April is National Financial Literacy Month. Understanding credit is an important part of financial literacy, but how well do consumers understand the FICO® Score – what factors make up the Score and how they’re used by lenders? myFICO recently conducted a FICO Score-related quiz with myFICO members as well as a random group of people to see how well individuals know about credit, credit scoring, and lending practices. Does regular consumer access to FICO Scores influence financial knowledge? While participants from both groups answered many questions correctly, the myFICO responders had a higher average score (80%) for correct answers compared to an average score of 60% with the random group. But about 40% of both groups missed the question on what information in a credit report typically has the greatest impact on a FICO®Score To learn more about the results of the survey, check out Tom Quinn’s blog at https://blog.myfico.com/quiz-results-understanding-of-fico-scores.
Chartis Research has named FICO a category leader in the AI in Financial Services, 2019; Market and Vendor Landscape. FICO was named a category leader in both AI analytics and packaged AI applications.
Data is being used to improve all aspects of a consumer’s life in our increasingly digital world. eCommerce companies use data for a number of purposes, such as to personalize the experience of users across mobile apps and the web, suggest purchases and make it easier to find high-intent products. Retail stores use location data to drive consumers to local stores and restaurants and is even used in the store to better design its layout and available inventory. With the emergence of consumer-permissioned data in the financial services ecosystem we are beginning to see similar impact. Consumers’ ability to access and control their financial data is providing them with greater utility and benefit than ever before. Along with this comes expectations of better experiences, on-demand access and deeper insights. The good news is that consumer-permissioned data is providing the industry a platform for further innovation. Even now, at the tap of... [Read More]
FICO will be attending LendIt Fintech USA 2019 April 8-9 to discuss new analytics innovations regarding financial inclusion, consumer permissioned data and UltraFICO Score.
FICO celebrated International Women's Day on March 8 with an inspirational talk from Sally Relova, senior vice president of Credit Risk at Wells Fargo.
“Our challenge was to adapt available technologies to managing demand planning processes for a diagnostic medicine business,” said Eduardo Bianchetti, Grupo Fleury.
Santander Bank Polska has achieved a 160 percent uplift in automated collections since using FICO® Customer Communication Services to execute multi-channel customer communications.
“Marta epitomises everything that the DataIQ 100 list is about — a smart, data-literate, committed, international practitioner who is putting her skills to work for the benefits of clients and their customers."
