Fair Isaac Corporation (NYSE:FIC), the leading provider of analytics and decision technology, today announced that U.S. Bank has selected Fair Isaac's Strategy Science as a tool to further augment its risk management practices while enhancing both customer service and revenue.
Strategy Science for Credit Line Management is the first technology tool that provides financial institutions with the best possible credit line strategies, customized to their unique business goals and constraints. By expanding the use of advanced analytics beyond predictions to actual decisions, Strategy Science helps banks improve business performance by managing customer credit lines and overall profitability faster, more effectively and efficiently than traditional strategy development methods.
Under the agreement with U.S. Bank, Fair Isaac is developing a decision model for credit line management that leverages the bank's current investments in data and analytics. The solution will help risk managers create optimal line management strategies and simulate the business impact of various scenarios before making any changes to the bank's existing decision strategies.
"After we completed our analysis, it became evident that Fair Isaac's Strategy Science offers the best risk-reward approach for our portfolio," said Bill Mengershausen, senior vice president and manager of Risk Reward Management at U.S. Bank. "It gives us a good opportunity to apply highly sophisticated analytics to our existing portfolio and develop alternatives to our present approach to risk, which will ultimately better meet the needs of our customers."
"Fair Isaac brings unparalleled experience in modeling decisions to support U.S. Bank's ongoing efforts to streamline operations, better understand their customers and build customer loyalty," said Chisoo Lyons, vice president of Analytics at Fair Isaac. "Strategy Science allows lenders to harness the power of its customers and deliver enhanced services and products that achieve better performance sooner and faster in today's crowded market."
Fair Isaac's Strategy Science combines a powerful methodology, process and platform, and models the economics of customer decisions. A powerful decision model maps the relationship between multiple input variables to the range of decision choices available to the user, and to the business consequences and drivers, such as losses and profitability. Fair Isaac's proprietary optimization software, Decision Optimizer, runs data through the model to find the optimal decisions under a stated set of business constraints. The result is a decision strategy that identifies the optimal action to take on each customer.
Strategy Science is part of Fair Isaac's solutions for enterprise decision management, which combines data analytics, modeling and policy-level control to let companies define and manage their automated business systems for improved efficiency and greater profitability. Strategy Science offerings are available as custom strategy developments or as Pre-Configured Applications to optimize results in acquisition, origination, account management, customer retention and fraud referrals.