meet increased customer expectations, with fewer resources and time.

Our latest partner, Provenir, was ready and waiting to help financial services organisations thrive in a digital-first market, with its risk decisioning and data science platform – designed to make businesses more agile, more competitive and better equipped to unleash data-driven innovation.

Today, as the crisis matures and (eventually) passes, it’s becoming more and more apparent that business has changed on a permanent basis. Together, Dun & Bradstreet and Provenir will continue to help the financial services sector operate in a globally interconnected environment, bound by a common goal: putting data at the heart of financial services.

Introducing Provenir

First launched in 2004 by founder and CEO Larry Smith, Provenir provides risk analytics and decisioning solutions across a broad range of financial verticals, including SME, consumer, cards, payments, eCommerce and auto financing.

In a nutshell, its risk analytics and decisioning platform is a powerful orchestration hub that can listen to any channel, integrate with any data service and operationalise any analytic model – empowering businesses to rapidly enhance decisioning processes with a wide variety of alternative data and machine learning tools, without sacrificing speed or simplicity.

By leveraging its sophisticated and flexible SaaS solutions, new FinTechs and FSIs can process more applications and increase sales conversions with instant, real-time risk-decisioning. In turn, enabling them to rapidly react to new opportunities, drive and support growth, take control of risk strategies and better navigate our increasingly digital world.

However, in the wake of COVID-19, Provenir – like any organisation – was not untouched by the far-reaching impacts of the pandemic. But its already modern set of processes and solutions provided a lifeline for many FSIs.

By supporting business continuation and reducing time to market, Provenir was able to help its clients pivot at breakneck speed to improve productivity, keep up with increasing customer demands and ensure digital transformation projects didn’t have to be put on hold.

In due course, COVID-19 shocked and accelerated the movement to data that Provenir and Dun & Bradstreet has built our businesses on. Through our partnership, we’ll continue to help financial services adopt a similar data-first approach, to guide business-critical decisions and keep the sector one step ahead of an ever-evolving landscape and changeable customer expectations.

A partnership that drives performance

Provenir is a powerful platform for organisations of all shapes and sizes, with its no-code, cloud-native SaaS products and solutions that enable financial institutions to make smarter risk decisions, faster and with confidence.

By combining Dun & Bradstreet’s repository of 420 million business records and data expertise with the platform and delivery channels of Provenir, our partnership brings an unbeatable coalescence of data, technology and expertise to FSIs.

Provenir’s global clientele of disruptive and forward-thinking financial services organisations can utilise their risk technology to process over 1 billion decision engine transactions annually. In return, Dun & Bradstreet’s data is currently available through Provenir’s Marketplace, offering live Business Identity Data across the UK and Ireland.

When asked about the value of a data partner, Larry Smith, CEO, Provenir, said:

“All financial services organizations have one thing in common—they use data to make more informed decisions across the customer lifecycle. But what we’re seeing from innovative FinTechs is something quite different, they are using a much greater variety of data to drive superior customer experiences. This evolution of data consumption is driving disruption from the ground up. Partnerships between data and technology providers have made data more accessible, more useable, and more actionable. And, allowed the true value of data to be realized.”

Together, Dun & Bradstreet and Provenir hope to fuel our customers’ growth in the digital business landscape of today. But above all, we’ll endeavour to inspire a data-driven financial services sector, which is braced to stay ahead of the changing business landscape and evolving customer needs in the post-pandemic world of tomorrow.