Fico Ships “Next Generation” Loan Composition Platform

This pandemic has forced many financial institutions around the world to rethink their business strategies to become more competitive in the digital-first economy.

According to a recent survey by leading applied intelligence company FICO, 31% of UK customers have expressed their willingness to open a digital account using an app or website. However, if asked to complete an excessive procedure, 8% will give up completely and 23% will go to the competitors. Also, only 15% of respondents said they would complete the process if they were asked to move out of the digital channel, for example by going to a branch office.

Creating a new account is an important decision that impacts 80% of the measurable risk throughout the account life cycle. Therefore, it is important to get Digital First correctly.

In response, FICO announced the FICO® Origination Solution with the FICO® Platform, the next generation of best-in-class loan origination solutions. The solution leverages the industry-leading FICO® platform and is delivered globally in the Amazon Web Services (AWS) cloud. It enables businesses to deliver an exceptionally personalized customer experience by automating a frictionless customer journey throughout the loan composition process.

With FICO’s origination solutions powered by the FICO® platform, financial services providers can expand their more profitable portfolios, manage customer-level risk, and make more accurate and value-based decisions in their origins. can do.

“FICO origination solutions with the FICO platform have proven to be the perfect solution for standardizing OTP workflows while maintaining country-specific rules and processes,” said the largest independent company. Gyorgy Kiss-Haypal, Group Chief Risk Officer of the OTP Group, one of the companies, said. Financial services providers in Central and Eastern Europe. “The FICO platform not only helps balance continent-wide standardization with national localization, but also improves cost efficiency while increasing control over risk management for new customers.”

By driving the FICO platform with an origination solution, organizations can benefit from:
• Fast, flexible, frictionless digital account opening: A fun and meaningful user experience has become the norm throughout the industry. Powered by the FICO® platform, the FICO® Origination Solution makes it easy for financial institutions to deliver these experiences wherever they are in the process of digital transformation.
• Configuration Templates with Efficient IPs Between Domains: These configurable templates are constrained by business users as they incorporate decades of key FICO origination IPs and best practices. Instead of waiting for IT staff, you can adopt existing end-to-end origination solutions that meet your needs. Develop solutions for them.
• Increased automation, autonomy, and access: Financial institutions can automate legacy systems and replace them with integrated, centralized, cloud-based solutions that work across products, regions, and business units to multiple technology vendors. You can reduce the dependency of.
• More accurate data-driven forecasts of what customers do: Enterprises use the right combination and ordering of data to facilitate insights and use analytics to make the best possible decisions for each customer. And the product can be mathematically identified.
• Easy access to more than 130 global data sources through FICO’s ever-growing data library: With increased access to data, financial institutions can make faster and better customer decisions across all business areas. I can do it.
• Promising and agile decision-making that can be easily scaled across multiple regions: Standardize and centralize a multi-regional legacy origination system to drive efficiency, transparency, and economies of scale. increase.
• Underlying features provide the foundation for the future. Companies can easily add customer-centric decision-making applications to other areas of their business, such as customer management and fraud prevention.

“Unlike point solutions, FICO origination solutions are delivered on a unified decision-making platform,” said Nikhil Behl, FICO CMO. “The additional benefits of deploying a solution to the FICO platform are significant: decision-making assets and platform capabilities throughout the customer’s lifecycle, from onboarding and origination to customer management, fraud, and collection optimization. Includes the ability to share. The FICO platform goes beyond a single use. Deep real-time 360-degree insights into all customer contact across all channels throughout the customer’s life cycle. By providing, it is a case of providing a true customer-centricity to the company. ”

Fico Ships “Next Generation” Loan Composition Platform

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