Fico (NYSE:FICO), the leading provider of analytics and decision management technology, today announced that CreditBank S.A.L., one of the top lenders in Lebanon, is using Fico originations solutions to accelerate growth while controlling risk.
Early results from the implementation include a 50% reduction in manual underwriting.
In early 2011, the bank purchased FICO Capstone Decision Accelerator software for originations, along with custom predictive analytics for its auto loans, personal loans and credit cards lines of business. CreditBank S.A.L. is also using FICO business consulting. The bank chose FICO after a thorough vendor evaluation process, and worked on the sale with FICO and Cadmus International, a FICO sales agent in the Middle East.
"We wanted to introduce reliable risk management tools, backed up by international expertise and solid consultancy and advisory services," said Hanadi Saad, head of retail operations at CreditBank S.A.L. "We needed an intelligent and time-tested decision engine so we could capture all of our underwriting strategies and workflow architectures to create fast, accurate and cohesive decisions based on industry best practice. FICO brought us the best tools, analytics and consulting."
The bank will use the FICO solutions to make more consistent decisions across its lending portfolio by replacing underwriter judgment with automated decisions based on the bank's policies and risk appetite, enabling CreditBank S.A.L. to grow its portfolios with confidence. At the same time, FICO Capstone Decision Accelerator gives the bank's business and risk managers greater ability to quickly make changes to decision logic using a browser-based GUI, and test its decision strategies for each product.
"The retail banking market in Lebanon is very competitive, with more than 50 commercial banks serving 4.2 million people," said Elie Khoury, deputy general manager for retail operations at CreditBank S.A.L. "Part of our strategy to win in this market is to make the best possible credit offer to every applicant across our 17 retail branches, using FICO's analytics and software. FICO is the pioneer in credit scoring, and their experience over the last 50 years made them the ideal partner for us."
"We see tremendous growth opportunities for Middle Eastern banks to expand using credit scoring, lending software and best practices," said Mike Gordon, FICO vice president and managing director of Europe, the Middle East and Africa. "CreditBank have distinguished themselves as a leader of the new breed of lenders in this region."
"Banks in the region have embraced the analytics and technology upsurge, and I am thrilled that CreditBank can now take advantage of best-in-breed solutions to efficiently grow their business," said Daniel Dib, managing director of Cadmus International.