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White Oak selects Provenir Cloud to boost credit decisioning process

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October 01, 2020

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US-based Provenir today announced that UK-based independent business lender White Oak will use the former’s risk analytics platform for powering its business lending credit decisioning process. White Oak selected Provenir Cloud technology for supporting its digitisation and innovation strategy and shift to a fully automated origination process across its business loans and asset finance products.

Nick Isaacs, Chief Risk Officer, Leases and Loans, at White Oak said, “For over 30 years, we’ve been helping thousands of entrepreneurs and small businesses across the UK with their working capital needs. As an accredited CBILS lender, we are continuing to see higher volumes of applications via our direct and aggregated channels, and we are committed to delivering the smoothest lending experience possible.”

“We have chosen Provenir to ensure we have the best technology in place to provide our clients with a better service. This partnership allows us to make real-time risk decisions with a fully automated lending experience. Provenir has an impressive track record in the industry, and their low-code platform will give us the flexibility to build new models, integrate new data sources easily and enhance our underwriting process.”

White Oak offers business loans, equipment finance and asset-based lending solutions to SMEs and mid-corporate clients across the UK. The business has lent over £1.5 billion from its own balance sheet to UK businesses to over 45,000 customers. White Oak currently supports over 20,000 SME clients in the UK including a diverse number of sectors through its multi-product, multi-channel distribution model with a focus on building deep client relationships through its offices and field-based support services.

Chris Kneen, Sales Director at Provenir, added, “We are delighted to be supporting White Oak with our cloud-based risk analytics platform. They are playing a crucial role in the UK SME finance market right now and have a clear vision to further disrupt the way businesses can access funds with little fuss – adopting our agile technology to enhance the speed and accuracy of credit decisions is a key component of their innovation strategy. We’re really excited to have White Oak onboard to our cloud-based solution which will complement their first-class customer service.”

Headquartered in New Jersey, Provenir’s risk analytics and decisioning platform can listen to any channel, integrate with data service and operationalise analytic models. It helps clients process more applications with efficiency and increase sales conversions with instant, real-time risk decisioning.

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