FICO World Preview: Closing the Risk and Fraud Gaps

As the hero in the cult 1960s television program The Prisoner proclaimed:  “I am not a number. I am a free man!”

Of course, he wasn’t — he was Number 6, a prisoner in a very Big Brother village prison. Like Number 6, today’s banking customers complain that banks have moved away from treating customers as individuals based upon real, tangible, local knowledge, and are instead moving toward an account number culture where communications have become increasingly impersonal.

But many banks are using technology to meet this challenge head on, in order to improve customer perception and experience. In doing so, they are also closing some of the risk exposure loopholes that were left by impersonal treatment strategies.

Tailored, timely, flexible and increasingly customer-preferred interactions are now a major part of the most effective business propositions across the credit risk and fraud management disciplines. We’ve discussed this issue on the blog before — at FICO World next week, you can hear more about how communications technology and techniques have been adopted in both a credit and fraud context. In addition to case studies from Santander UK and Barclays, you can join me and Mike Healey, recently of Adeptra, as we explore the marriage of risk and fraud strategy with real-time customer communications.

FICO World runs April 30-May 3 in Miami. Join us!