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FICO partners with OpenWrks

Friday 29 May 2020 14:42 CET | News

US-based analytics and decision management provider FICO has partnered with OpenWrks – a provider of Open Banking based digital engagement applications.

Under the partnership, which initially serves the UK market, FICO plans to combine OpenWrks financial budgeting and conversational AI technology with FICO's integrated collections and omni-channel platform to assist creditors in making appropriate customer decisions during the crisis and beyond.

Traditionally, affordability assessments for customers in collections are time-consuming, taking an average 45 minutes to complete; expensive, at between EUR 16 – EUR 2W per assessment; and can have a significant margin of error, on average up to EUR 3.900. This means the decisions creditors are making are sub-optimal and at risk of creating further customer detriment.

OpenWrks' MyBudget application combines Open Banking data with conversational AI to enable consumers to complete self-service income and expenditure assessments online. According to PRNewsWire, integration into the FICO Debt Manager platform gives an accurate assessment about customer affordability, complete with payment and schedule options in under five minutes.          


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Keywords: FICO, partnership, open banking, OpenWrks, US, digital, UK, AI, technology, payments
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech