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FICO has announced that Encompass Lending Group and Equity Resources, Inc. are adopting the new FICO® Score 10 T credit scoring model. This decision comes through their membership in Lenders One® Cooperative, a national alliance aiding independent mortgage bankers, banks, and credit unions. The FICO Score 10 T model is designed to enhance lending decisions, reduce delinquencies, and increase mortgage loan approvals. Equity Resources, Inc., licensed in 20 states and the District of Columbia, aims to leverage this model to qualify more veterans for VA home loans. Encompass Lending Group, serving 46 states plus the District of Columbia, seeks to expand homeownership opportunities using this model. FICO claims that the Score 10 T model can boost mortgage originations by up to 5% and reduce default risk by up to 17%, offering more precise credit risk management.

The latest analysis from FICO reveals significant changes in UK credit card usage and repayment trends from March 2023 to March 2024. Rising costs and inflation have led to higher consumer spending and a noticeable decline in the percentage of payments made towards balances, which currently stands at 36.4%. December 2023 saw record high spending and balances, with average spend per card reaching £850 and balances hitting £1,780.

Missed payments have increased year-on-year, particularly among established cardholders (1-5 years). The usage of credit cards for cash withdrawals has also risen. FICO advises lenders to adopt proactive strategies to address increasing debts and missed payments, including reviewing credit limits and offering better rates to maintain customer loyalty.

Global analytics software leader FICO announced that its Chief Analytics Officer, Dr. Scott Zoldi, has been named one of American Banker’s 2024 Innovators of the Year. This award recognizes leaders in the banking and fintech sectors who are driving innovation and contributing significantly to the industry.

Dr. Zoldi has been noted for his work in Responsible AI, Ethical AI, and blockchain technology, holding over 130 analytic patents. His innovations include an immutable ledger for data and model governance, ensuring responsible AI practices.

The award was presented at the American Banker’s DIGITAL BANKING conference held on June 24-25, 2024, at The Boca Raton resort in Florida.

FICO has announced its collaboration with Chelsea Football Club and the U.S. Soccer Foundation for the 'Fields of Financial Empowerment' tour, focusing on financial education. This year, FICO is expanding its sponsorship to include Chelsea's women's team. The initiative aims to provide free financial workshops for teens and adults in various U.S. cities, coinciding with Chelsea FC's pre-season tour. These workshops will help attendees gain insights into managing credit and achieving financial goals. FICO continues to lead in financial education, offering both live and on-demand resources to enhance financial literacy.

GXS Bank, a digital bank in Singapore, has significantly improved its onboarding efficiency using the FICO Platform, allowing for credit decisions in milliseconds and loan approvals in under three minutes. Leveraging alternative data from ecosystem partners like Grab and Singtel, GXS extends credit to applicants with credit history. This implementation took just three months and led to GXS winning the 2024 FICO Decisions Award for Customer Onboarding & Management. The bank aims to use FICO's capabilities for future credit products across Southeast Asia.

The FICO UK Credit Card Market Report for March 2024 shows a 2.8% month-on-month drop in average UK credit card spending to £765, the lowest in 12 months.

Average credit card balances fell slightly but remain 7.2% higher year-on-year at £1,760. The number of accounts with one missed payment rose by 15.3% month-on-month but is slightly lower compared to March 2023. Accounts missing two and three payments increased year-on-year by 5.5% and 8%, respectively.

Credit limits increased month-on-month and year-on-year. The percentage of payments to balance fell by 0.2% month-on-month and 4.2% year-on-year. Although cash sales as a percentage of total sales fell by 0.2%, they are slightly higher than last year.

FICO announced that its FICO Platform has received the 'Business Intelligence Platform of the Year' award at the Data Breakthrough Awards. The platform is praised for its integration of artificial intelligence, data analytics, digital simulation, and risk modeling, aiding enterprises in smarter decision-making, improved customer interactions, and risk management. Key features include full auditability, transparency, and customization for diverse use cases. The platform's decision-centric approach fosters large-scale, personalized customer experiences and helps mitigate regulatory risks. Previously, it was recognized in Forrester's AI Decisioning Platforms report and received multiple awards for innovation and risk management excellence.

FICO's latest survey reveals that 45% of Thais are most worried about being tricked into making payments to criminals, highlighting the rising concern over real-time payment fraud. Furthermore, 25% cite identity theft as their top financial crime concern, with 61% believing they have or might have been victims. Interestingly, 36% of Thai consumers prioritize fraud protection when choosing new financial accounts. The rapid adoption of real-time payments in Thailand makes it a hotspot for scammers, necessitating heightened vigilance. The survey, conducted in November 2023, involved 1,002 Thai adults and around 12,000 consumers globally.

FICO, an analytics software provider, has partnered with Net.Bit, an IT consultancy, to enhance operational efficiency and regulatory compliance for financial institutions across Europe, the Middle East, and Africa (EMEA). The collaboration will focus on implementing FICO's decision management solutions, particularly the FICO® Blaze Advisor® decision rules management system, as a SaaS offering hosted in Net.Bit's data centers. Net.Bit's two decades of IT expertise will ensure seamless integration and customization of FICO solutions. The partnership aims to provide financial crime compliance through an integrated solution that generates and manages fraud alerts. Proof-of-concept projects have shown significant value, promising improved efficiency and faster ROI for businesses.