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FICO (Fair Isaac)

Debt Collection: A Kinder, Gentler Approach Tends to Be the Smartest

Contrary to popular belief, the kinder, gentler approach to debt collection usually turns out to be the smartest.  A new infographic from FICO (NYSE:FICO), shows why many collectors are replacing challenging calls with friendlier, automated contact. The FICO infographic, The Customer-Centric Collector Rises, illustrates the challenges facing debt managers today. Some 35 percent of US adults with a credit file have debt in collections. ... Read More »

More Models, More Regulations, More at Stake

FICO’s Andrew Jennings comments in his recent Bankinganalyticsblog that to some degree, we’re living in a world where we are cursed with our own success. Financial institutions have seen tremendous benefits from analytics, and as a result, they are using predictive models on an increasingly broader scale, to measure capital reserve requirements and manage complex customer decisions. But as his ... Read More »

USA Risk Climate: Is the US Facing the Dawn of a New Debt Crisis?

Fico in its latest blog refers to an Urban Institute study, “Delinquent Debt in America,” where a random sample of US credit data revealed that approximately 35% of adults “have debt in collections reported in their credit files,” with an average debt of over $5,000.  The study focused on non-mortgage debt, including medical debt, utility bills, membership fees and phone ... Read More »

FICO Survey: Mobile Banking Drives Customer Loyalty and Satisfaction

A comprehensive survey of U.S. bank customers conducted for FICO found that 82 percent of mobile banking app users are satisfied with their bank, compared with only 71 percent among those who do not use a mobile banking app, and 76 percent of the mobile app users are likely to recommend their bank, compared with only 67 percent of the non-users. The survey also ... Read More »

FICO in Partnership with Turkish Credit Bureau

FICO announced that it has partnered with Kredi Kayıt Bürosu (KKB), the Turkish credit bureau, to make collection scores widely available to Turkish credit grantors. These scores will promote responsible credit growth in Turkey by enabling lenders to improve their collections processes. Turkey is experiencing rapid credit growth. According to the Turkish Banking Regulation and Supervision Agency, consumer loans and ... Read More »

FICO Releases FICO Score Economic Calibration Service 2.0

Improves loss forecasting and capital allocation decisions as Lenders can make better capital allocation decisions under different economic conditions by understanding the resulting impact on consumer credit risk To help lenders predict future consumer risk under a variety of economic scenarios, FICOannounced the release of FICO® Score Economic Calibration Service 2.0. This service forecasts how credit risk levels at each FICO Score range ... Read More »

Customer Centricity Success Story: Reducing Compliance Risk

FICO shares the story of a client, which it refers to as Bank C, which was fined by regulators for misconduct in selling fee-based extra services to new account holders.  Moreover, the light shined on this problem made it clear that over-zealous sales activities weren’t the institution’s only vulnerability to fines and reputational damage from regulatory noncompliance. Bank C executives ... Read More »

FICO Infographic: Analytics That “Think” Like Humans

Stopping fraud, recognizing faces and detecting hackers are a few ways artificial intelligence software is acting human … for the good of humans FICO published an infographic that illustrates various ways in which Big Data analytic software mimics processes in the human brain. These applications of artificial intelligence address a range of real-world challenges, from combatting financial crimes and computer hacking to ... Read More »

US/Canadian Risk Climates:  Housing Bubble Inflating?

The latest installment of FICO’s quarterly survey of risk managers at U.S. and Canadian banks shows real concern about a possible re-inflation of the real estate bubble. In the survey, 56% of respondents directly involved in mortgage lending expressed moderate to heavy concern that “an unsustainable real estate bubble is inflating.” There are roughly six million homeowners in the U.S. still ... Read More »

FICO Upgrades Debt Manager 9.5

Helps Debt Collectors Improve Performance While Complying with Latest Regulations FICO (NYSE:FICO), a leading predictive analytics and decision management software company announced the general availability of FICO® Debt Manager™ solution 9.5, with a host of new features designed to help collectors improve productivity while ensuring they are compliant with new regulations. The solution enables collections groups to reduce operating costs, achieve score-driven increases in amounts ... Read More »

US/Canadian Risk Climates: Housing Bubble Inflating?

The latest installment of FICO’s quarterly survey of risk managers at U.S. and Canadian banks shows real concern about a possible re-inflation of the real estate bubble. In the survey, 56% of respondents directly involved in mortgage lending expressed moderate to heavy concern that “an unsustainable real estate bubble is inflating.” There are roughly six million homeowners in the U.S. still ... Read More »

FICO Survey: U.S. Banks Under-Leveraging Customer Loyalty

Customers take advantage of competitive environment to shop around for credit and investment products; Millennials represent best growth opportunity A comprehensive survey of U.S. bank customers conducted for FICO found that banks are under-leveraging their loyal customer bases,  missing out on opportunities to increase top-line growth by cross-selling additional services.  Consumers today use 6.05 banking services on average, but use only 3.37 of ... Read More »

FICO Appoints Kevin Deveau Head of FICO Canada

FICO (NYSE:FICO has appointed Kevin Deveau to lead FICO’s Canadian operations. Deveau, a native of Quebec City, has 30+ years of experience providing information technology solutions to clients in the financial services, insurance, health care, retail and government sectors. Since Deveau joined FICO in 2010, he has been one of the company’s top client partners, securing more than $50 million ... Read More »

FICO Introduces FICO® Analytic Modeler

New FICO Software Gives Business Users at All Levels the Ability to Create Their Own Predictive Models in the FICO Analytic Cloud FICO introduced FICO® Analytic Modeler, model development and decision strategy software that enables a range of business users – from non-technical to highly skilled – to rapidly gain real and reliable value from their data in the FICO®Analytic Cloud. The ... Read More »

FICO Awarded 25 New Patents for Fraud Protection, Cybersecurity, Predictive Analytics and Decision Management

FICO has been awarded 25 new patents, bringing its patent portfolio to 167 U.S. and foreign patents.  These patents were awarded to team members of FICO Labs for inventions underlying the company’s solutions in fraud protection, cybersecurity, predictive analytics and decision management. Ten of the latest patents cover analytic innovations used by FICO’s industry-leading fraud solutions across the financial, healthcare ... Read More »