This week saw my first face-to-face meeting with Prosper management in several months and there was a lot to talk...
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[Editor’s note: This is a guest post from Avant. Avant is a platinum sponsor and will be in attendance at LendIt...
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[Editor’s note: This is a guest post from John Birge, Chief Credit Officer of Credibility Capital. Previously he spent 14...
Scott Zoldi, chief analytics officer at FICO, discusses innovation in credit data, credit scoring and fraud protection; FICO has been using artificial intelligence for decades and the firm has over 130 patents; Scott has experience in theoretical physics and joined FICO in 1999 to focus on the use and development of data with a specific interest in machine learning; Scott talks about the company's standard credit scoring services and also the innovative solutions FICO has developed including the FICO XD score for financial inclusion and their fraud solution product, Falcon. Source
FICO CEO Will Lansing said some banks are confusing customers by using a different score which he has dubbed Fako; VantageScore, the company behind the alternative scores, says their scoring is used by thousands of lenders for credit decisions and FICO is upset over competition; FICO is the most widely used credit scoring method as trillions worth of loans have been extended using FICO; JP Morgan Chase and Capital One both use VantageScore to help customers stay alerted about their credit health and not necessarily to underwrite loans. Source.
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[Editor’s note: This is a guest post from Joshua Schnoll, Director, Product Marketing at FICO. FICO is a bronze sponsor and will be...
We did something new this year at LendIt USA 2015. We hosted a series of pre-conference workshops that went into...
Customer acquisition is a key factor for both traditional banks and online lenders; both use similar marketing tactics to reach customers and expand customer accounts; expensive marketing strategies have led many financial services companies to focus on providing free financial health and planning tools for their customers as part of their marketing strategy for customer acquisition; FICO provides examples from Prosper and Discover in their featured blog post; notes some of the things needed to develop successful financial health and planning tools. Sponsored Blog Post
Indian banks are working with fintech startups to develop technology similar to what is used in markets like Africa and China; the banks hope to use social data and online shopping habits to underwrite borrowers; FICO recently began to offer credit scores in India using alternative data and there are many startups working on similar efforts. Source
Credit scoring company FICO is starting to make some changes to how they view consumers with rising debt and those...