FICO World Conference, New York — November 2, 2011 — In his keynote address today at FICO World, the leading international conference on analytic strategies for financial services, FICO CEO Mark Greene declared that the global economic recovery will require banks to rebuild healthy relationships with consumers.
“This is a consumer-led recession, and it will need a consumer-led recovery,” said Greene, speaking to a sold-out audience of 700 bankers from 42 countries. “We can’t just turn consumer confidence and consumer spending on without some fundamental changes taking place. And the relationship between banks and consumers is a critical piece of this recovery.”
Greene echoed the conference’s theme of “Game Changers” and said banks need game-changing new ways of understanding their customers in order to restore trust and build growth. He cited as examples new analytics that can determine a consumer’s credit capacity, their credit risk in a future economic cycle, and their likelihood of strategically defaulting on their mortgage.
“Rebuilding the relationship with consumers has to start with understanding,” continued Greene. “It has to start with knowing enough about your customer to make them an offer they can’t refuse, at a price they can afford, with service they can’t get anywhere else. By rebuilding the relationship with consumers, we will rebuild their prosperity and be on the path to economic recovery.”
After Greene spoke, renowned investment analyst Meredith Whitney also offered her perspectives on the most pressing challenges to the U.S. economy and the impact of those challenges on banks.
FICO World 2011, the company’s 34th corporate conference, is under way at the Sheraton Hotel and Towers in New York City and will continue through Friday, November 4. Sponsors include First American Core Logic, CPqD, Bull, Equifax, The Five Star Institute, NIIT Technologies, Adeptra, Mattersight, FIS and TSYS. For conference news and updates, visit www.ficoworld.com.
FICO (NYSE:FICO) 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 FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for 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 also helps millions of individuals manage their personal credit health through www.myFICO.com.
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