LONDON—March 15, 2011—FICO (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that Nedbank in South Africa has purchased FICO™ Model Builder 7.1 for its analytic teams. Nedbank — part of Nedbank Group, South Africa's fourth-largest banking group — will use FICO™ Model Builder across its retail business to develop predictive models, including models needed for complying with Basel regulations.
In addition, with FICO™ Model Builder, Nedbank can set up bespoke model development flows for different business units and subsidiaries. Model Builder provides the transparency and documentation needed for compliance and communication with South African regulators.
"We seek to be 'World Class at Managing Risk,' and the scorecard development process was an area where we identified the need for investment," said John Linfield, Head of the Retail Credit Lab for Nedbank. "We conducted an extensive evaluation process of tools available in the market to meet the requirements of our developers and to facilitate and simplify the audit and governance process for the Basel II models. We are confident that with FICO Model Builder we have an unmatched combination of modeling power and ease of use that will provide the best modeling tool available for a sophisticated analytics team like ours, while simplifying the audit and validation process."
Nedbank has worked extensively with PIC Solutions, FICO's partner in South Africa, which uses FICO™ Model Builder to develop scorecards. As part of the current agreement, FICO will also supply training to Nedbank, sharing FICO's own techniques for developing powerful models using the software.
"We have made FICO Model Builder 7.1 a dynamic, interactive and user-friendly system, so that modeling teams like Nedbank's can accelerate model development and deployment," said Mike Gordon, FICO vice president and managing director for Europe, the Middle East and Africa. "We're not just supplying Nedbank with the best modeling tool ever created for scorecard development, we're focused on increasing the bank's analytic capabilities by giving them access to our practices and analytic experts."
FICO™ Model Builder 7.1 combines industry breakthroughs in scorecard development functionality with a highly visual interface and 64-bit certification to solve very large modeling problems. Model Builder can reduce model deployment costs by as much as 75%, while shortening time-to-value and improving model ROI.
FICO™ Model Builder is one of FICO's Decision Management tools, which also include FICO™ Blaze Advisor® business rules management system and FICO™ Xpress Optimization Suite. FICO Model Builder is also the tool used by FICO analysts to build industry-leading scores and applications, including the FICO® Score and the models in FICO® TRIAD® Customer Manager.
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.
About PIC Solutions
PIC Solutions is the leading specialist credit risk solutions company in the EMEA region. With offices in Cape Town, Dubai, and Johannesburg, we deliver integrated analytics, consulting and software solutions to over 150 companies in 30+ countries. We work worldwide with organisations to raise their performance, drive their strategies and enhance their profitability. Analytics | Consulting | Software. Cape Town | Dubai | Johannesburg. www.PICSolutions.com
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, 2010. 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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