FICO Unveils New Loan Origination Solution

https://finovate.com/fico-unveils-new-loan-origination-solution/
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Analytics and decision management technology company FICO launched a loan origination tool called FICO Originations Solution that automates the entire customer journey leveraging the FICO platform.

The cloud-based tool leverages FICO’s enterprise intelligence network to streamline and personalize loan originations. The new tool helps financial services providers do two key things. First, it helps remove friction from the customer experience. Second, it empowers loan originators by helping them make more precise origination decisions and better manage risk, ultimately helping them grow more profitable portfolios.

This enhanced decision-making is thanks in part to FICO’s data library that offers lenders access to 130+ global data sources. The ever-increasing data source helps firms make faster and better customer decisions.

The FICO Originations Solution starts with a completely digital onboarding experience. The tool considers an organization’s goals, including the types of borrowers they want to attract, their ideal conversion rate, and profitability goals. FICO offers simulation capabilities to test the user experience to determine if decreased friction results in increased fraud or if changing an application question increases the conversion rate.

FICO Originations Solutions’ customers have access to FICO’s suite of tools that includes interactive messages, fraud prevention capabilities, and pricing optimization.

“Financial services providers today need data-hungry, analytics-ready, agile, extensible systems in order to compete in a digital-first economy,” said FICO VP and Head of Product Management Tim Van Tassel. “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.”

FICO was founded in 1956 and is headquartered in California. The company is best known for the consumer FICO score that is calculated based on information in credit reports maintained by Experian, Equifax, and TransUnion. The company also offers fraud and compliance as well as debt collection and recovery solutions.


Photo by Andrew Neel on Unsplash

https://finovate.com/fico-unveils-new-loan-origination-solution/