FICO today unveiled a host of new retail banking solutions that allow lenders to manage the credit lifecycle in a way that is smarter, faster and simpler.
The innovations are designed to help support lenders with their digital transformations as retail banking continues to be shaped by the forces of mobile, cloud, analytics and big data.
“We have seen remarkable changes in banking in the last two years as lenders accelerate their digital transformation and reinvent the customer experience,” said Tim VanTassel, vice president of FICO's credit lifecycle business line. “Lenders are engaged in an analytic arms race to find, delight and retain the right customers by determining and deploying differentiated offers and experiences.”
Originate Loans Using Optimised Deal Structures
Providing consumers with multiple options for the best-fitting terms in real time has been an industry goal for some time, and with its latest innovation FICO has made it a reality. FICO® Origination Manager now interacts seamlessly with Alternative Deal Structure (ADS) to evaluate thousands of alternative offers and present a set of differentiated options in seconds.
“FICO is the only vendor that is able to apply optimisation technology to search in real time for deals that provide maximum customer desirability while abiding by current pricing and loan eligibility policies,” said VanTassel. “Last year we released ADS targeting auto finance but with this release we have become smarter about how to organise eligibility rules for even faster search outcomes, and we are now addressing mortgage lending as well. Supercharging originations so that each deal can be checked against thousands of options and loan products allows us to answer the simple consumer ask, make me an offer that makes me want to be a customer of yours, and make it now!”
Manage Customers with Greater Agility
FICO® Strategy Director, which delivers faster, easier decision authoring and management with plug-and-play industry configurations, builds on the proven decision process flow of FICO® TRIAD® Customer Manager and now offers the same business value with configuration for the Telecommunications industry. The Telco Service Management solution uses analytically driven decisions to help make relevant and profitable offers, reduce churn and improve device financing decisions. At the same time, new configurations for lenders bring the capabilities of TRIAD Customer Manager to Strategy Director and provide a simple migration to speed cloud adoption and time to value.
“FICO Strategy Director provides analytically powered decisions to maximise the consumer’s relationship with their service provider,” explained VanTassel. “Strategy Director helps to complete the credit lifecycle ecosystem by using the same data, decision logic and analytics to maintain the current customer view, which can of course then be fed into a new originations decision.”
Make Better Decisions Collecting Payments
FICO® Debt Manager FitAgent can now sift through massive real-time datasets from internal or external sources, such as diallers and other communication systems, using FICO® Decision Management Platform Streaming to rapidly generate powerful insights that assist with the collection and recovery process.
FICO has further improved the FitAgent user experience with new controls, views and insights around payments, customers, accounts and communication that put the customer at the center of a lender’s operations. To reduce the cost of deploying industry-leading analytics, Debt Manager also easily consumes optimisation analytics from FICO’s suite of decision optimisation capabilities.
“The improvements to our debt collection solution have been designed to reduce the number of places a collection agent needs to go to get the information they need,” said VanTassel. “It also helps agents know whether they’re doing the right thing in a given situation for the customer. This improves the cure rate and the likelihood of that person remaining a loyal customer.”
Improve Customer Communications with AI and the Cloud
FICO® Customer Communication Services (CCS), provides analytically driven, scalable, two-way, automated voice, text, email and mobile app notifications. This solution helps banks, telcos, government agencies and utilities around the world connect more effectively with their customers and resolve suspected fraud cases and overdue payments automatically. FICO has collaborated with AWS to bring Amazon’s AI-driven text-to-speech service to CCS.
“Using Amazon Polly we can now create and edit voice responses in seconds versus days,” said VanTassel. “We’re able to generate speech recordings for our IVR systems and voice notification products at speed, which is essential for our customers that are working in dynamic and highly regulated markets.”
FICO is also using Amazon Web Services to deliver CCS Voice.
“We make millions of contacts per day around the world and AWS allows us to scale with the high performance, security and reliability needed to match the growth of our business. In growing regions like Asia-Pacific, where we currently serve six countries, it has been the perfect match for customers who need speed, simplicity and scale,” said VanTassel.