The Science and Art of Decision Management at a Large Bank
IDC just published an in-depth case study demonstrating how a large bank used FICO Blaze Advisor as a base for their decision management capabilities. Here are some key take-aways from this interesting use case:
Company: Large bank (anonymous)
With rapid geographic expansion, new product lines and a significant increase in the number of loan applications, this bank needed to deploy new technology to ensure that the operational efficiency of the lending process was maximized. The goal was to use the technology to enable the local credit manager to make better (faster, more insightful, and more consistent) decisions.
How FICO Blaze Advisor Helped:
- Flexibility to change rules on demand
- Scalability to move from hundreds to thousands of rules
- Business user functionality to quickly change relevant rules instead of hard coding them on the underlying operational system
- Availability of audit trails for policy changes which enabled internal policy review and compliance reporting
- Real-time risk assessment of online customers using smart application forms
- Mass personalization of customer interactions based on interactive application forms and intelligent assistance for product selection
- Automated workflow, ease of deployment and maintenance and improved management reporting
Results: Blaze Advisor enabled the bank to react faster to loan applications and with greater insight to changes in lending norms. In addition, the bank improved productivity through credit process automation via the deployment of automated scoring models for risk assessment.
Deploying an initial set of rules is only a portion of any decision management program. There is a need for ongoing review of rules and the rapid deployment of new or modified rules. This bank took Blaze Advisor and made it the foundation for all decision management. It was leveraged across multiple decision areas and prompted a true culture shift to embrace automation.