SAN JOSE, Calif., March 11, 2014 /PRNewswire/ -- FICO (FICO), a leading predictive analytics and decision management software company, today announced that FICO® Origination Manager 4.5 is rated in the CEB TowerGroup Consumer Loan Origination Systems Market Update as one of the most complete, flexible and innovative offerings on the market.
CEB TowerGroup senior research director Craig Focardi said, "Financial institutions are demanding flexible, componentized solutions that are either Web-based or available as software-as-a-service (SaaS). Solutions offering enhanced workflow capabilities and modular design, including FICO's OM4.5, will appeal to many large and medium-sized institutions, while newly introduced mobile and cloud capabilities will appeal to institutions of all sizes."
"FICO has been leading the charge with innovation in the field of originations systems for 40 years," said David Lightfoot, vice president of product management at FICO. "Our focus with the latest release has been to further streamline the lending process from application through decision. FICO Origination Manager allows organizations to be nimble and responsive to market forces and new compliance requirements in tight credit and regulatory environments. We have achieved this by building Originations Manager 4.5 on flexible technologies and extending it beyond on-premises installations, allowing clients to deploy it as a service via the FICO Analytic Cloud."
CEB TowerGroup analysis sees the consumer loan origination market expanding quickly through 2016 via the use of enhanced credit scoring analytics, mobile applications for loans and compliance technology. All of these are components of the FICO system.
The most significant advancement in FICO® Origination Manager 4.5 is the new Application Processing Module for workflow management, which allows lending officers and underwriters to be more productive in initiating, managing and reviewing loan applications. Automation, configurable screens and scripted rules all improve the speed and accuracy of the process. Additionally, with the introduction of FICO® Application Studio (a rapid application development platform), lenders can modify the user interface and workflow quickly and easily, with less reliance on their IT department. FICO estimates that when compared to its previous version, clients will see a 50 percent faster time-to-value implementing Origination Manager 4.5 with these new capabilities.
CEB TowerGroup senior research director Craig Focardi said, "Sophisticated consumer loan origination systems, like OM4.5 from FICO, continue to provide advantages to global lenders and most organizations are increasing investment in the technology. Lenders need advanced statistical modeling techniques and an analytical approach to credit decision making and risk management."
More than 500 of the world's leading banks, financial institutions, equipment manufacturers and retailers use FICO originations solutions. These organizations often see 50 to 100 percent increases in application volume capacity, a 25 to 50 percent reduction in manual reviews and a 15 to 25 percent reduction in delinquencies and bad debt.
FICO (FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO® Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count™. Learn more at www.fico.com.
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CEB, the leading member-based advisory company, equips more than 10,000 organizations around the globe with insights, tools and actionable solutions to transform enterprise performance. By combining advanced research and analytics with best practices from member companies, CEB helps leaders realize outsized returns by more effectively managing talent, information, customers and risk. Member companies include approximately 85% of the Fortune 500, half the Dow Jones Asian Titans, and nearly 85% of the FTSE 100. More at cebglobal.com.