FICO (FICO), the leading provider of predictive analytics and decision management technology, today announced that HarborOne Credit Union is implementing the FICO® LiquidCredit® service, a cloud-based scoring solution that speeds consumer and small business lending decisions.
The FICO solution will enable HarborOne to approve small business loan applications in hours, not days, and help improve customer satisfaction and attract more small business customers.
HarborOne is using the FICO LiquidCredit platform with the FICO® Small Business Scoring Service℠ (SBSS℠) solution, which includes predictive models built specifically to assess small business credit risk. With this solution, HarborOne can offer faster decisions to small business applicants through process automation and instant risk assessment throughout their branches in New England. According to the U.S. Small Business Administration, small businesses represent 99.7 percent of employer firms, employ half of the private sector, and generated 65 percent of net new jobs over the past 17 years.
"Making the effort to know our customers, combined with our commitment to outstanding service, enables us to offer local businesses an excellent alternative to the bigger, less personal banks," said James Hanlon, vice president and commercial risk officer at HarborOne Credit Union. "We selected FICO LiquidCredit and SBSS because we wanted flexible and powerful tools for implementing new lending strategies that help us meet the changing needs of small businesses. The FICO solution will enable us to get more credit flowing quickly to the local businesses we serve."
"Demand for credit from small businesses is intense, and small business lenders must respond in real-time with offers closely tailored to the applicant's needs in order to compete and grow," said Bill Waid, general manager, Americas at FICO. "Using FICO LiquidCredit, HarborOne Credit Union joins the hundreds of banks nationwide that are pursuing a profitable growth strategy by adapting quickly to changing market conditions and making more competitive offers to small business borrowers."
The FICO® LiquidCredit® service -- a cloud-based automated origination platform -- is used by hundreds of lenders to accurately ly decision and price credit offers. Combined with SBSS℠ it gives lenders greater flexibility when lending to small businesses by drawing on multiple data sources and more than 100 combinations of consumer and business models and alternative model suites.