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

Origination Maturity Assessment

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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. 

Customers

Products

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

FICO® Decision Optimizer

FICO® Origination 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.

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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.