FICO and Client HSBC Named Finalists in 2024 Credit Awards

Credit Strategy, a leading financial services influencer in EMEA and host of the prestigious Credit Awards, has selected FICO, as well as FICO customer HSBC, as finalists in the 2024 awards competition.

For 25 years, the Credit Awards have been regarded as the leading awards program in EMEA for credit professionals. The awards recognize and celebrate innovation, best practice and the hard work of individuals, business divisions and pan-global conglomerates across the entire industry. The 2024 awards are comprised of 17 service provider categories and 14 creditor categories; entries are being judged by 18 leading figures in the EMEA credit industry.

FICO - Best Use of Technology Finalist (Vendor Awards)

FICO was named a finalist in the vendor category “Best Use of Technology,” for our FICO Platform. FICO Platform enables financial institutions to improve business results, create new credit revenue streams and minimize lending risks. It applies advanced decision models, AI, machine learning and analytics at all stages of the customer lifecycle – originations, onboarding, credit decisions, collections, etc. – to help banks make smarter, faster, more profitable decisions for every customer situation.

Recent client results include:

• Trust Bank, the first digital bank in Singapore, acquired 100,000 customers in its first 10 days and exceeded 450,000 in customers in five months, with more than 90% of customers onboarded straight through with no manual intervention.
• Banco Bradesco, a leading Brazilian bank, reports higher credit quality, customer satisfaction, and revenue growth. 60%+ of revenue pool is decided by FICO Platform, which has facilitated a 188% increase in automatic price decisions for auto loans.
• AKBANK, a major Turkish bank, achieved a 60% increase in approval limits, a 5% increase in credit card approvals, and a 129% increase in profit, while navigating complex regulation, keeping credit losses stable, and improving customer service by providing better lending access.

FICO took home the award for Best Technology Provider in the Data Analytics category in 2022.

HSBC UK – “Best Use of Technology” Finalist

HSBC UK was named a finalist in the category “Best Use of Technology” for credit providers. HSBC UK optimized its credit limit assignment strategy using advanced mathematical optimization tools from FICO. It can now target credit line increases more scientifically, swapping out customer accounts that don’t drive growth, and has identified new customer segments that can be swapped in to receive credit line increase offers. HSBC’s results for customers selected for a credit line increase, compared to the previous strategy, include:

• 15% uplift in monthly spend versus the previous champion strategy
• 2% improvement in active rate versus the previous champion strategy
• 6% increase in share of wallet versus the previous champion strategy

Despite increased card use, the proportion of customers entering financial difficulty has not increased, and if anything is below the previous levels.

As an experienced user of FICO Decision Optimizer’s precise mathematical technique, HSBC UK was well-prepared in 2023 when the UK Consumer Duty moved ‘Treating Customers Fairly’ to the higher standard of delivering ‘Good Customer Outcomes’. An independent panel of industry judges awarded HSBC UK a FICO Decisions Award for 2024 for this project.

We are honored to be selected as a finalist in the 2024 Credit Awards, and delighted to be joined by our client, HSBC UK. This validates not only the technological merits of FICO Platform, but the strong business outcomes our clients such as HSBC UK are producing.

Winners in the 2024 Credit Awards will be announced June 18 at Celtic Manor in Wales.

Learn How FICO Platform Can Power Your Digital Transformation

• Explore innovation with FICO Platform
• Watch the video “FICO® Platform: Applied Intelligence, when and where it matters”
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• Read the article from The Journal of Digital Banking, “How Financial Services Leaders Are Using Enterprise Intelligence to Optimize Efficiency Ratios”
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