Saturday, April 8, 2017

.@FICO Launches Cloud-Based Solution to Automate Small Business Lending Decisions

FICO® Small Business Scoring ServiceSM (SBSSSM), uses proprietary analytics to measure applicant risk, based on major consumer and commercial data sources.  SBSS can help smaller institutions make smarter decisions even when they don’t have the data in house. It does this by measuring and evaluating the capacity risk of small businesses applying for credit, using models built from pooled client data.

“Lenders lose out on new customer opportunities when they cannot meet small business borrowers’ requirements for a quick decision,” said Christine Pratt, senior analyst at Aite Group. “Origination solutions that speed up decisions while answering the institution’s need for transparency and credit risk management are well positioned to gain happy customers and loan share as the market improves.”

Lenders will also benefit from the cloud deployment of Origination Manager Essentials. Accessing the solution as a service ensures they can utilize the solution with little to no IT or infrastructure cost. It also allows for easy setup, scaling of operations and headache-free upgrades and maintenance.