A New Report From Industry Analyst Firm Aite Group Recognizes FICO’s Loan Origination Solution for Its Flexibility and Ease of Use
Aite Group has named FICO’s Loan Origination Solution as a Best in Class Leader for Retail Loan Origination Solutions (RLOS) and the leader of the overall ranking against 13 other scored vendors.
In its comprehensive vendor analysis report, “Aite Matrix: Transforming Consumer Lending Through Loan Origination Systems,” Aite Group explains how FICO’s robust, flexible modular-based approach to loan origination can fill the individual needs of a wide range of lenders and service providers globally. Larger businesses can quickly deploy FICO’s Loan Origination Solution using one of the platform’s many out-of-the-box configuration templates, which can be easily customized to suit each company’s individual needs. For smaller lenders and service providers, FICO offers scorecards and modeling built on its decades of scoring and analytics experience. In both cases, FICO’s loan origination solution is tailored for businesses that do not have in-house resources to perform these tasks or do not want to use up precious IT resources to do so.
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“FICO’s combination of flexible and comprehensive solution offerings, robust capabilities, and global reach make it a leader in this space,” said Leslie Parrish, senior analyst at Aite Group. “Not only does FICO’s competitive RLOS solution originate l**** in a compliant manner, it also provides a frictionless application process, facilitates meaningful cross-sell opportunities, and provides lenders with insightful analytics to fine-tune their businesses. Lenders that are looking to transform their lending to be more consumer-centric and efficient should look closely at FICO’s offering.”
Today’s customers demand convenience and personalization, forcing lenders and service providers to deliver fast, frictionless digital-account opening experiences, particularly in a COVID-19 world where digital engagement has moved from “nicety” to “necessity.” Lenders are facing the same high borrower expectations and intense competition from their peers as before, but in conjunction with the deteriorating financial health of many consumers, and serious obstacles to loan origination through in-person channels.
With FICO, not only do lenders and service providers benefit from a modular origination solution that enables world class analytics such as real-time counter offer optimization, pricing optimization in credit card, auto, and personal loan lending, but they can also take advantage of adjacent solutions in the marketing pre-screen or campaign management, omnichannel communications, application fraud detection, and collections, as well as pre-built interfaces to key data vendors. In total this gives clients a complete set of controls across the entire loan lifecycle, better positioning them to weather this storm.
“We are thrilled to be recognized by Aite Group as best in class and the overall rankings leader for our Loan Origination Solution,” said David Lightfoot, VP of Product Management, FICO. “For nearly 50 years, FICO has pioneered intelligent credit origination powered by world-class analytics and we continue to innovate to keep our clients ahead of competitors and better meet customer needs. We take our clients’ success very seriously and are committed to helping them build their ideal portfolios by increasing application processing capacity, improving approval rates without adding portfolio credit risk, and decreasing manual reviews with improved credit risk productivity.”
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All FICO clients surveyed by Aite Group gave their experience with Origination Manager high marks, expressing particular satisfaction with the product’s features, ease of use, and FICO’s domain expertise.
“The FICO team is honored to achieve this recognition from the Aite Group. We have long been focused on providing our financial services clients with best-in class solutions that deliver industry leading results for their customers. This recognition helps validate our solution, which is enabled by the FICO Platform, and gives us an opportunity to shine a spotlight on the expansive capabilities of our Loan Origination Solution,” said Nikhil Behl, chief marketing officer at FICO.
In all, 32 vendors offering RLOS solutions were invited to participate in the process, which evaluated participants using the Aite Matrix, a proprietary Aite Group vendor assessment framework, on vendor stability, client strength, product features, and client services.
In addition to being named a Best in Class Leader for Retail Loan Origination Solutions, Loan Origination Solution was recognized as a category leader in Client Strength, Client Service, and Product Features.
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