8 Success Tips for Debt Collection in the Pandemic

8 Success Tips for Debt Collection in the Pandemic

From identifying vulnerable customers to storing the right data, here are best practices for debt collection in the current pandemic

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Six Steps to Using Biometrics to Open & Manage Accounts Digitally

Six Steps to Using Biometrics to Open & Manage Accounts Digitally

Sarah Rutherford explores which steps need to be in place in order manage identity using biometrics

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Average U.S. FICO Score at 711, But Uncertainty Abounds

Average U.S. FICO Score at 711, But Uncertainty Abounds

It generally takes some time for the effects of a major macroeconomic event to start to show up in consumers’ credit reports.

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  • 4 Data Best Practices for a Timeless Digital Customer Experience 4 Data Best Practices for a Timeless Digital Customer Experience
    4 Data Best Practices for a Timeless Digital Customer Experience
    March 01, 2021
    Customer Development

    Many financial institutions are trying to create a “360 degree view” of their customer to determine the best experience for them. But organizations I work with find this “360 degree view” to be an abstract concept. Gathering customer data and using it in a meaningful way is seen as a complicated and resource-intensive problem to execute. I am on a personal quest to si…

    Amir Sikander by Amir Sikander
  • COVID-19 Checklist for Banks: Managing Vulnerable Customers COVID-19 Checklist for Banks: Managing Vulnerable Customers
    COVID-19 Checklist for Banks: Managing Vulnerable Customers
    February 25, 2021
    Debt Collection & Recovery

    Against a backdrop of uncertainty and financial instability, the importance of banks and the role they play at both a local and global economic level has never been higher. Retail consumers, small and medium enterprises, and commercial entities are looking to banks for increasing levels of support and assistance, especially as government-introduced stimulus programs s…

    Daniel Melo by Daniel Melo
  • Sports Scheduling Optimization - Where Play Meets Science Sports Scheduling Optimization - Where Play Meets Science
    Sports Scheduling Optimization - Where Play Meets Science
    February 24, 2021
    Decision Management

    Ligalytics is joining the roster of firms that use the FICO® Xpress Optimization Suite to solve complex sports league scheduling challenges in record time. Based in Germany, Ligalytics provides custom sports scheduling optimization solutions for several major national and international sports leagues, including such top European sports leagues as: Deutscher F…

    FICO by FICO
  • Coronavirus and the Golden Age of AI - Will Lansing Q&A Coronavirus and the Golden Age of AI - Will Lansing Q&A
    Coronavirus and the Golden Age of AI - Will Lansing Q&A
    February 22, 2021
    Decision Management

    The impact of the coronavirus on AI adoption may be one of the beneficial side effects of the pandemic. This "golden age of AI" is one of the topics explored by the German business magazine GI Geldinstitute in its interview with Will Lansing, FICO's CEO. For the benefit of English speakers, I am sharing a translation of an excerpt, in which Will discusses the rise of…

    Nikhil Behl by Nikhil Behl
  • How to Avoid the 5 Most Common Pitfalls when Using the FICO Resilience Index How to Avoid the 5 Most Common Pitfalls when Using the FICO Resilience Index
    How to Avoid the 5 Most Common Pitfalls when Using the FICO Resilience Index
    February 18, 2021
    Scoring Solutions

    The FICO® Resilience Index is a new analytic designed to rank-order consumers according to their resilience to a downturn in the economy. It is built to reveal “latent” credit risk that manifests during periods of economic stress by providing additional rank-ordering of credit risk within narrow FICO® Score ranges. As the FICO® Resilience Index is a powerful a…

    David Binder by David Binder
  • COVID-19 Banking Checklist: 5 Risk Recommendations COVID-19 Banking Checklist: 5 Risk Recommendations
    COVID-19 Banking Checklist: 5 Risk Recommendations
    February 18, 2021
    Customer Development

    Against a backdrop of uncertainty and financial instability, the importance of banks and the role they play at both a local and global economic level has never been higher. Retail consumers, small and medium enterprises, and commercial entities are looking to banks for increasing levels of support and assistance, especially as government-introduced stimulus programs…

    Daniel Melo by Daniel Melo
  • How to Successfully Implement your New Collections System, Part 2 How to Successfully Implement your New Collections System, Part 2
    How to Successfully Implement your New Collections System, Part 2
    February 17, 2021
    Debt Collection & Recovery

    In part one of this series, I talked about selecting and empowering the right team to implement your new collections system.  This week I will describe how FICO’s hybrid agile implementation methodology allows our clients to implement our technology quickly, and with low risk help our clients achieve success. Benefits of an Agile Methodology Utilizing FICO’…

    Ted London by Ted London
  • What is the Electronic Consent Based Verification Service (eCBSV)?  What is the Electronic Consent Based Verification Service (eCBSV)? 
    What is the Electronic Consent Based Verification Service (eCBSV)? 
    February 16, 2021
    Fraud Protection & Compliance

    In June 2020, the US Social Security Administration (SSA) launched their electronic consent-based verification service (eCBSV). The eCBSV is an electronic service that offers registered members, such as banks, the ability to confirm the social security number of their customers, with the customers consent. Why is the eCBSV needed? The USA has been suffering from…

    Liz Lasher by Liz Lasher
  • Debt Collection in the Pandemic: UK Lenders Face Big Challenges Debt Collection in the Pandemic: UK Lenders Face Big Challenges
    Debt Collection in the Pandemic: UK Lenders Face Big Challenges
    February 16, 2021
    Debt Collection & Recovery

    The UK’s Financial Conduct Authority (FCA) has handed out a £26m fine following poor treatment of more than 1.5 million struggling borrowers. It marks the highest fine issued to a lender for what it deemed a breach of consumer credit rules, since a £64m fine last year for lack of support for financially struggling mortgage customers. The new penalty related to…

    Bruce Curry by Bruce Curry
  • Eurobank Detects Money Laundering In Real Time Eurobank Detects Money Laundering In Real Time
    Eurobank Detects Money Laundering In Real Time
    February 15, 2021
    Fraud Protection & Compliance

    All Digital Transactions Monitored For High-risk Behaviour Eurobank, one of the four Greek systemic banks, now performs real-time AML (anti-money laundering) and KYC (Know Your Customer) checks, with automation across digital and remote channels resulting in substantial efficiency improvements.  Eurobank has managed to meet the new regulatory requirements f…

    Nikhil Behl by Nikhil Behl
  • Open Banking: Are You Ready to Become a Banking Ecosystem? Open Banking: Are You Ready to Become a Banking Ecosystem?
    Open Banking: Are You Ready to Become a Banking Ecosystem?
    February 15, 2021
    Decision Management

    Within the past 20 years, we’ve witnessed a quantum leap in the evolution of business models - from being product-based to platform-based. With the rise of Open Banking, this trend is now hitting financial services. Are you ready to become a banking ecosystem? Retail typifies the move to platform, most notably by global online giant Amazon, which started out sellin…

    Zeynep Salman by Zeynep Salman
  • Trusted AI: The Challenge of Monotonicity and Palatability Trusted AI: The Challenge of Monotonicity and Palatability
    Trusted AI: The Challenge of Monotonicity and Palatability
    February 11, 2021
    Decision Management

    No matter how much I evangelize critical strategic issues like AI governance, I am always an analytic scientist at heart. In this post I’ll share key machine learning (ML) techniques we’ve developed at FICO to ensure monotonicity in neural networks. Monotonicity is essential to build trust in decision models used in regulated industries such as lending. Here’s the…

    Scott Zoldi by Scott Zoldi
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