FICO Launches Powerful Next-Generation Originations Solution for Digital-First Account Openings

With FICO Originations Solution, Powered by FICO Platform, financial institutions can put their customers in the driver’s seat.

Highlights

• FICO launched its next-generation loan origination solution, FICO Originations Solution, Powered by FICO Platform, which provides financial services providers the ability to transform their customers’ digital onboarding experience.

• Built on FICO Platform incorporating decades of FICO intellectual property, the solution makes decisioning faster, smarter, and more profitable.

• The extensible cloud-native solution is “future-ready” and scales to meet any business demand

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Leading applied intelligence company, FICO, announced the launch of FICO Originations Solution, Powered by FICO Platform, the next-generation of its best-in-class loan origination solution.  The solution is powered by the industry-leading FICO Platform and delivered globally on Amazon Web Services (AWS) Cloud. The solution empowers businesses to deliver exceptional, personalized customer experiences by automating a frictionless customer journey throughout the loan origination process.

The pandemic forced many financial institutions around the world to rethink their business strategy to better compete in a digital-first economy. According to recent research by FICO, more than 70 percent of customers worldwide expressed willingness to open an account digitally using an app or website. However, half of all customers abandon the digital onboarding process if they must answer more than 10 questions, and only 21 percent of respondents said they would complete the process if asked to move outside digital channels – for example, by visiting a branch.

While financial services providers seek to use every bit of available data to make better decisions for their customers, they continue to seek greater efficiency across their products and channels. Originating a new account is a critical decision affecting 80 percent of the measurable risk throughout the lifecycle of an account. FICO Originations Solution, Powered by FICO Platform allows financial services providers to make more precise, value-based decisions at origination while helping them grow more profitable portfolios and manage customer-level risk.

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“Financial services providers need data-hungry, analytics-ready, agile, extensible systems in order to compete in a digital-first economy,” said Tim Van Tassel, vice president and head of product management at FICO. “FICO Originations Solution, Powered by FICO Platform provides the digital and analytic sophistication that enables financial institutions to offer the safety, convenience, and personalization that customers look for during the account opening process through their chosen channel, while closely managing customer-level risk.”

The solution is AWS-cloud native and provides financial institutions with the open, extensible platform they need to deliver the types of personalized, omni-channel experiences digitally savvy customers have come to expect.

By having FICO Platform drive the Originations Solution, organizations can see benefits including:

• Fast, flexible, frictionless digital account opening: Delightful, meaningful user experiences have become standard across industries. FICO® Originations Solution, Powered by FICO® Platform enables financial institutions to easily deliver those experiences, no matter where the organization is in their digital transformation journey.
• Efficient, IP-laden configuration templates across domains: These configurable templates incorporate decades of leading FICO origination IP and best practices, enabling business users to adopt existing end-to-end origination solutions that meet their needs, rather than waiting for constrained IT staff to develop solutions for them.
• Improved automation, autonomy, and access: Financial institutions can reduce their dependence on multiple technology vendors by automating and replacing their legacy systems with a unified, centralized, cloud-based solution that works across products, regions, and lines of business.
• More precise, data-driven predictions about what customers will do: Businesses can use the right combination and sequencing of data to drive insights, then use analytics to mathematically identify the best possible decisions and products for each customer.
• Easy access to 130+ global data sources through FICO’s ever-growing data library: With increased access to data, financial institutions can make faster and better customer decisions across every line of business.
• Future-proof, agile decision-making that is easily scaled across multiple regions: Standardize and centralize legacy originations systems across multiple regions to drive greater efficiencies, transparency, and big economies of scale.
• Underlying capabilities provide a foundation for the future:  Firms can easily add more customer-centric decisioning applications in other areas of the business, such as customer management or fraud prevention.

“Unlike point solutions, FICO Origination Solution is delivered on a unified decisioning platform,” said Nikhil Behl, CMO at FICO. “The additional benefits of deploying solutions on FICO Platform are significant, including the ability to share decision assets and platform capabilities across the entire customer lifecycle, from onboarding and originations through customer management, fraud, and collections optimization. FICO Platform goes beyond any single use case to give firms true customer-centricity with deep, real-time, 360-degree insights into every customer touch, across all channels, for the full duration of the customer lifecycle.”

“FICO Originations Solution, Powered by FICO Platform has proven to be the perfect solution for standardizing OTP’s workflows while still maintaining country-specific rules and processes,” said Gyorgy Kiss-Haypal, group chief risk officer at OTP Group, one of the largest independent financial services providers in Central and Eastern Europe. “Not only is FICO Platform helping us balance pan-continent standardization with in-country localization, but it is also providing improved cost efficiency while increasing our control over risk management for new customers.”