Even Risk Managers Put Customer Experience as Priority

92% of bankers surveyed at FICO World 2013 last week in Miami said improving the customer experience at their company is a high priority or the top priority. Given that the majority of those attending are in risk management, fraud and collections, this shows how serious banks are about regaining...

FICO World Preview: Closing the Risk and Fraud Gaps

As the hero in the cult 1960s television program The Prisoner proclaimed: “I am not a number. I am a free man!” Of course, he wasn’t — he was Number 6, a prisoner in a very Big Brother village prison. Like Number 6, today’s banking customers complain that banks have...

"I Hate My Bank But Love My Phone"

“Young people are distrustful, disengaged and disloyal towards their bank and are therefore more likely to switch between providers than older customers.” That’s how the Financial Times summed up Accenture’s new survey of more than 4,000 banking customers in the UK and Ireland. The percentage of respondents who think their...

Customer-Centric Innovations in Fraud Analytics

There's tremendous emphasis on increasing customer centricity in banking these days, and indeed a big focus of my fraud analytics team is developing “customer-focused” innovations. These analytic models go beyond focusing solely on the characteristics of typical fraud events; they’re also built to improve learning of what typical customer behavior...

To Boost Customer Centricity, Focus on Your High Spenders

Many banks have automated rules in place that decline card transactions indicative of high fraud risk. In so doing, they block a large portion of fraudulent transactions. But they are also declining legitimate purchases from high-spending cardholders, who may decide to take their card business elsewhere. A FICO study found...

Join Us For FICO World 2013

How are companies using Big Data analytics to understand and collaborate with today’s connected consumer? Join us at FICO World 2013 to discover answers from experts and network with your banking peers. Registration is now open for the conference, which will be held April 30-May 3 in Miami. FICO World...

European Bank Priorities for 2013: ROC, Cross-Selling and Big Data

With dark clouds still hanging over the European economic and banking landscape, what are risk managers’ priorities for 2013? That is a question we raised in the sixth European Credit Risk survey, conducted by FICO and Efma. In the survey, 71 percent of respondents said demonstrating a higher return on...

Why “Know Your Customer” Still Strikes a Chord

We recently held a very engaging and well-attended seminar in Manila on customer management and profitability. Of course, the topic doesn’t only strike a chord with our Philippine clients; it’s a growing priority for banks worldwide. Finding new customers is very costly, up to 5 times more expensive than broadening...

FICO on CNBC: Asia's New Banking Order (video)

On CNBC's Squawk Box, FICO's APAC Managing Director and blogger Dan McConaghy discusses new trends and challenges in Asia's banking sector. In the segment, he discusses banking regulations, as well as the need for Asian banks to link their capital management and risk management decisions, and retain and grow relationships...

Using mobile to reach the Latin American unbanked

As I’ve discussed here before, a key challenge we face in Latin America is our low rate of banking penetration. Common barriers for unbanked consumers include high fees, long distances for those in remote cities to the nearest bank branch, and lack of proof of income or a fixed address....