FNBO Teams Up with FICO to Expand Its Credit Transparency Program, Leading to More Financially Empowered Consumers
May 02 2024 - 8:00AM
Business Wire
Nearly Half a Million Consumers Access Their
FICO® Scores for Free Through FNBO’s Credit Watch℠ Program
FICO (NYSE: FICO)
Highlights
- Through its participation in the enhanced FICO® Score consumer
education program, FNBO helps empower customers with the
information they need to be more in control of their everyday
finances
- Since the launch of FNBO Credit Watch℠ in June 2023, over 17%
of FNBO’s online consumer credit card customers have enrolled
- FNBO has won a 2024 FICO® Decisions Award for Financial
Inclusion
For more than ten years, FNBO (First National Bank of Omaha),
one of the largest privately held banks in the United States, has
worked with analytic software leader FICO to offer FICO® Scores to
its customers by participating in the FICO® Score Open Access
program. This access creates and cultivates more financially aware,
literate consumers by allowing them to view their FICO Score
directly on their online account or mobile app. Expanding on its
success with FICO Score Open Access, FNBO introduced an enhanced
and feature-rich consumer education program known as FNBO Credit
Watch℠.
Through the FNBO Credit Watch℠ program, FNBO customers can
access their FICO® Score and view up to five positive and negative
factors that impact their FICO Score. These additional factors help
educate customers and allow them to make more informed credit
decisions. Customers further understand the impacts of opening new
lines of credit, paying down debt and paying bills on time. Since
the launch of FNBO Credit Watch in June 2023, nearly 500,000
customers have joined the program in the first nine months. This
accounts for 17% of FNBO’s online consumer credit card
population.
“The benefits of the FICO Score Open Access and FNBO Credit
Watch programs have been tremendous,” said Jerry O’Flanagan,
executive vice president at FNBO. “The transparency has enabled
our customers to be more in control of their everyday finances.
This knowledge and empowerment transfers to other significant
customer financial decisions, whether it is obtaining a home
mortgage, starting a small business, or buying a car.”
With FNBO’s Credit Watch℠, real time credit inquiry alerts also
help customers monitor their accounts by supporting early detection
of identity theft and fraud. These features support the company’s
ongoing focus to encourage financial well-being and deepen
relationships with customers.
“FNBO’s efforts in furthering credit transparency go hand in
hand with FICO’s focus on financial literacy and empowerment,” said
Nikhil Behl, chief marketing officer and executive vice
president at FICO. “It is important for consumers to have
access to their FICO Score, the credit score that is used by 90% of
top U.S. lenders, and we applaud FNBO’s decision to make it easier
than ever for their customers to access this valuable
information.”
For these achievements, FNBO won a 2024 FICO® Decisions Award
for Financial Inclusion.
“FNBO’s Credit Watch program is an impactful project that can
help more Americans gain control of their financial health,”
Nick Vitchev, director at Chartis Research and one of the FICO
Decisions Awards judges. “The judges were impressed by FNBO’s
commitment to expanding their financial education and credit
transparency toolset to better serve their customers.”
With the enhanced content of the FICO Score consumer educational
program, lenders like FNBO, are able to provide their customers
with content beyond the standard program, such as additional FICO
Score Factors and FICO Score Ingredients that provide a deeper
insight into what is driving the consumers FICO Score.
More information:
https://www.fico.com/en/products/fico-score-open-access
About FNBO
FNBO (First National Bank of Omaha), a subsidiary of First
National of Nebraska, Inc. (FNNI), is one of the largest privately
held banks in the US and has been in business for more than 165
years. FNNI and its affiliates have over $30 billion in assets and
5,000 employees. FNBO is a leader in the partnership payment arena,
with partners in a variety of industries including retail, travel,
entertainment, automotive, financial institutions and more. FNBO
specializes in providing comprehensive payment solutions with
personalized service to help its customers achieve their goals.
Founded in 1857, FNBO has maintained its commitment to customers
and helping build strong communities. Learn more at FNBO.com and
connect on Facebook, X and Instagram.
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are
achieving remarkable success using FICO solutions. A panel of
independent judges with deep industry expertise evaluates
nominations based upon measurable improvement in key metrics;
demonstrated use of best practices; project scale, depth and
breadth; and innovative uses of technology. The 2024 judges
are:
- Andrew Birmingham, editor, Mi3
- Eric Kavanagh, CEO Bloor Group and host,
InsideAnalysis
- Elizabeth Lumley, deputy editor, The Banker
- Paul Mah, senior editor, CDO Trends
- Laura Martins, editor, IT Forum
- Paul Robinson, VP credit management at Canadian Tire
Bank (previous winner)
- Shiv Sehgal, EVP audience analytics at RSG Media
(previous winner)
- Nick Vitchev, director at Chartis
The winners of the FICO Decisions Awards were spotlighted at
FICO® World 2024, April 15 – April 18, 2024 in San Diego,
California.
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 has been made available in over 40 other countries, improving
risk management, credit access and transparency. Learn more at
www.fico.com.
Join the conversation at https://twitter.com/fico &
https://www.fico.com/blogs/.
For FICO news and media resources, visit
https://www.fico.com/en/newsroom.
FICO is a registered trademark of Fair Isaac Corporation in the
US and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240502441303/en/
Julie Huang press@fico.com
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