Leading Indian Banks Leverage FICO's Cloud Platform for Enhanced Decisioning and AI, Bolstering Growth Opportunities

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Dec 6, 2023 - 13:22

Dec 6, 2023 - 13:23

FICO

FICO has officially launched its cutting-edge cloud-based platform in India, with key Indian banks like HDFC Bank, Axis Bank, and AU Small Finance Bank being early adopters. The FICO® Platform, designed to enhance customer satisfaction and drive innovation in the banking sector, offers advanced decisioning and artificial intelligence capabilities tailored for local businesses.

Dattu Kompella, Managing Director in Asia for FICO, emphasized the potential of the platform in India's dynamic business environment. The FICO Platform enables financial institutions to deliver hyper-personalized customer experiences, reshape business models, and achieve optimal outcomes for customers and stakeholders.

Key adopters, such as Axis Bank, are already witnessing promising outcomes. Balaji Narayanamurthy, Head of Business Intelligence Unit at Axis Bank, highlighted the positive impact on the credit card customer experience, anticipating real-time decisioning for overlimit approvals using richer customer data.

HDFC Bank, another early adopter, shared how the FICO Platform has proven invaluable in simplifying the home loan process, improving straight-through processing rates, and enhancing the overall customer journey.

The FICO Platform aims to unlock insights, optimize operations, and drive impactful commercial outcomes for Indian enterprises. AU Small Finance Bank's success story stands as a testament to the platform's potential, showcasing a notable 30% increase in vehicle loan automation upon embracing FICO's technology.

Uttam Tibrewal, Executive Director of AU Small Finance Bank, emphasized the platform's role in delivering faster and more accurate vehicle loans, aligning with financial inclusion objectives. Plans are underway to extend hyper-personalized lending solutions across various products to a wider demographic.

The FICO® Platform, operating on Amazon Web Services (AWS), prioritizes security, speed, and scalability. It boasts advanced encryption protocols, real-time processing capabilities, and robust computing to empower enterprises with artificial intelligence and advanced analytics.

FICO's success is evident with 16 consecutive quarters of year-over-year growth exceeding 40 percent for the FICO Platform. Recognized as a leader by The Forrester Wave™ and recipient of the Banking Innovation of the Year Platinum Award, FICO continues to drive applied intelligence in the Indian market, offering real value and meaningful outcomes.

A recent Forrester Consulting study commissioned by FICO highlights that three out of four industry decision-makers in India prioritize improving customer experiences. With the trend toward online financial services in India, institutions are leveraging AI, decision automation, and business outcome simulation to enhance customer experiences.

The FICO® Platform is set to play a pivotal role in the digital transformation of the financial services sector, with organizations like Lloyds Bank, BMO, Bradesco, and ANZ achieving outstanding business results with the platform.

For more information, visit FICO® Platform.

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About FICO: FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, FICO is a pioneer in predictive analytics, AI, and data science. With over 215 US and foreign patents, FICO's solutions improve operational decisions across various industries, including financial services, manufacturing, telecommunications, healthcare, and retail.

Learn more at FICO.