IT Brief India - Technology news for CIOs & IT decision-makers
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Indian banks embrace FICO Platform for business growth
Mon, 11th Dec 2023

Leading private-sector banks in India, such as HDFC Bank, Axis Bank, and AU Small Finance Bank, are among the early adopters of the FICO Platform, which was recently launched into the country. The FICO Platform delivers state-of-the-art analytics and artificial intelligence capabilities, designed to empower business growth and decision-making operations.

Dattu Kompella, Managing Director in Asia for FICO, remarks that the platform provides financial institutions with the potential to deliver personalised customer experiences, reshape business models, and achieve optimal outcomes for customers and stakeholders in the dynamic Indian business landscape.

Axis Bank and HDFC Bank see promising results from the integration of the FICO Platform into their operations. Balaji Narayanamurthy, Head of Business Intelligence Unit at Axis Bank, stated that the platform is already showcasing optimistic outcomes. "As part of our commitment to enhancing 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."

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

AU Small Finance Bank, a growing technology-driven Indian lender also incorporated the FICO Platform into their operations. They achieved a remarkable 30% increase in vehicle loan automation. A result that effuses the potential of the FICO Platform by revolutionising lending offers. Commenting on this, Mr Uttam Tibrewal, Executive Director of AU Small Finance Bank, said, "Using the FICO Platform, we can deliver vehicle loans faster and more accurately. This isn't just propelling our business growth; it's also aligning with our financial inclusion objectives."

The FICO Platform promotes several key benefits to banks in India: empowering businesses to strengthen engagement with customers, enhancing productivity, driving strategic business outcomes, and swift project implementation. The platform's success is said to be grounded in customer-focused innovation, having recorded 16 consecutive quarters of over 40 percent year-on-year growth.

Financial institutions who leverage advanced analytics technologies experience increased customer acquisition, improved profitability, and meet compliance requirements. Responding to the trend towards online services, Dattu Kompella of FICO stated, "In India, with 40% of the 1.4 billion population already using digital banking, the trend toward online financial services is clear. As more embrace digital banking, institutions compete to enhance customer experiences, emphasising the benefits of AI, decision automation and business outcome simulation."

Operating on Amazon Web Services (AWS), the FICO Platform prioritises security with advanced encryption protocols. Its digital infrastructure facilitates real-time processing and analysis of large volumes of data, allowing businesses to make informed decisions swiftly. "The FICO Platform is all about helping businesses succeed and making a positive impact on both the organisation and its customers," Kompella emphasized. "At FICO, we're proud to bring applied intelligence to the Indian market to drive real value and meaningful outcomes."