The financial institution, based in São Paulo, is using FICO Origination Manager to automate account opening, and FICO Application Fraud Manager to check for fraud. When originating an account, Banco Original’s systems capture all the information sent by customers, as well as external data such as data from credit bureaus. All this information is processed by FICO decision engines in real time.
Launched in 2016, Banco Original was formed to meet the needs of digital consumers who are looking for reduced bureaucracy, increased agility and personalised services. In just two years, the bank attracted more than 600,000 customers. It has a net worth of BRL 2.2 billion, with BRL 8.8 billion in assets and a credit portfolio of BRL 5 billion, according to the official press release.
The bank conducted RFPs, proofs of concept and pilot tests, assessing multiple suppliers over five months when choosing FICO. The bank’s next steps in technology are aimed at improving processes using artificial intelligence, neural networks and machine learning, among other technologies.
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