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Financial tool helps finance institutions quickly deploy analytics for less

Veronica C. Silva | May 19, 2011
Analytical software helps to accurately assess credit risks and financial health of clients.

With the global economy still unsure if the recession is over, banks and other financial institutions are on the lookout for tools that can help them assess risks - and fast.

The solution comes in a software that is said to accurately assess the credit risks and financial health of clients.

FICO is offering the banking and financial industry the FICOModel Builder 7.1, a predictive analytic tool with scoredcard capability for voluminous transactions.

FICO, the company behind the FICO Score consumer credit score, said the Model Builder is capable of running different assessment models without sacrificing run time. The company said this is one of the features that CIOs from financial institutions have been looking for. FICO said Model Builder can be deployed in only a month compared to other solutions available in the market which take up to six months to deploy.

Cost savings

"We estimate that for most organisations, the new Model Builder can prevent deployment delays, which often cost up to US$50,000 per month in opportunity costs. The significant reduction in deployment times can mean a savings of US$250,000 in opportunity costs per model," said Dan McConaghy, president and general manager, FICO Asia Pacific.

The Government Savings Bank in Thailand (GSB), which has a large portfolio of three million accounts, use the FICO Model Builder since the bank needs to deploy complete scoring solutions swiftly.

Yongyuth Tariyo, first senior executive vice president, credit and operation support group, GSB, said: "We use FICO Model Builder because it enables us to develop our own predictive modelling and enhance our analytics-based strategies. New team members can quickly engage in analytic projects, and they spend more time analysing, testing and refining, not managing tedious details. We have reviewed the functionality in version 7.1 and we are excited about its potential to further reduce deployment costs."   

FICO's McConaghy added that there is a demand for analytical tools in the Asia Pacific region as evidenced by the response to their recent webinar on the product.


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