LONDON—October 19, 2010—FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that its business rules technology is powering retail decisions at Metro Bank. Metro Bank, the first full-service bank in more than 100 years, opened its first “stores” on July 29.
With a brand based on a retail model, Metro Bank offers customers greater convenience, including stores open seven days a week and bank cards issued on the spot. At the heart of its decisions is the industry-leading FICO™ Blaze Advisor® business rules management system, which offers unparalleled flexibility and reliability. FICO Blaze Advisor is part of Metro Bank’s originations system for personal loans, debit and credit cards and mortgages.
Using FICO’s technology, Metro Bank can ensure that every originations decision is based on consistent criteria. With FICO Blaze Advisor, Metro Bank’s risk and marketing teams will be able to change originations decision logic easily and rapidly. The system links to credit reporting agencies, anti-terrorist lists and other third-party data sources, and can also deploy multiple predictive models to assess customer risk, make product and pricing assignments, and stop fraudsters from getting Metro Bank accounts.
“We are changing the relationship people have with their bank, and the ability to make instant decisions is a part of the process,” said Craig Donaldson, CEO for Metro Bank. “We chose FICO as our partner and FICO Blaze Advisor as our platform because it gives us the speed and risk controls we require to open accounts and issue cards faster than other banks. We had an aggressive launch schedule, and FICO met all their commitments.”
“Metro Bank is an innovator in European banking,” said Mike Gordon, Vice President for Europe, Middle East and Africa at FICO. “Their need for a fast, flexible decision management system perfectly matches the direction we have set for our technology. We look forward to working with them to create a powerful end-to-end customer management system.”
FICO (NYSE:FICO) transforms business by making every decision count. FICO’s Decision Management solutions combine trusted advice, world-class analytics and innovative applications to give organizations the power to automate, improve and connect decisions across their business. Clients in 80 countries work with FICO to increase customer loyalty and profitability, cut fraud losses, manage credit risk, meet regulatory and competitive demands, and rapidly build market share. FICO also helps millions of individuals manage their credit health through the www.myFICO.com website.
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About Metro Bank
Metro Bank was co-founded by Vernon Hill and Anthony Thomson. It is based on the successful Commerce Bank model that was established by Vernon Hill in the US in 1973. A UK management team worked with Vernon Hill to help bring this model to the UK market.
Metro Bank operates retail hours, not banking hours. It will be open seven days a week (8am- 8pm Monday to Friday, 8am - 6pm Saturday, 11am - 4pm Sunday and bank holidays), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year’s Day.
Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. ‘Metrobank’ is the registered trade mark of Metro Bank PLC.
Metro Bank PLC is authorised and regulated by the Financial Services Authority (FSA) in relation to acceptance of deposits and provision of investment and insurance services. In relation to consumer credit business, Metro Bank PLC is licensed and regulated by the Office of Fair Trading and not by the FSA. Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk.
All Metro Bank products are subject to status and approval.
Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.
Metro Bank is led by a talented team of UK Executives:
- Craig Donaldson, Chief Executive Officer, formerly Managing Director of Retail Banking at Royal Bank of Scotland
- Paul Marriott-Clarke, Managing Director, Retail Banking, formerly Managing Director, Network South, Retail, HBOS
- Darren Schindler, Managing Director, Commercial Banking, formerly CEO, Oak Capital Group
- Aisling Kane, Chief Operations Officer, formerly Director of UK Operations at Anglo Irish Bank
- Mike Brierley, Chief Financial Officer, formerly Director, Business Risk at Barclaycard
- Mike Hudson, Chief Risk Officer, formerly Group Head of Risk at Hitachi Capital
Its non-executive directors are:
- Stuart Bernau, former Retail Director, Nationwide Building Society
- Keith Carby, Co-founder, J Rothschild Assurance
- Howard Flight, Founder, Guinness Flight Asset Management
- Ben Gunn, former Chief Executive of Friends Provident Life & Pensions
- Vernon Hill, Founder of Commerce Bank
- Eugene Lockhart, former CEO of Midland Bank and MasterCard International and former President, Global Retail Banking at Bank of America
- Anthony Thomson, Chairman, Financial Services Forum
Take the next step
Connect with FICO for answers to all your product and solution questions. Interested in becoming a business partner? Contact us to learn more. We look forward to hearing from you.