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New Banking Solutions from FICO Focused on Reducing Complexity While Increasing Sophistication

April 19, 2018

New Banking Solutions from FICO Focused on Reducing Complexity While Increasing Sophistication

Risk & Compliance April 19, 2018

FICO WORLD 2018, MIAMI, Florida. — April 19, 2018

Highlights:

  • FICO released new versions of its industry-leading risk solutions: FICO® Origination Manager, FICO® Strategy Director and FICO® Debt Manager
  • FICO has expanded its use of Amazon Web Services (AWS) for risk solutions
  • More than 1,000 business leaders from 50+ countries are attending FICO World 2018 in Miami Beach

FICO today unveiled a host of new retail banking solutions that allow lenders to manage the credit lifecycle in a way that is smarter, faster and simpler. The innovations are designed to help support lenders with their digital transformations as retail banking continues to be shaped by the forces of mobile, cloud, analytics and big data.

More information: http://www.fico.com/en/origination/solution-for-financial-services

“We have seen remarkable changes in banking in the last two years as lenders accelerate their digital transformation and reinvent the customer experience,” said Tim VanTassel, vice president of FICO's credit lifecycle business line. “Lenders are engaged in an analytic arms race to find, delight and retain the right customers by determining and deploying differentiated offers and experiences.”

Originate Loans Using Optimized Deal Structures

Providing consumers with multiple options for the best-fitting terms in real time has been an industry goal for some time, and with its latest innovation FICO has made it a reality. FICO® Origination Manager now interacts seamlessly with Alternative Deal Structure (ADS) to evaluate thousands of alternative offers and present a set of differentiated options in seconds.

“FICO is the only vendor that is able to apply optimization technology to search in real time for deals that provide maximum customer desirability while abiding by current pricing and loan eligibility policies,” said VanTassel. “Last year we released ADS targeting auto finance but with this release we have become smarter about how to organize eligibility rules for even faster search outcomes, and we are now addressing mortgage lending as well. Supercharging originations so that each deal can be checked against thousands of options and loan products allows us to answer the simple consumer ask, make me an offer that makes me want to be a customer of yours, and make it now!”

Manage Customers with Greater Agility

FICO® Strategy Director, which delivers faster, easier decision authoring and management with plug-and-play industry configurations, builds on the proven decision process flow of FICO® TRIAD® Customer Manager and now offers the same business value with configuration for the Telecommunications industry. The Telco Service Management solution uses analytically driven decisions to help make relevant and profitable offers, reduce churn and improve device financing decisions. At the same time, new configurations for lenders bring the capabilities of TRIAD Customer Manager to Strategy Director and provide a simple migration to speed cloud adoption and time to value.

“FICO Strategy Director provides analytically powered decisions to maximize the consumer’s relationship with their service provider,” explained VanTassel. “Strategy Director helps to complete the credit lifecycle ecosystem by using the same data, decision logic and analytics to maintain the current customer view, which can of course then be fed into a new originations decision.”

Make Better Decisions Collecting Payments

FICO® Debt Manager FitAgent can now sift through massive real-time datasets from internal or external sources, such as dialers and other communication systems, using FICO® Decision Management Platform Streaming to rapidly generate powerful insights that assist with the collection and recovery process.

FICO has further improved the FitAgent user experience with new controls, views and insights around payments, customers, accounts and communication that put the customer at the center of a lender’s operations. To reduce the cost of deploying industry-leading analytics, Debt Manager also easily consumes optimization analytics from FICO’s suite of decision optimization capabilities.

“The improvements to our debt collection solution have been designed to reduce the number of places a collection agent needs to go to get the information they need,” said VanTassel. “It also helps agents know whether they’re doing the right thing in a given situation for the customer. This improves the cure rate and the likelihood of that person remaining a loyal customer.”

Improve Customer Communications with AI and the Cloud

FICO® Customer Communication Services (CCS), provides analytically driven, scalable, two-way, automated voice, text, email and mobile app notifications. This solution helps banks, telcos, government agencies and utilities around the world connect more effectively with their customers and resolve suspected fraud cases and overdue payments automatically. FICO has collaborated with AWS to bring Amazon’s AI-driven text–to-speech service to CCS.

“Using Amazon Polly we can now create and edit voice responses in seconds versus days,” said VanTassel. “We’re able to generate speech recordings for our IVR systems and voice notification products at speed, which is essential for our customers that are working in dynamic and highly regulated markets.”

FICO is also using Amazon Web Services to deliver CCS Voice.

“We make millions of contacts per day around the world and AWS allows us to scale with the high performance, security and reliability needed to match the growth of our business. In growing regions like Asia-Pacific, where we currently serve six countries, it has been the perfect match for customers who need speed, simplicity and scale,” said VanTassel.

FICO® World 2018 runs through April 19 in Miami Beach, Florida. More than 1,000 business leaders from 50+ countries are attending to explore new ideas, technologies and solutions in AI, advanced analytics and decision management.

About FICO
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. Learn more at http://www.fico.com.

Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/

For FICO news and media resources, visit www.fico.com/news.

FICO and Falcon are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

Media Contact:
Greg Jawski
Porter Novelli for FICO
+1 212-601-8248
greg.jawski@porternovelli.com
Investors/Analysts:
Steven Weber
FICO
+1 800-213-5542
investor@fico.com

Newsroom Contacts

Greg Jawski
Americas

greg.jawski@porternovelli.com
+1 212-601-8248

Darcy Sullivan
Europe, Middle East & Africa

dsullivan@fico.com
+44 (0) 209-940-8719

Saxon Shirley
Asia Pacific

saxonshirley@fico.com
+65 6422-7795

Marisa Arribas
Latin America

marisaarribas@fico.com
+1 786 482 7231

Camila Placa
Brasil

camilaplaca@fico.com
+55 11 5189-8258