Instabank has adopted cloud-based risk analytics and decisioning as it looks to provide real-time, digital lending for its Scandinavian customers.
The Norwegian digital bank is set to take on traditional lending methods by using technology to meet the increasing demand for simplified, digital-first banking.
Instabank is using technology from the Provenir Platform to aggregate credit applicant data from structured and unstructured data sources 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,” said Robert Berg, CEO of Instabank.
“With the speed and flexibility of the Provenir Platform driving our credit decisioning, our customer is able to apply for a loan while [they are] on [their] lunch break and receive an approval immediately.”
The Provenir Platform also provides geographical expansion across Europe for Instabank.
“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,” added Robert.
“Provenir gives Instabank that control in every aspect – from the ability to operationalise our analytic models down to the visual integration tools.”
Paul Thomas, managing director of Provenir, said its cloud was a great fit for Instabank as the digital landscape becomes more competitive across Europe.
“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.”
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