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November 14, 2013
FICO® Origination Manager 4.5 propels smart lending growth through faster implementation
SAN JOSE, Calif.— November 14, 2013 — FICO (NYSE:FICO), a leading predictive analytics and decision management software company, today announced the availability of FICO® Origination Manager 4.5, an analytic solution that streamlines the lending process from application through decision. FICO Origination Manager addresses the challenges of tighter credit and regulatory environments by allowing organizations to be nimble and responsive to market forces and new compliance requirements.
“FICO invented the credit originations software category, and we continue to introduce innovations in this fast-moving credit market,” said David Lightfoot, vice president of product management at FICO. “Banks, online lenders, auto lenders and the leasing divisions of equipment manufacturers need to respond quickly to dynamic changes in both consumer and small business lending to find elusive pockets of profitability. To support their success in an environment of tight credit and tighter regulation, we have built our most powerful solution for assessing customer risk and improving returns, with built-in flexibility for future expansion and innovation, available on-premise and now in the cloud.”
The most significant advancement in Origination Manager 4.5 is the new Application Processing Module for workflow management, which can make lending officers and underwriters more productive in initiating, managing and reviewing applications. Additionally, with the introduction of FICO® Application Studio (a rapid application development platform), customizations including user interface and workflow changes can be made quickly and easily, with less reliance on IT. FICO estimates that clients will see a 50 percent faster time to value implementing Origination Manager 4.5 with these new capabilities.
“Efficiency and cost-cutting are a key focus for us in today's competitive retail banking environment," said Iulia Oancea, head of Product Management at Volksbank Romania. "We were looking for a way to grow profitability in a sustainable manner and FICO's Origination Manager 4.5 impressed us with its ability to help us grow margins through targeted lending offers while managing risk. Its intuitive interface and application studio means that we can adapt faster to the requirements of our customers.”
CEB TowerGroup senior research director Craig Focardi said, “Sophisticated consumer loan origination systems continue to provide major competitive advantages to global lenders and most organizations are increasing investment in the technology. Lenders need advanced statistical modeling techniques and an analytical approach to credit decision making and risk management.
“For example, firms need solutions that can optimize goals such as risk, profitability, or customer retention through multi-scenario analyses of past and current data. When coupled with workflow management, lenders can respond even faster to regulatory constraints, increased competition and customer preferences.” Origination Manager 4.5 is complemented by a full suite of other FICO products: FICO® LiquidCredit® service adds web-based instant credit decisioning capabilities; FICO® Application Fraud Manager fights application fraud using sophisticated link analysis; and FICO® Customer Communication Services engages customers through the channel of their choice – mobile applications, voice, SMS, or email – at the point of application to streamline originations. More than 500 of the world’s leading banks, financial institutions, equipment manufacturers and retailers use FICO originations solutions. These organizations often see 50 to 100 percent increases in application volume capacity, a 25 to 50 percent reduction in manual reviews and 15 to 25 percent reduction in delinquencies and bad debt.
FICO (NYSE: FICO), formerly known as Fair Isaac, is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption — such as the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO, LiquidCredit and “Make every decision count” are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.
About Volksbank Romania
Founded in 2000, Volksbank is a financial institution of Austrian origin, which serves over 150 thousand customers as one of the most important ten banks in the local market, with 4.4 billion euros of total assets. The bank has 130 sales outlets, covering the most important areas of the country. As a universal bank, Volksbank offers a full range of products and services for all categories of clients: private individuals, small and medium sized companies and large corporations. Volksbank aims to deliver its financial products and services in the way its customers want them delivered: with exemplary service, convenience and at competitive prices. Learn more at www.volksbank.ro
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