Ryt Bank Malaysia Chooses Provenir for Artificial Intelligence-Based Risk Decision Making in its Digital Banking Operations
Ryt Bank, a newly licensed digital bank, has announced its partnership with Provenir, a global leader in AI risk decisioning software. This collaboration aims to revolutionize the banking industry by delivering smarter, faster finance and creating a meaningful impact for Malaysians.
The Provenir AI Decisioning Platform will be the foundation for Ryt Bank to achieve its business goals via AI-driven decisioning. This platform will power faster credit decisions for Ryt Bank, facilitating near instant approvals and highly personalized digital interactions.
The challenge for Ryt Bank was to implement a decisioning infrastructure capable of delivering instant, personalized loan approvals while ensuring compliance with regulatory standards and risk management best practices. Provenir's AI Decisioning Platform addresses this challenge by enabling real-time, fully automated credit decisioning.
Faster Credit Decisions and Personalized Customer Offers
Through automated workflows, the platform rapidly assesses credit risk using predictive models and AI/ML. This enables real-time approvals and frees risk teams from manual processes. Moreover, the platform leverages AI-driven insights and embedded intelligence to deliver high-value, relevant product offerings personalized to individual customer profiles, facilitating upselling and cross-selling across the customer journey.
Regulatory Compliance
The platform provides a flexible, intelligent decisioning framework that evolves risk models to keep pace with fraud threats and changing regulations. It also integrates data for accurate identity verification and offers comprehensive case management tools to enable frictionless exception handling while maintaining decision accuracy at scale.
Additional Features
The Provenir AI Decisioning Platform offers a no-code drag-and-drop interface, empowering business users to independently design, configure, and update decisioning processes quickly without heavy IT reliance. It also simplifies the integration of internal and external data sources to enrich decision accuracy and speed.
Advanced machine learning lifecycle management is another key feature, with automated model generation and continuous improvement without dependence on data scientists, ensuring decisions stay optimized over time.
Excitement from Provenir
Kavinesswaran Karthigasan, Head of APAC at Provenir, expressed his excitement about being a part of Ryt Bank's journey. He stated, "We are thrilled to be a part of Ryt Bank's mission to deliver smarter, faster finance and create a meaningful impact for Malaysians. Our AI Decisioning Platform is integral to their consumer lending products, enabling real-time, fully automated credit decisioning, leading to faster credit approvals, personalized customer offers, and regulatory compliance."
With this partnership, Ryt Bank is set to launch a consumer lending product that aligns with its AI-first approach. The bank aims to rapidly launch this product, elevating the customer experience for its users. Ryt Bank's consumer lending product, powered by Provenir's AI Decisioning Platform, is poised to redefine the banking industry in Malaysia.
- Ryt Bank's partnership with Provenir, a global leader in AI risk decisioning software, aims to deliver smarter, faster finance and create a meaningful impact for Malaysians, using the Provenir AI Decisioning Platform as the foundation to achieve its business goals via AI-driven decisioning.
- The Provenir AI Decisioning Platform will power faster credit decisions for Ryt Bank, facilitating near instant approvals and highly personalized digital interactions, as well as delivering high-value, relevant product offerings personalized to individual customer profiles through advanced AI and machine learning.
- The platform provides a flexible, intelligent decisioning framework that evolves risk models to keep pace with fraud threats and changing regulations, integrates data for accurate identity verification, and offers comprehensive case management tools for exception handling while maintaining decision accuracy at scale.
- Kavinesswaran Karthigasan, Head of APAC at Provenir, expressed his excitement about working with Ryt Bank, stating that their AI Decisioning Platform is integral to Ryt Bank's consumer lending products, enabling real-time, fully automated credit decisioning leading to faster credit approvals, personalized customer offers, and regulatory compliance.
