Instabank takes risk analytics to the cloud with Provenir
Instabank, a new digital bank in Norway, has implemented Provenir’s Risk Analytics and Decisioning solution.
Delivered in the cloud, the system provides “a real-time, digital lending experience” for its Instabank’s customers, Provenir says. The technology is used to aggregate credit applicant data from structured and unstructured data sources, including credit bureaus and its core banking system, to provide customers with an instantaneous credit decision.
Instabank opened its virtual doors last year. It is owned by Norwegian investors, with no single shareholder owning more than 10% of the bank. “We do not think like a bank, we think like you,” is the bank’s slogan.
“Our entire approach is built on simplifying banking, making the customer’s experience very fast and effortless; from the customer onboarding process through every subsequent interaction,” explains Robert Berg, the bank’s CEO.
With Provenir’s solution in place, “our customer is able to apply for a loan while she’s on her lunch break and receive an approval immediately”, Berg adds.
He is also complimentary about Provenir’s “vertical and horizontal scalability”. As Instabank plans European expansion, Provenir “places the control in our hands to manage and configure business logic or credit policy as the company grows”.
The cloud-based solution provides Instabank with the required control “in every aspect”, Berg states, “from the ability to operationalise our analytic models down to the visual integration tools”.