Latin American Fintech Kuiki Speeds Credit Granting with FICO Analytics
- Kuiki is using FICO credit risk models to improve risk assessment while making instant credit decisions
- Kuiki is a fintech operating in Costa Rica and Nicaragua that offers lines of credit through mobile devices to customers, and has a wide range of affiliate retailers, travel firms, health providers and more
- FICO is the world’s leading provider of credit risk management analytics
MIAMI, FL — March 19, 2018 — Analytic software firm FICO today announced that Kuiki, a fintech company that offers consumers in Costa Rica and Nicaragua lines of credit through mobile devices, is using FICO credit risk models to provide immediate, accurate and safe risk analysis of its clients, ensuring an improved process for credit decisions.
More information: http://www.fico.com/en/latest-thinking/product-sheet/consumer-application-risk-models-arm-30
Kuiki manages to promote financial inclusion as a pioneer in the region, offering lines of credit via cellphone and helping its clients to acquire those goods and services through its affiliated businesses network. Kuiki´s network of affiliates includes tourism and travel agencies, clinics, hospitals, sports and department stores, as well as multiple types of retailers, vehicles and accessories distributors, among others.
The challenge faced by Kuiki was how to manage its credit risk while increasing and streamlining its credit approvals among all segments of the population.
“After evaluating several options, we chose FICO because of its experience and its role as a pioneer in developing credit risk models,” said Ernesto Leal, founder and CEO of Kuiki. “FICO provided us with the most expert advisors for our project, had the most experience in predictive analytics, and provided the easiest integration with the cloud-based Credit Force platform.”
FICO’s credit risk models help Kuiki make accurate, reliable and quick decisions regarding credit risk throughout the customer life cycle. The models rank-order consumers based on the probability of them paying their credit obligations on time.
“We are a fintech with three and a half years in the Central American market, and we offer a unique model in the region,” said Leal. “Our solution is based on innovation, and through our partnership with FICO, we have been able to integrate our own tools and models with the solutions of the world leader in credit risk analytics. Through this partnership, Kuiki will continue consolidating our market position — to date, we have grown by more than 30 percent per year because of our ability to better understand our customers’ preferences and therefore make better decisions.”
René Chacón, regional risk manager at Kuiki, added: “Kuiki’s virtual financing business model is granted through mobile devices, which is why it is of fundamental importance that the flow of financial information, debt levels and payment capabilities of our clients is quick, flexible and simple. FICO is a professional and competitive team that knows the markets in the countries where we operate and helps us overcome the challenges we face, through a solution that is fully tailor-made and customized for Kuiki.”
“Kuiki offers a new, fast and trouble-free way for the consumer to get credit,” said Alexandre Graff, general manager for FICO in Latin America. “Our instant credit risk analysis is perfect for their business model, and can help them expand their business.”
Kuiki is a fintech company dedicated to providing financial services using innovative technologies to offer the best service to our customers and affiliated merchants, achieving pioneering and disruptive products in the financial industry. We create comfortable, convenient and modern options for our clients and affiliates. We leverage technological innovation to ensure everything we do is efficient and quick. http://kuikicredit.com/
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
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