Why Originations Strategy Review?
Originating a new account is a costly decision affecting 80% of measurable risk over the life of that account, and touching many other levers of lifetime customer value. It’s also an increasingly complex decision that must be made in decreasing timeframes. Today, banks and other financial institutions have to make decisions in unfamiliar markets and face a rapidly changing economic environment. Evaluating existing strategies and developing new ones is essential to surviving and thriving in this new world. In addition, impending regulatory changes related to the timing and application of interest rate adjustments, payment application hierarchies and limitations on subprime fee assessments will compound pressure and intensify already complex risk management challenges.
Given the importance of the decision to open an account, a review of your originations strategy and analytics is critical. You can uncover opportunities in the areas of process, data and technology that can close the gap between your organization and the competition. Our team can also combine the originations strategy review with a detailed operational review to ensure your business is making the most out of your operations.
FICO Originations Consulting has helped many of the worlds leading financial services organizations improve their originations strategies, resulting in substantial boosts to approval rates and to the bottom line. Our Originations Consulting team can provide assistance around strategy design for any product and overlay industry best practice to put your originations strategies on the road to becoming best in class.
Key Benefits
-
Improve risk management and increase approval rates
-
Identify which decisions to automate and which to manually review
-
Identify overlaps or gaps in policy, procedures and guidelines, as well as the decentralization of functions, causing increasing process variability
-
Compare your existing rules to industry standards and best practices
-
Identify opportunities for deployment/implementation of scorecards within the decisioning process