Following this announcement, FICO is set to partner with multiple private sector banks and financial institutions from the region of India, such as HSFC Bank, AU Small Finance Bank, or Axis Bank. This expansion is expected to deliver advanced and secure analytics, as well as artificial intelligence capabilities in order to optimise the development process of local enterprises.
According to the press release, the implementation of FICO’s platform is set to enable Indian enterprises and businesses to unlock detailed insights, as well as drive commercial outcomes, and improve operations and capabilities, while also aligning with the development processes of customers around the world.
Some partners, such as the AU Small Finance Bank, are set to leverage FICO’s platform in order to make the customer onboarding and originations process more secure and efficient, as well as increasing loan automation substantially. In addition, the platform can be leveraged in order to optimise the overall client experience by providing them with personalised tools that meet their needs, preferences, and demands. The AU Small Finance Bank also focused on upgrading lending offers and further commit in the development of financial inclusion, particularly for underserved and unbanked populations.
All financial institutions will be enabled to benefit from the platform’s key tools, such as the possibility to power customer connection by offering business lenders the capability to tap into their market knowledge and client insights, as well as allowing optimised choices, broader collaborations, and overall fraud learning cycles that design stronger connections with their users. At the same time, banks will be allowed to use the platform to improve productivity and output through efficient and secure integrations between roles and skillsets, including feedback loops that drive high-performance through continuous learning.
Businesses will also benefit from rapid time-to-value features, swift project implementation, which is measured in weeks. Furthermore, they will be enabled to ensure alignment between IT projects and management KPIs, which represents a critical feature in the process of delivering successfully on business goals. The FICO Platform is expected to allow management to translate strategy into operations in order to further improve effectiveness and security.
As the platform operates on AWS, FICO will continue to prioritise the security of its services and to develop numerous features that will optimise customer experiences and the overall development of the market. The platform’s cloud infrastructure that facilitates real-time processing and analysis of vast data volumes is set to allow FIs and banks to make more informed decision quickly, as well as to leverage AI in order to continue their growth in an increasingly competitive industry.
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