Provenir, a global leader in AI-powered risk decisioning software, today congratulated its customer Hastings Financial Services for being named a 2024 Fintech Awards London finalist in the 'Fintech Company of the Year' category.
The Fintech Awards London recognises the outstanding achievements of the thriving fintech industry in London, acknowledging the talented fintech companies and professionals operating in the capital. The 'Fintech Company of the Year' category spotlights organisations that excel in providing direct services to consumers, showcasing innovation and demonstrating an ethical and inclusive approach to business.
As a leading loan provider in the UK, Hastings Financial Services offers lending solutions for UK consumers, providing £350 billion in quotes annually. The company has set itself apart from traditional lenders, offering swift decisions on loan applications and quickly implementing changes to its risk strategy in response to changing consumer and market needs. Hastings Financial Services' success lies in its ability to scale rapidly and offer positive decisions promptly. This is achieved by integrating third-party vendor data with its centralised data architecture to gain deep insights that enhance decision-making capabilities. The company uses innovative, efficient, and secure financial solutions to support consumers' lending needs and provide an excellent digital customer experience. This unique blend of technology, data, and decision-making has allowed the company to react quickly to market changes, understand its customers, and quickly onboard new technologies.
The Provenir AI-Powered Risk Decisioning Platform has played a key role in the success of Hastings Financial Services. This strategic partnership has enabled Hastings Financial Services to increase their daily quotes from 25k to 111k on Price Comparison Websites (PCW), achieving 95% PCW market coverage and providing quick quote times of under 2 seconds for effective decision-making during the quote and application stage. With over 1,200 individual data attributes, Hastings Financial Services has been able to compartmentalise its programming, allowing for quick updates to its risk strategy and making it agile and responsive. This level of agility, made possible by technology, has allowed the fintech startup to establish itself in a crowded market quickly.
The winners will be revealed at the Fintech Awards London Gala, where leading innovators and digital experts in the Fintech sector will gather on June 12th at The Underglobe in London for an evening of celebration.
“We are delighted to be included in this hotly contested category with a plethora of other great Fintech businesses said Sam Kerr Head of Digital, IT and Delivery. Provenir has been a key catalyst for our growth over recent years, but we know that HFSL’s real secret is its people & culture, which are the heartbeat of our organisation. This defines the mindset around how and where we think about deploying technology to drive great consumer and commercial outcomes.”
"We would like to extend our heartfelt congratulations to the Hastings Financial Services team on this well-deserved nomination," said Louis Garner at Provenir. "We take pride in being a strategic partner of Hastings Financial Services and are delighted to see that our platform has enabled Hastings to push boundaries in the fintech space, exemplifying remarkable scalability, agility, and responsiveness in a dynamic market.”
