Mumbai: FICO, a globally recognized data analytics company renowned for its credit scoring system, has initiated operations in India through collaborations with HDFC Bank, Axis Bank, and AU Small Finance Bank. These private lenders are leveraging the FICO platform to digitize processes related to home loans, credit cards, and auto loans.
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The company emphasizes that its cloud-based platform enables swift loan approvals within seconds. This is achieved by analyzing data gathered from various sources, which is then processed by the lending institution.
Vishal Goyal, the Country Director for India, highlighted that the FICO analytics platform can enhance approval rates for lenders by incorporating additional data and transforming it into actionable insights for credit decisions.
Balaji Narayanamurthy, Head of the Business Intelligence Unit at Axis Bank, shared that their bank utilizes the FICO platform to enhance the credit card customer experience. “We eagerly anticipate moving to real-time decisioning for overlimit approvals using richer customer data. A significant step towards a seamless and efficient process,” said Narayanamurthy.
Abhijit Singh, overseeing the digital ecosystem at HDFC Bank, mentioned that HDFC Bank is streamlining its home loan process using the FICO platform, aiming to improve straight-through processing rates.
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Uttam Tibrewal, Executive Director of AU Small Finance Bank, highlighted the platform’s role in expediting and refining vehicle loan processes. “This isn’t just propelling our business growth; it is also aligning with our financial inclusion objectives. We plan to extend hyper-personalised lending solutions across various products to a wider demographic, encompassing rural customers and farmers, even those without conventional credit histories,” said Tibrewal.
