CFOtech India - Technology news for CFOs & financial decision-makers
Story image
FICO launches advanced analytics platform for banking in India
Wed, 6th Dec 2023

The advanced analytics software global leader, FICO, has recently announced that its innovative cloud-based platform is now available in India. Early adopters of this breakthrough technology include well-known Indian banks such as HDFC Bank, Axis Bank, and AU Small Finance Bank.

In India, a significant 40% of the country's 1.4 billion inhabitants already utilise digital banking services. FICO Platform is poised to contribute towards improved customer satisfaction in local businesses by presenting them with a variety of advanced decisioning and AI tools specifically designed for the local market.

AU Small Finance Bank emerged as one of the success stories since integrating the FICO Platform. The bank has reported an immediate and significant 30% rise in vehicle loan automation. This boost has not only driven business growth but expanded their commitment to financial inclusion, particularly for the underserved and unbanked communities within India.

Dattu Kompella, the Managing Director in Asia for FICO, articulated the impact of this launch, expressing that "financial institutions will now have the potential to deliver hyper-personalised customer experiences, reshape business models, and achieve optimal outcomes for customers and stakeholders".

Highlighting the transformative impact of the FICO Platform, Abhijit Singh, Group Head - Banking as a Service (BaaS), International Banking and Digital Ecosystem Banking at HDFC, said, "At HDFC Bank, our mission was to simplify the home loan process. FICO Platform has proven to be an invaluable asset. It's helped improve our straight-through processing rates, resulting in an enhanced customer journey."

The positive impact of FICO Platform is also reflected in the success story of the AU Small Finance Bank. After integrating FICO's technology, there was a notable 30% increase in vehicle loan automation, which not only propelled their business growth but also aligned with their financial inclusion ethos. Sanjay Agarwal, Founder, MD & CEO of AU Small Finance Bank, expressed his optimism saying, "Using FICO Platform, we can deliver vehicle loans faster and more accurately. We're now planning to extend hyper-personalised lending solutions across various products to a wider demographic."

FICO Platform has several benefits for Indian businesses. Firstly, the platform powers customer connections. It allows business owners to utilise their market knowledge and customer insights for smarter choices and faster learning cycles. Second, it enables organisational transformation by improving productivity and output through seamless collaboration. Third, the platform ensures alignment between IT projects and management KPIs, key for successful business operations. Last, FICO Platform is known for its rapid project implementation time.

A report commissioned by FICO from Forrester Consulting on the 'Current State of Advanced Analytics Adoption' reveals that 75% of industrial decision-makers in India prioritise improving customer experiences. With this in mind, FICO Platform, boasting features that prioritise security, speed, and scalability, is set to drive transformation in the Indian market, delivering real value and meaningful outcomes.