FICO WORLD 2018, MIAMI, Florida FICO today unveiled a host of new retail banking solutions that allow lenders to manage the credit lifecycle in a way that is smarter, faster and simpler. The innovations are designed to help support lenders with their digital transformations as retail banking continues to be shaped by the forces of mobile, cloud, analytics and big data. “We have seen remarkable changes in banking in the last two years as lenders accelerate their digital transformation and reinvent the customer experience,” said Tim VanTassel, vice president of FICO’s credit lifecycle business line. “Lenders are engaged in an analytic arms race to find, delight and retain the right customers by determining and deploying differentiated offers and experiences.” Read the full media release here Originate Loans Using Optimized Deal Structures Providing consumers with multiple options for the best-fitting terms in real time has been an industry goal for some time, and... [Read More]
AI in Collections an Inevitability Artificial intelligence (AI) is becoming more integral in improving collections, according to banks in Asia Pacific (APAC). In a survey conducted at the FutureCollect event in March, seven out of ten senior collections managers revealed they plan to implement and integrate AI into their collections systems within the next two years, and 24 percent said they will do it next year. These new findings are consistent with FICO’s insights on AI earlier this year, predicting companies will focus on operationalizing AI in 2018. Almost half (48 percent) of banks believe that the use of AI will help them optimize their collection decisions, while 41 percent feel it will enable them to accurately predict consumer behavior. AI-powered analytics can improve automation in collections in many areas, from optimizing contact strategy settings to ensuring human agents make sophisticated decisions when restructuring debts or even calculating provision rates at an account level for IFRS 9... [Read More]
Globe Telecom (Globe), one of the major telecommunications services providers in the Philippines, has reduced account delinquencies by 40 percent year-on-year, since its deployment of FICO® Customer Communication Services (CCS) in 2016. By automating a portion of its collections efforts, the company has also managed to reduce the cost to collect by 15 percent and the time it takes to collect by three days. The introduction of the CCS solution was seen as essential to cope with Globe Telecom’s rapidly growing business. With more than 59 million mobile customers, and more than 1.2 million broadband customers, Globe had to scale its collections efforts quickly while considering cost and improving customer care. Mon Pernia, head of consumer collections at Globe, explains how the project has changed collections for the company: How has adding analytically driven collections been received at Globe? This use of ‘machine calling’ instead of traditional ways of agents calling... [Read More]
Its been a year since the Panama Papers were leaked to the public. The leak of 11.5 million digital records exposed the dark deeds of dirty money and tax evasion and burst the bubble of pretense that the world is effective at dealing with corruption. Investigations were launched in 80 countries , with twelve national leaders among 143 politicians, their families and close associates from around the world known to have been using offshore havens to dodge taxes and hide assets. As the fallout out continues to ripple across the world, we decided to ask 37 executives from financial institutions across the Asia Pacific about tax evasion and how they thought it would impact the region. One in five banks in Asia Pacific say that they expect tax evasion to increase 100 to 500 percent over last year’s levels according to a recent poll by FICO. This is despite new reporting regulations being introduced... [Read More]
