FICO has won a prestigious award for a project completed for China Minsheng Bank that helped the lender to transform its credit card originations business.
The partnership was recognized last week by Asian Banker at its 2015 China International Banking Conference held in Beijing. The team won the “China 2015 Best Multi-Channel Management Project” award for its innovation.
The solution brings instant approval decisions to credit card applicants. Customers can initiate an application through multiple mobile Internet channels. The form is requested using a smartphone or tablet after interacting with a QR code, third-party app, sending a WeChat message, a short link or SMS.
Once the application form is finalized, the system will automatically complete the origination and underwriting process and inform the applicants of the loan decision. A physical credit card will then be made and mailed to the customer, which can be activated at a branch or kiosk for identity and usage intention validation.
The solution uses intelligent risk management models and FICO Blaze Advisor decision rules management system to enable tens of thousands of customers to apply using online and mobile channels.
The China Financial Certification Authority expects that mobile banking customers will account by around 24% of the total e-banking users in 2015, and 40% of them will buy financial products through their smartphones.
Minsheng Bank, with a portfolio of more than 20 million credit cards, is one of the 10 largest card issuers in APAC.
“This project has helped China Minsheng Bank to dramatically improve its customer experience and competitiveness in the market by granting approval decision instantly to customers," said John Chen, Managing Director, FICO China. "Intelligent originations via digital channels is a prominent, growing trend in China. We are proud to have developed a risk management approach for Minsheng Bank that delivers greater profits but keeps losses in check.”
China Minsheng Bank and FICO also received an Asian Banker Award in 2013.
Pictured below are presenters from Asian Banker along with FICO's Eric Li (second from left), and from China Minsheng Bank, Jack Jia – DGM of Data & Decision Science and Xiaolong Ni – DGM of IT. (third and fourth from left).