ISTANBUL, Nov. 17, 2020
/PRNewswire/ --
Highlights
- After a competitive search, Akbank chose FICO to optimize its
consumer credit card limit decisions for new and existing
customers.
- Akbank also plans to use the same optimization technologies in
solving different problems such as setting loan amount and price,
and customer credit limits
- FICO is also working to futureproof the bank's risk management
growth by training in-house Akbank team on the optimization
methodologies and action-effect modelling.
- Akbank's strategy is to establish an optimization centre of
excellence.
Global analytics and decision management provider FICO is
providing decision optimization software to manage the growing
consumer credit card portfolio for one of the biggest Turkish
retail banks, Akbank.
More information:
https://www.fico.com/en/products/fico-decision-optimizer
FICO has a global pedigree in credit limit management
optimization projects, and many of the world's leading financial
institutions use its optimization technology. Akbank will tap into
this depth of experience to create an optimization centre of
excellence. Akbank has tasked FICO to train an in-house team so
they can build their own applications for other areas, such
as loan amount and pricing optimization, customer-based limit
optimization and restructuring optimization.
FICO will configure and develop sophisticated "action-effect"
models for Akbank's retail lending team using FICO® Decision
Optimizer to manage their initial credit limit assignment and
the on-going limits for Akbank's consumer credit card
portfolio. The action-effect models project customer
responses to offers in order to determine the best offer for each
customer. These will be configured into the optimization
framework, allowing the Akbank team to choose an operating point
that meets their objectives and constraints.
Serhan Pak, Akbank's senior vice
president, Retail Lending, said: "We view optimization as a
strategic tool for Akbank, as we build on excellence in credit
analytics to reach our strategic goals. The robustness of FICO's
analytic technology and the fact that their optimization
applications are in use worldwide made them a natural choice for
us."
Emre Unlusoy, regional director
for Turkey & Balkans at FICO,
said: "Akbank is aiming to improve profitability, market share and
revenues while decreasing non-performing loans. This is an ideal
use of optimization, which brings together analytics, decision
logic, mathematical optimization and domain expertise."
FICO® Decision Optimizer enables business analysts to develop,
assess and improve the decisions that drive customer interactions
and business results. Users can test decision strategies for the
optimal results that balance trade-offs between cost, risk and
reward, by factoring in dynamic economic and market conditions.
Akbank's mission is to be the leading bank that drives
Turkey into the future. The
bank has grown to over 750 branches and employs more than
12,000 people.
About FICO
FICO (NYSE: FICO) powers decisions that
help people and businesses around the world prosper. Founded in
1956 and based in Silicon Valley, the company is a pioneer in the
use of predictive analytics and data science to improve operational
decisions. FICO holds 195 US and foreign patents on technologies
that increase profitability, customer satisfaction and growth for
businesses in financial services, telecommunications, health care,
retail and many other industries. Using FICO solutions, businesses
in more than 100 countries do everything from protecting 2.6
billion payment cards from fraud, to helping people get credit, to
ensuring that millions of airplanes and rental cars are in the
right place at the right time.
Learn more at https://www.fico.com
FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
About Akbank
Akbank's core business is banking activities, consisting of
corporate and investment banking, commercial banking, SME banking,
consumer banking, payment systems, treasury transactions and
private banking, and international banking services. In addition to
conventional banking activities, the Bank also conducts insurance
agency operations through its branches, on behalf of Ak Insurance
and AvivaSA Pensions and Life Insurance
Learn more at www.akbank.com
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SOURCE FICO