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FICO survey shows banks should rely less on letters, more on digital communications

TORONTO, Canada — November 21, 2017

Canadian consumers are telling their banks to embrace the digital age. That was the message from a new survey on lender communications by Silicon Valley analytics firm FICO. Fourty-three per cent of respondents said they would prefer to be reminded of late payments by email, followed by text message at 21 per cent. But often their banks are sending them letters (26 per cent) or contacting them by phone (14 per cent).

More information: https://www.youtube.com/watch?v=uLeIGWHs9g0&feature=youtu.be

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FICO survey shows credit grantors prefer letters but consumers prefer SMS

LONDON — November 21, 2017

“Stop sending us letters when we pay late and start texting us.” That was a resounding message from UK consumers in a new survey on lender communications by Silicon Valley analytics firm FICO. While 31 percent of respondents said credit grantors send late-payment reminders via the mail, making it the most-used channel, only 14 percent prefer that channel. The top preference was for SMS messages (42 percent), with email following at 23 percent.

More information: https://www.youtube.com/watch?v=3Ypj5JcfS18&feature=youtu.be

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Card processor wins FICO Decisions Award for Fraud Control for achievements using FICO Falcon Platform and adaptive analytics

LONDON — November 14, 2017

Highlights:

  • UBS Card Center stopped 74 percent more fraudulent transactions in 2016 than in 2015, and saved potential losses of CHF172 million (about $172 million) using FICO® Falcon® Platform and related FICO technology.
  • UBS Card Center has won the 2017 FICO Decisions Award for Fraud Control.
  • UBS Card Center processes roughly 25 percent of the credit cards in Switzerland.
  • FICO® Falcon® Platform is the leading card fraud solution, protecting 2.6 billion payment cards worldwide.

UBS Card Center, which processes roughly 25 percent of the credit cards in Switzerland, has cut the amount of fraud write-offs per compromised card, stopped more fraudulent transactions and reduced false-positive rates using the FICO® Falcon® Platform. The card processor stopped 74 percent more fraudulent transactions in 2016 than in 2015, and saved potential losses of CHF172 million (about $172 million). UBS Card Center achieved these gains by leveraging the latest artificial intelligence and machine learning capabilities of the Falcon Platform, including the use of FICO® Fraud Predictor with Merchant Profiles and adaptive analytics.

For its achievements, UBS Card Center has won the 2017 FICO Decisions Award for Fraud Control.

More information: http://www.fico.com/en/products/fico-falcon-platform

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