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Learn how BMW sped up its customer communications
“Using FICO Customer Communication Services, we get a secure, highly flexible, robust solution with a low cost of entry, and we can leverage the expertise of a valued partner, which allows our in-house maintenance support to focus on other key internal priorities and platforms.”
- Wayne Orchowski, CEO BMW
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FICO Analytic Cloud, democratizing analytics through the cloud.
Customer data is more widely available than ever, but leveraging data to drive smarter decisions requires new thinking and a new kind of agility. As companies develop strategies for both cloud computing and for using Big Data to improve customer relationships, analytically-empowered solutions, cloud-based applications and a flexible cloud-based Decision Management development platform become essential.Learn about FICO Products and Solutions whenever is convenient for you.
Careers At FICO
Are you ready to fulfill your potential? FICO offers big career opportunities in Big Data Analytics from California to New York, London to Bangalore and Beijing.FICO® Origination Solution for Financial Services
Deliver a compelling acquisition experience while managing risk and compliance
Overview
The loan origination process has become a key battleground in the fight for new customers. Today’s consumers and small business owners are empowered to research and purchase financial products and services in a way that they never have been before. This monumental shift is reverberating through the financial industry. Financial institutions (FIs) around the globe are intently focused on reinventing the origination experience—to be faster, more convenient, and personalized—in order to attract and retain profitable customers. Simultaneously, FIs must continue to rigorously mitigate risk, lower costs, and maintain compliance in a rapidly evolving regulatory environment.
FICO empowers financial institutions reinvent the origination process by bringing a set of market-leading technology and analytic capabilities together into a single comprehensive solution—FICO Origination Solution for Financial Services.
Origination Maturity Assessment
The Challenge
At every stage in the customer acquisition process—marketing, origination, and onboarding—financial institutions are faced with challenges that inhibit them from increasing the volume of profitable new accounts they are booking. These challenges are difficult to overcome because they cannot be addressed in isolation. For example, offering a significantly more attractive price in an outbound marketing campaign can improve offer acceptance rates, but (if done incorrectly) it can also imperil the profitability of the prospective customers that accept the offer. The key to overcoming these challenges is to utilize a common, comprehensive decisioning strategy that cuts across the entire customer acquisition funnel. That strategy should be derived from prescriptive analytics that determine the optimal balance between conflicting goals (offer acceptance vs. profitability for example) for each FI.
Solution Architecture
FICO Origination Solution for Financial Services
Addressing the challenges faced by financial institutions and expanding the customer acquisition funnel requires a mix of different capabilities in three key areas:
- Interact- improve every customer touch point in the acquisition process.
- Decide- apply automation and analytics to make more profitable decisions.
- Connect- continually incorporate the most predictive internal and external data.
FICO Origination Solution for Financial Services brings together a set of industry-leading capabilities to solve the most critical customer acquisition challenges faced by financial institutions. For example, the solution seamlessly integrates FICO's industry-leading application fraud management capabilities into the origination workflow, enabling FIs to better detect 1st and 3rd party fraud while further streamlining the acquisition experience for legitimate customers. Depending on your requirements, the capabilities can be seamlessly integrated into a holistic solution or deployed in a modular fashion to augment existing systems.
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FICO® Application Fraud Manager
Product overview
Prevent first-and third-party application fraud through detection across multiple products and channels. Gain access to world-class analytics that can be deployed quickly to protect new products and enhance existing fraud investments.
FICO® Application Fraud Manager can help businesses in any industry to stop credit fraud where it starts: at the point of application. This FICO solution gives firms in a wide range of industries – banking, insurance, telecommunications, retail, government and more – access to FICO’s market-proven, industry-leading analytic technology.
FICO® Customer Communication Services
Product overview
As consumer service expectations rise and consumers expand their use of different communication channels, organizations of all types (banks, utilities, auto manufacturers, telecommunications firms and insurers) are seeking ways to connect effectively at scale. FICO® Customer Communication Services deliver intelligent, scalable, two-way, automated voice, text, e-mail and mobile app notifications, with a human touch. FICO Customer Communication Services works alongside existing systems and processes to help organizations reduce fraud, collect more debt, improve customer service, and drive service renewals and product upsell.
FICO® Decision Optimizer
Product overview
FICO® Decision Optimizer enables business analysts to develop, assess and improve the decisions that drive customer interactions and business results. Its advanced decision impact modeling, simulation and optimization techniques allows you to discover better decision strategies that balance trade-offs between cost, risk and reward, while also factoring in economic and market conditions.
Visit the FICO Xpress Optimization Community to learn more about what you can do with Decision Optimizer, download software trials, get support and talk to the experts!
FICO® Origination Manager
Product overview
Today, the battle for good customers is more complex than ever. Whether launching a new credit product, or trying to rapidly adapt existing processes to new market segments or regulations – organizations are challenged by long IT queues, and inflexible software. FICO® Origination Manager brings advanced analytics, application processing and decision flexibility to businesses, so they can make more precise, profitable decisions when starting a new credit relationship.
Product overview
Prevent first-and third-party application fraud through detection across multiple products and channels. Gain access to world-class analytics that can be deployed quickly to protect new products and enhance existing fraud investments.
FICO® Application Fraud Manager can help businesses in any industry to stop credit fraud where it starts: at the point of application. This FICO solution gives firms in a wide range of industries – banking, insurance, telecommunications, retail, government and more – access to FICO’s market-proven, industry-leading analytic technology.
Product overview
As consumer service expectations rise and consumers expand their use of different communication channels, organizations of all types (banks, utilities, auto manufacturers, telecommunications firms and insurers) are seeking ways to connect effectively at scale. FICO® Customer Communication Services deliver intelligent, scalable, two-way, automated voice, text, e-mail and mobile app notifications, with a human touch. FICO Customer Communication Services works alongside existing systems and processes to help organizations reduce fraud, collect more debt, improve customer service, and drive service renewals and product upsell.
Product overview
FICO® Decision Optimizer enables business analysts to develop, assess and improve the decisions that drive customer interactions and business results. Its advanced decision impact modeling, simulation and optimization techniques allows you to discover better decision strategies that balance trade-offs between cost, risk and reward, while also factoring in economic and market conditions.
Visit the FICO Xpress Optimization Community to learn more about what you can do with Decision Optimizer, download software trials, get support and talk to the experts!
Product overview
Today, the battle for good customers is more complex than ever. Whether launching a new credit product, or trying to rapidly adapt existing processes to new market segments or regulations – organizations are challenged by long IT queues, and inflexible software. FICO® Origination Manager brings advanced analytics, application processing and decision flexibility to businesses, so they can make more precise, profitable decisions when starting a new credit relationship.
Resources
Five Strategies for Driving Always-on, Intelligent Deposit Pricing Decisions
Watch Now On-Demand WebinarsFacts Interfering with a Good Story: Why Fintechs aren’t your Biggest Problem
Watch Now On-Demand WebinarsStaying Current with Analytics Trends and Best Practices in Collections and Recovery Hot Topics Q&A
Download now Executive BriefFICO Delivers Competitive Edge for Large Regional Bank’s Business Credit Card Group
Download Now Case StudyWant to take your business to new heights?
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Large Regional Bank Streamlines Origination Process for Business Credit Card Customers
With the FICO Origination Solution for Financial Services, a leading regional bank was able to significantly improve the front-end experience and back-office efficiency of its business credit card origination process while laying the groundwork for a bank-wide system modernization initiative.