The new solution will further be automating the loan origination process. Previously, customers with above-average to excellent credit (a high FICO score) could be approved for a low rate instantly, often within a day, while those with a lower FICO score required additional time - usually a few days - for the lender's back office to review the customer's financial and personal background.
Now being AWS-cloud native, FICO Originations Solution provides financial institutions with the open, extensible platform they need to deliver personalised experiences. The company didn't provide details on pricing, but representatives said that it's priced competitively on a per-application basis.
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