Instabank deploys Provenir tech
Instabank, often dubbed a ‘Challenger Bank,’ is among a new breed of financial services that is taking hold of technology to meet the increasing demand for simplified, digital-first banking experience.
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The bank is using Provenir’s technology to aggregate credit applicant data from structured and unstructured data sources, including credit bureaux and its core banking system, to provide customers with an instantaneous credit decision.
“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,” says Robert Berg, CEO, Instabank. “With the speed and flexibility of the Provenir Platform driving our credit decisioning, our customer is able to apply for a loan while she’s on her lunch break and receive an approval immediately.”
Instabank relies on the vertical and horizontal scalability that the Provenir Platform provides to geographical expansion across Europe. Berg adds, “The nature of our business requires an analytics and decisioning engine that places the control in our hands to manage and configure business logic or credit policy as the company grows. Provenir gives Instabank that control in every aspect - from the ability to operationalize our analytic models down to the visual integration tools.”
“Provenir Cloud is a great fit for Instabank as the digital lending landscape becomes more competitive in Europe,” says Paul Thomas, Managing Director, Provenir. “We understand how increasingly important it is for the Challenger Bank to grow its online lending capabilities quickly and we’re pleased that Instabank is using Provenir to expand the lending experience for its customers.”