Lenvi Partners With Credit Canary to Enhance Real-time Arrears Risk Management

Lenvi, one of the largest Fintech providers of lending software, servicing, and risk management solutions, has announced a new partnership with Credit Canary, a specialist in consumer credit assessment. This partnership aims to provide consumer credit lenders with enhanced, real-time data to foresee repayment risk, engage borrowers proactively, and strengthen lending performance.

Credit Canary’s bespoke assessment engine provides lenders with a historic, up-to-date and forward-looking view on affordability and default risk within their loan book. Enabling lenders to act on this information, restructure agreements with customers and minimise the risk of a loan going into default.

Credit Canary’s product suite has transformed a leading ethical lender’s operations, cutting manual review times seven-fold and proactive nudges reducing missed payments by 75%. Its predictive models accurately detect financial behaviour changes in 90% of borrowers, as highlighted in CFIT’s “Open Finance Blueprint” published earlier this year.

Emily Turner, Head of Partnerships for Lenvi said:

“At Lenvi, we are committed to building an ecosystem of partnerships with industry leaders who are driving innovation in their respective fields. Our partnership with Credit Canary is a fantastic addition that enables us to continually enhance the services we offer our clients. This collaboration is particularly timely as lenders are increasingly attentive to the needs of vulnerable customers and the requirements of Consumer Duty regulations. By joining forces with Credit Canary, we can provide solutions that help lenders address these challenges effectively. We look forward to delivering our combined solutions to our growing portfolios of consumer lenders.”

In combination with Lenvi’s PF1 platform, lenders can:

• Make better lending decisions through greater data access, and
• Create models to understand customers that are more or less likely to fall into arrears and take corrective action.

As a result, credit assessment processes will be more streamlined, operational costs lowered and competitive edge strengthened.

Consumer credit lenders face increasing pressures to comply with changing regulations and protect vulnerable customers. This is alongside ongoing pressures of managing affordability issues and combating rising servicing costs. This partnership will enhance lenders’ response to those pressures and proactively minimise the risk of default and improve loan performance. Boosting lenders’ reputation and trust with its consumers in the process.

Jim Fell, CEO for Credit Canary said:

“Partnering with Lenvi and integrating with their loan management platform marks a fantastic strategic move in our development. This collaboration addresses the growing pressures of Consumer Duty regulations, affordability issues, and rising servicing costs. By merging Credit Canary’s scalable solutions with Lenvi’s market-leading capabilities, we can help lenders streamline credit assessments, reduce operational costs, and gain a competitive edge. Together, we will empower lenders to engage the right customers at the right time with the right message, enhancing loan performance and building consumer trust.”