Building upon a 10-year track record of collaboration in the UK, the two companies are now focused on developing innovative solutions that will help businesses in banking, insurance, retail and other industries accelerate growth while controlling risk and meeting new regulatory requirements.
Financial services providers are striving to make sharper lending decisions based on more precise customer assessments; adapt more swiftly in a dynamic economic environment; comply with more stringent regulatory demands; fight new and persistent forms of fraud; and improve the customer experience, according to the companies. The new solutions from Equifax and FICO will address these demands, leveraging FICO’s predictive analytics and decision management software, Equifax’s data and analytics on UK consumers, and both companies’ knowledge and experience in credit scoring.
The first joint solution, set to be launched in May, will bring more comprehensive customer data to credit risk analyses, enabling lenders to make more knowledgeable decisions and reduce losses while cross-selling more effectively and building customer loyalty according to the companies.
“Both Equifax and FICO clients have been telling us that they want the risk management solutions they use to go further in helping them accelerate growth in today’s challenging marketplace,” explained Shawn Holtzclaw, managing director, Equifax UK.
“Equifax and FICO already have a strong working relationship, with a number of shared clients. It made huge sense to create this alliance, delivering innovative solutions that no single company could promise.”