Latest news with #consumerlending
Yahoo
7 days ago
- Business
- Yahoo
Ryt Bank taps Provenir for AI credit decisioning platform
Ryt Bank, claimed to be the world's first AI-powered bank, has teamed up with Provenir, a provider of AI risk decisioning software. The Malaysian bank has chosen Provenir AI Decisioning Platform to facilitate quicker credit assessments and tailor customer offers for its consumer lending services. As a newly licenced digital bank, Ryt Bank sought to rapidly introduce a consumer lending product that reflects its AI-centric strategy. The bank faced the challenge of establishing a decision-making framework that could deliver immediate, customised loan approvals while adhering to regulatory requirements and risk management protocols. The tech vendor said that its platform will help the bank benefit from real-time credit risk evaluations, enabling instant loan approvals and personalised loan offers derived from AI-based customer profiling. Additionally, Provenir will assist in automating compliance checks to ensure regulatory adherence and provide learning models to respond to evolving market conditions. This partnership is expected to enhance decision-making speed and accuracy, thereby improving the overall customer experience. Provenir APAC head Kavinesswaran Karthigasan said: 'Ryt Bank is taking digital banking to a new level with its AI-first approach and we are excited to be a part of its journey. 'Our AI Decisioning Platform will provide the foundation for Ryt Bank to help reach its business goals via AI-driven decisioning that meets customer expectations for near instant approvals and highly personalised digital interactions.' In April this year, Atom Bank in the UK selected Provenir's AI Decisioning Platform to improve credit risk decision-making and data orchestration for its consumer and business banking services. "Ryt Bank taps Provenir for AI credit decisioning platform" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Malay Mail
20-07-2025
- Business
- Malay Mail
Ballooning household debt in South-east Asia: The deindustrialisation trap in Malaysia — Phar Kim Beng and John Yip
JULY 20 — Rising household debt has become a defining feature of South-east Asia's economic landscape, and nowhere is this more acute than in Malaysia. Once an exemplar of export-driven modernisation, Malaysia now finds the foundation of its prosperity under strain. At the heart of this vulnerability sits a structural transition—from industrial production to consumption-led services—leaving many households with unstable incomes and a mounting reliance on borrowing. Left unchecked, this accelerating debt burden risks stalling broader development and undermining social cohesion The Alarming Numbers The scope of the problem is stark. This loss of stable, well-paying industrial work has coincided with aggressive consumer lending and a rapid normalisation of debt-driven consumption. — Bernama pic By the end of 2021, Malaysia's household debt-to-GDP ratio stood at 89 per cent, the second-highest in South-east Asia—surpassed only by Thailand (89.3 per cent) and far exceeding Singapore (69.7 per cent), Indonesia (17.2 per cent), and the Philippines (9.9 per cent). This means Malaysians shoulder nearly RM1.4 trillion in household debt, with the highest portion in mortgage and car loans (58 per cent and 13 per cent, respectively), followed by personal loans (14 per cent) and credit cards (3 per cent). Why are Malaysian households so leveraged? Structural change, rising living costs, and the ease of consumer credit all play a role. Responsible lending has helped contain system-wide risk, but a large group of over-indebted households—particularly those with high Debt Service Ratios (DSRs)—remains deeply vulnerable. Under stress scenarios, high-DSR borrowers (DSR > 60 per cent) are 5.5 times more likely to default and face financial hardship than those with more prudent debt loads. Why has household debt swelled? 1. The deindustrialisation challenge Malaysia, alongside its neighbours, was once a manufacturing powerhouse, providing stable jobs and income growth for its rising middle class. However, since the 2000s, manufacturing's share of output has steadily declined (from over 30 per cent to below 24 per cent as of 2023). The expansion of the service sector has yet to compensate in terms of job quality or security. As highlighted by the World Bank and others, the shift away from industry has produced only limited increases in high-productivity service sector employment, with many workers landing in unstable, low-wage, or informal jobs. 2. Overconsumption and easy credit This loss of stable, well-paying industrial work has coincided with aggressive consumer lending and a rapid normalisation of debt-driven consumption. Social status and aspirations are increasingly tied to visible consumption—cars, electronics, travel—even as income gains have slowed. As a result, Malaysians have resorted to credit: the ratio of household debt to GDP has remained stubbornly high, and many families borrow simply to make ends meet, not just to invest in property or education. High household debt poses a profound danger to both individual livelihoods and the broader national economy. When families become overleveraged, a significant portion of their income is redirected to servicing debt, leaving little room for savings, consumption, or investment in education, healthcare, and long-term security. This weakens domestic demand, especially in emerging economies like those in Asean, where consumption is increasingly vital to growth. Over time, households may become vulnerable to interest rate hikes or sudden job losses, which can trigger a cascade of defaults. This, in turn, affects banks' balance sheets and credit availability—creating a vicious cycle of financial distress and economic contraction. High levels of debt also lead to greater social stress, contributing to mental health challenges, rising family disputes, and increased vulnerability to scams, as desperate individuals may seek quick fixes to financial burdens. In the digital age, cybercriminals exploit this desperation, drawing victims into fraudulent investment schemes or illegal lending traps. Furthermore, high household indebtedness limits the government's ability to stimulate the economy during downturns. When too many citizens are financially fragile, even cash handouts or tax rebates are used to repay debts rather than revive economic activity. Left unchecked, household debt becomes not just a private burden but a public risk. The consequences: Why soaring household debt is dangerous If Malaysia's household debt remains unchecked, what risks emerge? • Financial Instability: A high overall debt load amplifies the risk of loan defaults during downturns or rate hikes. Stress-test results show high-DSR households are especially exposed during economic shocks. • Stagnating Upward Mobility: Heavily indebted families have less ability to save for education, healthcare, or retirement, threatening intergenerational mobility. • Growing Inequality: Debt-servicing requirements hit the less affluent hardest, as wealthier Malaysians benefit from lower interest rates and greater collateral. • Weaker Economic Recovery: With nearly RM1.63 trillion in total household debt in 2024, a large share of income flows to debt repayment, squeezing future consumption and potentially slowing national recovery from economic shocks. • Potential for Social Unrest: Persistent financial distress among large swathes of the population can accelerate social and political dissatisfaction. Responding to the crisis 1. Restore high-quality job growth Stimulate advanced manufacturing, green technology, and high-value services to generate better-paying, more stable jobs. Encourage policies supporting productivity and innovation rather than mere consumption. 2. Promote responsible credit practices Maintain and update lending standards; monitor DSRs rigorously, especially among new borrowers. Improve public awareness of the risks of excessive debt. 3. Strengthen social safety nets and financial literacy Expand targeted welfare and emergency savings supports, especially for high-DSR and low-income households. Continue nationwide financial education to help citizens plan better and understand the long-term costs of debt. 4. Data-Driven Policymaking Use micro-level borrower and sectoral data to tailor macroprudential measures, avoiding 'one size fits all' restrictions that can hurt lower-risk borrowers. Conclusion South-east Asia's, and especially Malaysia's, household debt predicament is not the result of individual irresponsibility alone. It is deeply tied to deindustrialisation, job precarity, and the easy availability of credit—amplified by evolving consumption norms. While prudent lending has insulated the overall financial system thus far, the proliferation of high-DSR borrowers is a warning sign. Bold, targeted action—from rebuilding the foundations of stable employment to stricter but nuanced credit oversight—is crucial to ensure Malaysia's development remains both inclusive and sustainable, rather than an illusion built on borrowed time. *This is the personal opinion of the writer or publication and does not necessarily represent the views of Malay Mail.
Yahoo
16-07-2025
- Business
- Yahoo
Nova Credit Announces Second Annual Cash Flow Underwriting Summit to Convene Industry Leaders That Are Accelerating the Adoption of Cash Flow Underwriting
Building on the success of last year's inaugural Summit, the forum brings together leaders from nearly all top 40 U.S. consumer lenders to unlock the power of cash flow underwriting. NEW YORK, July 16, 2025--(BUSINESS WIRE)--Nova Credit, a leading credit infrastructure and analytics company, today announced the second annual Cash Flow Underwriting Summit, to be held in New York City on September 10, 2025. The Summit features leaders across consumer lending, discussing the rapid adoption curve of cash flow underwriting and the challenges and opportunities associated with bringing it to life. The Summit comes at a pivotal moment in the economic and regulatory landscape. As traditional credit metrics become increasingly unreliable amid economic volatility, lenders are turning to real-time cash flow data to make more informed underwriting decisions while expanding access to credit. "The success of last year's inaugural Summit—with over 200 industry leaders from nearly all of the top 40 banks and issuers—revealed the true extent of industry momentum behind cash flow underwriting," said Misha Esipov, CEO and Co-founder of Nova Credit. "We're seeing unprecedented demand for real-time cash flow data that tells a richer story about consumer creditworthiness. This year's Summit comes at a critical inflection point where lenders need to differentiate and grow responsibly amid economic uncertainty and advances in technology. Cash flow data is proving to be the competitive advantage that drives both better lending performance and expanded access to credit." Adoption of cash flow underwriting continues to accelerate. With consumer and lender sentiment towards alternative data growing increasingly favorable, financial institutions are racing to better adapt, differentiate and maintain a competitive edge as the consumer credit landscape becomes more complex. The Cash Flow Underwriting Summit is the premier annual gathering for senior industry leaders to explore how their institutions can implement cash flow and alternative data solutions into underwriting processes. Summit programming will feature real-world case studies from lenders who have seen success with cash flow underwriting, keynote addresses from industry visionaries, and strategic networking opportunities to shape the future of lending as the industry rapidly evolves. Featured speakers include: Nichole Mustard; Co-founder & Fmr. Chief Revenue Officer, Credit Karma Ankur Jain; Founder & CEO, Bilt Paul LaRusso; CEO, Akoya Brian Kelly; Founder, The Points Guy Rich Franks; Global Head of Risk Strategy, PayPal John J. McNamara; Fmr. Principal Assistant Director, Markets; CFPB Penny Crosman; Executive Editor, American Banker Alex Johnson; Founder, Fintech Takes Sarah Davies; Senior Advisor, FinRegLab Misha Esipov; CEO, Nova Credit Bill Garber; SVP, Credit Policy & Analytics, Navy Federal Credit Union Brent Montgomery; SVP, Head of Credit Risk Management; Credit One Bank Matt Lattman; Fmr. SVP, Card Acquisition Marketing, Discover Tim Hong; Chief Product Officer, Moneylion Chris McCall; SVP, Credit, Analytics, Risk Management, Citizens Bank Kevin Feltes; CEO, FDX Evan Bryman; Chief Product & Strategy Officer; Concora Credit Debtosh Banerjee; President, Seen Finance Dave Wasik; Partner, 2nd Order Solutions Nikki Cross; Senior Director, Data Science, Nova Credit Collin Galster; COO Nova Credit And more to be announced! "As an unrepentant cash flow data nerd, participating in last year's Summit was like finding my tribe," said Alex Johnson, Founder of Fintech Takes and 2025 Summit moderator. "There are so many places in the lending lifecycle where cash flow data can add significant value and I'm looking forward to becoming even smarter on this topic at this year's Summit." Registration for this event is limited. For more information, including the full agenda and to apply to attend, please visit: About Nova Credit Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. As a Consumer Reporting Agency (CRA), Nova Credit leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill critical gaps in traditional credit analytics. The company transforms the fragmented universe of consumer financial data into compliant, actionable risk insights through a comprehensive platform designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, including HSBC, SoFi, Scotiabank, AppFolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at or reach out to connect@ View source version on Contacts Grant Waldvogel, Prosek Partners on behalf of Nova Creditpro-novacredit@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-07-2025
- Business
- Yahoo
goeasy Ltd. Recognized on TIME's List of Canada's Best Companies 2025
MISSISSAUGA, ON, July 10, 2025 /CNW/ - Today, goeasy Ltd. (TSX: GSY), one of Canada's leading consumer lenders focused on delivering a full suite of financial services to Canadians with near to non-prime credit, is pleased to announce that it has been recognized on TIME Magazine's inaugural list of Canada's Best Companies. This prestigious award was developed in partnership with Statista, a leading global provider of data and industry rankings. The full list was announced on July 10, 2025, and is available on "Being named one of Canada's Best Companies by TIME and Statista is a proud moment for goeasy and a reflection of the passion and purpose our team brings to work every day," said Dan Rees, Chief Executive Officer. "We've built a culture rooted in respect, performance, and opportunity—one where our employees feel empowered to grow, contribute meaningfully, and deliver exceptional experiences for our customers. This recognition is not just about where we are today, but about the bright future we're building together." TIME and Statista developed Canada's Best Companies list for 2025 by evaluating three key areas, including revenue growth, employee satisfaction and Environmental, Social and Governance (ESG) performance. The ranking included companies based in Canada with over $100 million in annual revenue. Revenue growth was analyzed using data from Statista's business databases to identify the fastest-growing companies. Employee satisfaction was assessed through three years of survey data from more than 49,000 workers. The evaluation also included Environmental, Social, and Governance (ESG) performance, measured using standardized indicators to produce an overall ESG score. About goeasy goeasy Ltd. is a Canadian company, headquartered in Mississauga, Ontario, that provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands. Supported by over 2,600 employees, the Company offers a wide variety of financial products and services including unsecured and secured instalment loans, merchant financing through a variety of verticals and lease-to-own merchandise. Customers can transact seamlessly through an omni-channel model that includes online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement and healthcare verticals, through approximately 11,000 merchant partners across Canada. Throughout the Company's history, it has acquired and organically served over 1.5 million Canadians and originated over $16.6 billion in loans. Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards in recognition of its exceptional culture and continued business growth including 2024 Best Workplaces™ in Financial Services & Insurance, Waterstone Canada's Most Admired Corporate Cultures, ranking on the 2022 Report on Business Women Lead Here executive gender diversity benchmark, placing on the 2024 Report on Business ranking of Canada's Top Growing Companies, ranking on the TSX30, Greater Toronto Top Employers Award and has been certified as a Great Place to Work®. The Company is represented by a diverse group of team members from over 90 nationalities who believe strongly in giving back to communities in which it operates. To date, goeasy has raised and donated over $6.5 million to support its long-standing partnerships with BGC Canada and many other local charities. goeasy Ltd.'s common shares are listed on the TSX under the trading symbol "GSY". goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody's. For more information about goeasy and our business units, visit About Statista: Statista publishes hundreds of worldwide industry rankings and company listings with high-profile media partners. This research and analysis service is based on the success of the leading data and business intelligence portal that provides statistics, business-relevant data, and various market and consumer studies and surveys. Media Contact: Dan ReesChief Executive Officer James ObrightSenior Vice President, Investor Relations & Capital Marketsinvestor_relations@ 905-272-2788 SOURCE goeasy Ltd View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
02-07-2025
- Business
- Finextra
JaJa Finance to offer personalised rewards to credit card customers based on their spending habits
Today, Jaja Finance ('Jaja') is once again leading the way in tech innovation with the launch of its revolutionary 'Launch to Rewards' interactive programme for Jaja Vanta Credit Card customers. 0 As a leader in consumer lending, Jaja is offering customers personalised goals based on their credit card behaviours through its app, moving beyond the traditional spend-based approach. In a move to encourage smarter financial choices and foster positive borrowing habits, Jaja is introducing credit card-focused missions that unlock exciting benefits along the way. Customers will receive three goals per month, such as 'make your minimum payment,' 'set up a direct debit,' or 'make an Easy Bank payment.' Once the customer completes their three goals they will receive their reward, but they will also receive stars, making the experience both engaging and rewarding. Customers who collect enough stars will have the opportunity to move to a new level where they will receive richer rewards. Missions will reset every month, giving everyone a fresh chance to join in and collect all their stars. Francesco Di Costanzo, Chief Executive Officer at Jaja Finance, said: 'Our new Launch to Rewards® programme is one of the first of its kind in the UK consumer lending space. No other rewards programme offers customers the same level of experience, based solely on their credit card habits. Our mission is to provide simple, fair, and efficient credit, empowering our customers to manage their credit effectively while encouraging positive spending habits. 'This programme is designed to make managing credit not only easier but also rewarding. We are aiming to enhance customer engagement, motivate better credit management, and reward loyalty. Consequently, customers will enjoy greater financial control and the satisfaction of being rewarded for their responsible spending habits.' In a move to redefine customer engagement and deliver lifetime customer value, Jaja will deploy advanced analytics to better understand its customers' preferences, prioritising their objectives, and evaluating their behaviours. Personalising these rewards means that Jaja can create a more enjoyable and tailored experience for customers. In 2024, Jaja became one of the first UK fintechs to launch a GenAI chat assistant, Airi, using Anthropic's state-of-the-art Claude 3 model family. Initially predicted to reduce customer response times by 65%, the digital lender has now reduced customer response times by 90%, answering customer enquiries in just under fifteen seconds, versus the three minutes it took prior to launch. Airi is now resolving 50% of customer enquiries, allowing customer service agents more time to deal with the more complex enquiries.
