Risk & Compliance Digitizing Credit Originations at SunTrust

Digitizing Credit Originations
Sep042018

Earlier this year at FICO World 2018, we held a session with SunTrust about how they rebuilt their origination process to become truly customer-centric. SunTrust set about digitizing credit originations to implement an origination system that offered the path of least resistance for customers, and in the process also rebuilt its existing business processes. SunTrust wanted to deliver a significantly simpler and more engaging experience for their customers. The result has been an origination process, infused with automation and self-service communication capabilities, that has enabled the bank to wildly outperform their most optimistic ROI projections. Check out this short video where Angela Baker, senior vice president, business lending & payment solutions group product manager at SunTrust explains why optimization was a priority for the online retailer. Digitizing Credit Originations To Meet Customer Expectations – Transcript:  Angela Baker, senior vice president, SunTrust  What was the challenge facing SunTrust? Sun Trust is located in Atlanta Georgia.... [Read More]

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Collections & Recovery Collection Optimization At Shop Direct = Loyal Customers (video)

Collection Optimization Helps Keep Loyal Customers
Sep032018

Earlier this year at FICO World 2018,  we held a session with Shop Direct (as one of our FICO Decision Award Winners) on their journey with collections optimization. As an online retailer, Shop Direct decided to go beyond rules and scoring in improving debt collection and rehabilitation. They wanted to “take it to the next level” increasing collections while reducing expenditures. They turned to sophisticated but easy-to-use decision optimization to supercharge champion/challenger testing, and empower business users to apply statistical science to balance multiple constraints and ultimately boost results. Check out this short video where Mark Harrison-North, Head of Risk Strategy, Shop Direct explains why collection optimization was a priority for the online retailer. Collection Optimization Helps Keep Loyal Customers – Transcript:  Mark Harrison-North, Head of Risk Strategy, Shop Direct What makes Shop Direct unique? Shop Direct’s USP is it’s an online department store, the second largest online pure-play retailer in the UK.... [Read More]

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Analytics & Optimization Why Optimize Mortgage Loans? (Video)

How to Optimize Mortgage Loans
Aug292018

Earlier this year at FICO World 2018,  we held a session on the growing application of pricing optimization to mortgage loan books. We invited one of our clients, National Australia Bank to speak about its journey using this type of advanced analytics. Check out this short video where presenter Josh Brougham, Head of Pricing for Mortgages at  National Australia Bank, explains why pricing optimization was a priority for the bank. Why Optimize Mortgage Loans? – Transcript:  How has optimized pricing put NAB at the top of the lending game? It has really freed up smart people to do what they do best, which is to design strategies for certain customer groups to allow us to win market share. It has removed the distraction of using ad-hoc pieces of analysis using very disparate data sets and giving them a really sophisticated toolset to enable them to deliver business value. Why was pricing optimization... [Read More]

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Fraud & Security Scoring Cyber Risk: The FICO® Enterprise Security Score

Scoring Cyber Risk
Aug282018

Welcome to the final blog in the series recapping Cyber Risk, Cyber Ratings and Cyber Risk Transfer at FICO World 2018, and my conversation with the session’s three panellists: Josh Ladeau, CISSP, Global Head of Cyber, Aspen Insurance Sasha Romanosky, Policy Researcher, RAND Corporation Dr. Mingyan Liu, Professor and Incoming Chair of Electrical Engineering & Computer Science, University of Michigan and founder of QuadMetrics In my last blog, we left off with Mingyan saying: “When we built the (cyber risk scoring) technology (that would become the FICO® Enterprise Security Score), the industry-standard practice was to send security questionnaires for prospective customers to fill out… Even though underwriters knew they needed something more modern, they weren’t ready to let go of their existing practices… When we showed how our cybersecurity ratings are tied to predicting data breaches, some underwriters said, ‘This approach is enough, and all we need,’ and others said, ‘What will... [Read More]

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Risk & Compliance Fintech Policy in the US – Things Are Heating Up

fintech policy in the US
Aug272018

It’s August and it’s hot in Washington DC.  Yet in the nation’s capital, fintech policy may actually be hotter than the temperatures outside.  Much of the latest buzz has come from the recently released Treasury report which focuses largely on the Trump administration’s outlook for financial innovation. This document is the fourth in a series of reports in response to Executive Order 13772 that details the President’s core principles for financial regulation. The 222 page report contains more than 80 recommendations. The issues that grabbed the headlines included recommendations urging the OCC to move forward with a special purpose bank charter for fintechs (it must have worked  since the OCC made a major announcement just a few hours after the report was released), encouraging U.S. regulators to develop a system similar to a regulatory sandbox, establishing a national data security and breach notification standard and calling for the rescission of... [Read More]

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Fraud & Security Cyber Risk Measurement: How to Measure a Moving Target

Cyber Risk Measurement
Aug222018

As I recently blogged, “Clearly, there’s a big disconnect between what companies perceive to be their strengths and the reality on the ground.” Now it’s time to move on to the reality of evolving cyber threats, and the important role of risk-scoring technology in cyber risk measurement. Again, I’ll draw on the session Cyber Risk, Cyber Ratings and Cyber Risk Transfer at the recent FICO World 2018 conference, and the conversation with my three panellists: Josh Ladeau, CISSP, Global Head of Cyber, Aspen Insurance Sasha Romanosky, Policy Researcher, RAND Corporation Mingyan Liu, Professor and Incoming Chair of Electrical Engineering & Computer Science, University of Michigan and founder of QuadMetrics. Cyber Risk Measurement: Cyber threats are multiplying Not surprisingly, the panellists’ perspectives on cyber risk growth were reflective of their professions. Josh said, “It’s about the interruption of business and systems being down; hackers aren’t the only source of cyber risk. Business outages... [Read More]

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