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FICO Launches Operations in India, Revolutionizing Lending Processes with Leading Banks
December 06, 2023
FICO, the globally acclaimed data analytics company renowned for its credit scoring system, has embarked on its Indian journey through strategic collaborations with HDFC Bank, Axis Bank, and AU Small Finance Bank. These partnerships signify a pivotal shift towards digital transformation in the realms of home loans, credit cards, and auto loans.
FICO’s cloud-based platform, now harnessed by these private lenders, promises lightning-fast loan approvals, often within seconds. The key lies in the platform’s adept analysis of diverse data sources, providing lending institutions with valuable insights for informed decision-making.
Vishal Goyal, Country Director for India at FICO, emphasized the platform’s potential to boost approval rates for lenders by integrating additional data, transforming it into actionable intelligence for credit decisions. Balaji Narayanamurthy, Head of the Business Intelligence Unit at Axis Bank, shared their anticipation of leveraging FICO for real-time decision-making, particularly for overlimit approvals in credit cards, using richer customer data.
Abhijit Singh, overseeing the digital ecosystem at HDFC Bank, revealed plans to streamline home loan processes, enhancing straight-through processing rates through the FICO platform. Uttam Tibrewal, Executive Director of AU Small Finance Bank, highlighted the platform’s pivotal role in expediting and refining vehicle loan processes, with a keen focus on financial inclusion objectives. Tibrewal expressed the bank’s commitment to extending hyper-personalized lending solutions to a broader demographic, including rural customers and farmers without conventional credit histories. This collaborative venture signifies a significant stride toward seamless, efficient, and inclusive lending practices in India.
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