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FICO launches new loan-origination platform

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reporter 6 minute read

The US analytics company has launched a new digital loan origination platform to help lenders and brokers improve the onboarding and credit decisioning process.

Data analytics and applied intelligence company FICO (the company behind the credit scoring system typically used for consumer lending decisions in the US) has launched a new “digital-first” loan origination solution for lenders.

The new FICO® Originations Solution, powered by the FICO® Platform, aims to give financial services providers a better digital onboarding experience and credit decisioning offering.

Delivered globally on Amazon Web Services (AWS) Cloud, the platform can reportedly access over 130+ global data sources through FICO’s data library that aims to help financial institutions and financial services providers make “faster and better customer decisions across every line of business” and can be standardised and scaled across multiple regions.

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Demonstrating the new offering in a media briefing to the APAC region this week (1 December), the senior director of FICO, Paul Swyny, suggested that while the COVID-19 pandemic had seen many lenders and borrowers accelerate their appetite for digital mortgages, there was still “much to be done”.

“We’ve seen here that the number one priority for lenders over the past four years has been the focus on digital accounts in order to meet consumer expectations and provide better overall experience. Since the start of the pandemic, with branches closing, consumers in lockdown, lenders have needed to accelerate their approach into the digital servicing [offering], Mr Swyny said.

“From a consumer’s point of view, they appreciate the ability to research, compare and are looking for a smooth and speedy application process. We view this as a trend that will continue to accelerate from [here on in], requiring lenders to get on board and improve their offerings…

“The good news is that there’s a huge scope for improvement. We believe we have the right solutions and tools to enable lenders to dramatically improve their digital account opening process.

He told journalists that the advent of AI and better analytics in lending, open APIs and the “power of cloud” had all helped improve the processing power, and improve the robustness, security and availability of an offering that leads to “instant mortgages”.

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Mr Swyny added that the new solution new could help both lenders and brokers provide a faster time to yes and a more transparent mortgage application experience. 

“What we are seeing with this particular solution is that we’re aiming to improve the customer journey. We’re focusing on the customer here to get to a faster time to yes by removing friction. And that should be channel agnostic,” he told The Adviser.

“It doesn’t really matter to us whether through the broker channel or direct with the bank; we see the journey of the customer should really improve, regardless. And we also have the ability to add broker screens to this particular application and also APIs so that data can be transferred seamlessly.”

Speaking last month when the product launched in the US, Tim Van Tassel, vice-president and head of product management at FICO, commented: “Financial services providers today need data-hungry, analytics-ready, agile, extensible systems in order to compete in a digital-first economy.

“FICO Originations Solution, Powered by FICO Platform provides the digital and analytic sophistication that enables financial institutions to offer the safety, convenience, and personalization that customers look for during the account opening process through their chosen channel, while closely managing customer-level risk.”

[Related: What innovation could the mortgage market most benefit from?]

FICO launches new loan-origination platform
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