FICO Partners with Atto to Build Predictive Models with Real-Time Transactional Data
April 10 2024 - 4:10AM
Business Wire
Risk scores based on consumer-permissioned Open Banking data can
enhance lenders’ risk management and improve customer service
Atto, a leading provider of credit risk solutions using
transactional data, is thrilled to announce a strategic partnership
with FICO, a global analytics software leader, for the UK market.
This partnership will enable UK lenders to easily integrate Open
Banking data into the credit scoring process.
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Atto and FICO are combining their expertise to deliver
transaction-based scores that rank-order consumers’ risk by
analysing up-to-date consumer-permissioned current account and
tradeline transaction data. The combination of Atto's Open Banking
technology and FICO’s rich heritage in transaction data analytics
can provide lenders with predictive models built on Open Banking
data for more targeted risk decisioning. Both companies have
extensive experience with Open Banking data; FICO has built scoring
models using Open Banking data for other markets since 2018.
"We are excited to join forces with FICO to bring
transaction-based predictive models to the forefront of the credit
risk industry," said Clare McCaffery, CCO at Atto. "Risk
managers can leverage these scores informed by Open Banking
transactional data, giving them a to-the-second view of their
customers. We’re delighted to be pushing the world of credit risk
forward alongside FICO."
The Atto Open Banking score, developed by FICO, can enable
lenders to enhance their risk management strategies and drive
greater efficiency in lending processes. By leveraging up-to-date
Open Banking transaction insights, lenders can improve customer
acquisition, manage portfolios to greater performance, and mitigate
risks to achieve sustainable growth.
“This partnership represents a powerful combination of
industry-leading expertise and cutting-edge technology, which can
dramatically improve UK lenders’ ability to serve their customers
with the right products and offers,” said Alexandre Graff,
global head of Global Partners & Alliances at FICO.
“Together, Atto and FICO are committed to empowering lenders with
the tools they need to compete and grow their business.”
For more information about Atto, their models, or their risk
decisioning insights, visit www.atto.co. To learn more about FICO
and its analytics platform, visit www.fico.com.
About Atto
Atto takes the lead with a clear mission, to shape a more
predictable future for lenders. Using real-time bank transaction
data, Atto delivers a suite of predictive models to empower risk
management.
Atto offers a range of insights that gives risk managers a
detailed view of customer spending, saving, and earning. This added
level of understanding enhances credit risk assessment and promotes
a more compliant lending environment.
Providing accurate foresight lies at the heart of Atto's values.
By leveraging current financial information, consumers are more
likely to receive equitable treatment, whilst businesses gain the
tools to make more informed and appropriate lending decisions.
With innovation in data science at its core, Atto paves the way
for a future where complex decisions can be made in real-time with
impossibly recent data. Learn more at https://www.atto.co/.
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 200 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in more
than 100 countries do everything from protecting 4 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and other countries, improving risk management, credit access and
transparency. Learn more at www.fico.com.
FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240410868565/en/
Contacts - Atto: Caterina Ponsicchi caterina@atto.co
Contacts – FICO: Wendy Harrison/Parm Heer
ficoteam@harrisonsadler.com 0208 977 9132
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