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US-based analytics and decision management technology company, FICO has tied up with Chennai-based software firm Saksoft Ltd to further India operations. The company delivers predictive analytics solutions that helps banks acquire customers and recover money from borrowers. With a development centre at Bangalore, the company aims to service domestic banks through the association.
Clients in 80 countries use FICO's solutions to increase customer loyalty and profitability, cut fraud losses, manage credit risk, and meet regulatory and competitive demand. FICO had revenues of $745 million in fiscal 2008, and employs more than 2,100 people in offices worldwide, according to information on its Web site.
What's predictive analysis?
Predictive analytics help banks address two critical questions – who are the best customers and what is the most credit that could be given to a particular customer, says Mr Dattu Kompella, Managing Director, Australia and Asia Pacific, FICO. Banks need a new way to grow, particularly in markets like India where the number of cards issued is decreasing, he told Business Line .
Indian banks have realised faster than banks in many countries that they need technology that leverages customer data to deepen their customer relationships. In India, FICO works with three of top private banks, a few non-banking financial companies, he said without naming the clients.
Loan application process
Giving an example, Mr Kompella said an Indian bank sought to automate their loan application processing for more consistency, control and compliance; grow the business and minimise defaults. The bank needed a system that could handle its unique lending scenarios with consistency and be quick to respond quickly to market changes. Using FICO's products, the loans division has been able to process more applications – automatically – with greater consistency and improved exceptions handling, he said.
The tie up with Saksoft is to jointly market FICO's solutions in India. The tie up could go to other countries too, he said.
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