LONDON — July 12, 2012 — FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that Boubyan Bank will use FICO® Debt Manager™ solution to manage collections for its growing credit portfolios in the region. Based in Kuwait City, Boubyan Bank will use the FICO solution to prioritize overdue accounts and select the most appropriate treatments for each, across the bank’s credit card and personal loan portfolios.
As a leading Islamic lender, the bank will use FICO Debt Manager solution in accordance with Islamic Shari’ah principles. Earlier this year, the news site Arabian Business named Boubyan Bank the Best Islamic Bank in Kuwait for the third year in a row.
“We have the fastest growth rate of any Kuwait bank, and as we continue to expand this will put additional pressure on our collections team,” said Abdulla Al Najran Al Tuwaijri, Boubyan’s general manager for Consumer Banking. “Deploying FICO Debt Manager will help us deal with greater volumes of overdue accounts while minimizing the need for additional staff. This solution can scale with our business, and ensure we preserve customer relations even while seeking payment for overdue debt.”
“Boubyan Bank has distinguished itself as a forward-thinking bank, with initiatives including the Boubyan Mobile Banking Service,” said Robin Findlay, who oversees FICO’s operations in the Middle East and Africa. “The bank clearly sees the link between collections, bank profitability and customer service, and FICO Debt Manager will enable them to pursue all three goals.”
FICO® Debt Manager™ solution helps lenders manage collections actions for all stages of the collections and recovery lifecycle. FICO Debt Manager solution is a scalable, powerful, and readily upgradeable system that continually adapts to a lender’s business needs and regulatory requirements.
FICO (NYSE:FICO), formerly known as Fair Isaac, delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the industry-leading solutions for measuring credit risk, managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO: Make every decision count™.
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Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company’s Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO’s SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2011 and its last quarterly report on Form 10-Q for the period ended March 31, 2012. If any of these risks or uncertainties materializes, FICO’s results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
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