As credit default and fraud rates rise, 70 percent of financial services executives are not confident in their ability to modify risk decisioning quickly to keep pace with shifts in consumer behavior and the economy.
Additionally, 43 percent say identifying fraud is a top challenge, yet only 7 percent report their anti-fraud measures are completely effective, according to a new survey conducted by Provenir, a global leader in AI-powered risk decisioning software.
Provenir surveyed senior decision makers at financial services providers and fintechs to understand their risk decisioning challenges, customer management priorities, and confidence in the accuracy and flexibility of their risk models.
“In a challenging economy, it becomes even more critical to proactively manage and mitigate risk. If an organization can do this well, they improve customer retention, reduce defaults, and maximize financial inclusion and revenue opportunities,” said Geoff Miller, Chief Commercial Officer at Provenir.
“Decisioning – to support credit, fraud, compliance and product decisions – is the foundation for long-term success, growth, and profitability in the financial services sector. Organizations can gain tremendous competitive advantage with AI-powered decisioning complete with case management, data, and insights, to support smarter, faster risk decisions across the entire customer lifecycle.”
This is the second year the company has fielded the survey and its findings can be found here.
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