Fico is a provider of analytics-based platform software for decision making in the banking industry. Lenders using Open Banking can combine transaction data from FTS with analytics and platform solutions from Fico. This means decisions can be made for both the consumer and the lender, which minimises fraud and can improve data-driven customer interaction.
According to a Fico representative, by FTS’ Open Banking data access and the consolidation of this data via the Fico platform, financial institutions can increase profitability in the lending business. The joint offering will enable banks to integrate Open banking data into their customer and portfolio management as a service.
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