Risk & Compliance Are Your Analytics Delivering Results?

analytics delivering results

Are your analytics delivering results? The word “analytics” means different things to different people.  Depending on the analytical maturity of your organization, analytics could mean reports on your performance, analytics could mean predictive models, or it could mean fully optimized analytic decisions. No matter where you are on that spectrum, many organizations report that while they have many different analytical systems or models, they don’t know how well they are performing.  Many times organizations implement expert or predictive models with the expectation of enhanced operational performance, but they don’t measure the results, and don’t assess if the model is delivering the business value needed and expected. Measuring and tuning models as is important as implementing models.  Without ongoing monitoring they can fail to achieve the desired results.  If you, as a leader of an organization wants to assess your analytics, there are a number of steps you can take. 1)... [Read More]

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Risk & Compliance FICO & Operation HOPE Work to Bridge Gaps in Financial Literacy

FICO and Operation Hope

FICO and global financial dignity and economic empowerment nonprofit, Operation HOPE, partnered a little over a year ago to help empower consumers through financial literacy. The program enables Operation Hope coaches at more than 100 HOPE Inside locations across the U.S. to share FICO® Scores with clients for free and to provide key insights to enable them to better understand their financial health. We recently had the opportunity to speak at the annual 2018 HOPE Global Forum.  At the event, we conducted a survey of attendees during our panel, ‘Unleashing Credit: Credit for the Poor Reimagined,’ to examine the barriers to credit.  Among the results from the survey, FICO found that the top drivers of credit barriers include debt-to-income ratio (93%), restrictive lending standards (84%), and gaps in financial literacy (80%). The survey results reinforce the ongoing need to help support personalized financial education and coaching.  We look forward to... [Read More]

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Risk & Compliance Infographic: How Student Loan Borrowers Improve their FICO Scores

Student loans infographic

In our previous blog post, FICO revealed research on the credit behavior of young people with a student loan actively in repayment to determine the behaviors that are driving FICO® Score increases and decreases.  Using a nationally representative sample, we identified 10 million scorable consumers age 18 to 30 who had a student loan actively in repayment as of October 2016. To better understand the financial actions driving the “FICO Score increaser” and the “FICO Score decreaser” populations, we looked at the credit behaviors of these two groups across a variety of dimensions such as amounts owed, on-time payments, and searches for new credit. Below is an infographic which provides a more visual representation of our findings.

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Risk & Compliance How Alliant Credit Union Reinvented Its Lending Program

Reinvented its lending

This week, leading trade publication creditunions.com published a full interview with Alliant Credit Union about the success they have had with FICO. You can read the full article here.  You can also read our media release here Alliant Credit Union, one of the largest credit unions in the United States, has transformed its consumer lending business and is exceeding its lending goals since implementing FICO technology solutions in 2016. With a new consumer loan origination system powered by FICO® Origination Manager, Alliant has processed 56,000+ loan applications and loaned more than $390 million to members with faster processing. Credit card applications can now close in less than half an hour, and auto loans can be funded the same day. “As we grew and changed our focus, we needed to give our users access to everything they needed for the loan process without having to talk to anyone,” says Jeremy Pinard, Alliant’s vice president of consumer... [Read More]

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