Winners of 2021 FICO Decisions Awards Announced! Digital Transformation Yields Dividends in Challenging Year
Independent industry judges vote on most impressive business results
SAN JOSE, Calif., May 27, 2021 /PRNewswire/ --
Highlights:
- FICO announces the 2021 winners of the FICO® Decisions Awards. These awards established nine years ago recognize organizations achieving remarkable success using FICO solutions
- Winners in nine categories come from eight countries and span financial services, telecoms, transportation, retail, FMCG and more
- Entries for 2022 FICO® Decisions Awards to open in August
Today FICO is celebrating the achievements of its customers and their achievements with AI, machine learning and decision management. The 12 winners of the 2021 FICO® Decisions Awards have demonstrated extraordinary innovation in very different industries and markets.
More information: https://www.fico.com/en/fico-decisions-awards-2021
"The global pandemic created a number of tough challenges for businesses worldwide," said Nikhil Behl, FICO's chief marketing officer. "Many of our award winners rose to the task with new solutions and capabilities built on analytic decisioning investments that helped them to pivot to new operating models and constraints. From managing vast inbound calls for debt relief, to innovating digital onboarding of mortgages during a lockdown; enabling logistic organizations to scale while managing driver risk, to helping a major hospital find the best schedule optimization for nurses during COVID-19. This year, the awards truly demonstrated that organizations that lean into digital transformation are best placed to succeed."
AI, Machine Learning & Optimization
Boeing solved a crucial nurse scheduling problem for the intensive care unit (ICU) of Sweden's second largest hospital at the start of the COVID-19 pandemic. Using FICO Xpress optimization rosters for over 300 nurses were created in just a week, resulting in more workable shifts for staff and better coverage for the hospital.
Cloud Deployment
Avon, one of the largest direct selling companies in the world, used the FICO® Platform to improve its credit granting in Brazil, reducing its representatives' bad debt indicators by 72 percent. Avon was also able to automate 90 percent of limit increase requests made by sales representatives.
Volvo Cars transformed its customer onboarding experience using decision management technology in the cloud to digitize and accelerate the process for its new vehicle subscription service, Care by Volvo. Credit checks that used to take three days are now done in seconds.
Customer Onboarding & Management
OCBC, a multinational banking and financial services corporation headquartered in Singapore, launched an online 60-minute mortgage approval service for Singaporeans using FICO® Origination Manager. During the country's lockdown, $700 million in loans were signed up using the service.
Debt Management
Absa Bank, one of Africa's largest financial groups, used FICO® Customer Communication Services (CCS) to double the number of customers who can self-service to 43 percent and reduce impairment charges, resulting in a three-month ROI of 29:1.
Cox Communications, the largest private telecom company in the US, is using FICO® Customer Communication Services (CCS) to transform its customer experience. By offering self-serve options, the company has eliminated almost half a million inbound calls, saving millions of dollars per year.
Decision Management Innovation
eDriving, a leading global provider of digital driver risk management programs, partnered with FICO to create a score based on telematic driving data. eDriving has helped decrease speeding events by 71% and distraction events by 39% among the riskiest drivers, in just six months.
Financial Inclusion
Grupo Mongehttps://www.fico.com/en/newsroom/home-credit-china-cuts-risk-25-percent-consumer-loans-thin-file-applicants, a large retailer in Central America, used analytic decisioning to improve the way it grants credit, especially to customers previously excluded from loans. Credit approvals are up 10 percent, expenses down 25 percent and time taken to assess application reduced by 30 percent.
Fraud & Security
Conductor, the leading banking-as-a-service platform in Latin America, increased fraud detection by 25 percent. Conductor also achieved a 95 percent reduction in fraud analysis time using the FICO® Falcon® Platform, compared to its previous solution.
Regulatory Compliance
Alfa Bank, the largest universal privately owned bank in Russia, has used FICO® Decision Central™ to automate monitoring of its predictive models, to meet requirements from the Central Bank of Russia. Automation has cut report preparation time by 90 percent and improved transparency.
Eurobank, one of the four systemic banks in Greece, has broadened its use of FICO compliance solutions to cover all stages of the customer journey, across various channels. The bank has put AML/KYC checks into real-time processes to meet European directives AML4D & 5D
FICO Industry Vanguard Award
T-Mobile has used FICO analytic solutions to develop risk-aware marketing programs to ensure direct marketing offers sent to prospective and current customers take into consideration their risk profile and deliver offers that are optimized for each individual consumer.
These results were identified as best-in-class by a panel of independent judges with deep industry expertise. We thank the 2021 judges for their help in identifying the best nominations.
- Prasanna Dhoré, chief data & analytics and innovation officer, Equifax
- David Dittmann, vice president, data & analytics, P&G (2019 winner)
- René Javier Guzmán, market & liquidity risks director at Banreservas (2019 winner)
- Tomas Klinger, decision science and data director at Home Credit (2019 winner)
- Marcel Le Gouais, managing editor at Credit Strategy
- Tiffani Montez, banking analyst at Aite
- Lisa Morgan, journalist & analyst at InformationWeek
- Ignazio Provinzano, head of risk operations at Swisscard (2019 winner)
The winners of the FICO® Decisions Awards will be spotlighted at FICO® World 2021, the Decisions Conference, November 2021 in Orlando, Florida.
Entries for the 2022 Awards will open in August this year.
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at www.fico.com.
Join the conversation on Twitter @FICO
FICO, Falcon and Decision Central are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.
SOURCE FICO
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