eLearningClasses.com
Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

FICO LAUNCHES CLOUD-BASED ORIGINATION SOLUTION TO HELP MID-MARKET LENDERS AUTOMATE SMALL BUSINESS LENDING DECISIONS

Origination Manager Essentials reduces loan application processing time to 60 seconds or less 

HIGHLIGHTS:

  • FICO® Origination Manager Essentials is designed to help mid-market banks and credit unions automate small business lending decisions.
  • The solution combines powerful analytics with an automated, cloud-based platform to increase loan volumes with the same amount of staff and drive down the cost of originating loans.
  • Origination Manager Essentials includes the well-established FICO® Small Business Scoring ServiceSM, which helps lenders assess the risk of small businesses applying for credit

For more information: www.fico.com/fico-origination-manager-essentials

FICO has launched FICO® Origination Manager Essentials to help smaller financial institutions make faster, smarter small business lending decisions. Delivered as a cloud service, the easy-to-use loan origination system streamlines and automates the decision process and gives smaller institutions access to the same powerful analytics in risk assessment for which FICO is known. Lenders using the solution can process small business loan applications in as little as 60 seconds, as opposed to days, which is still the average processing time for many lenders today when dealing with small business credit.

Currently, small banks and credit unions are challenged by nimble lenders who operate online and can give auto-approvals for loans in minutes. Origination Manager Essentials, delivers banks the same technical advantage so they can compete on experience and relationships rather than technology.

The decision flow automation and web-based interface incorporated into Origination Manager Essentials allow lenders to quickly implement the solution. Origination Manager Essentials has been designed to reduce the operational costs associated with compliance by making consistent, more objective decisions on small business loan applications. The solution also helps to eliminate human error and improve efficiency in data entry and loan processing.

“Mid-market lenders play an integral role in supporting small businesses’ growth and development,” said Tim Van Tassel, vice president of FICO’s credit lifecycle business line. “With many new entrants providing loans to small businesses, it is crucial that lenders can improve speed and customer service, while maintaining strong risk assessment across their portfolios.”

A key component to this speed-to-decision is the incorporation of the FICO® Small Business Scoring ServiceSM (SBSSSM), which uses proprietary analytics to measure applicant risk, based on major consumer and commercial data sources.  SBSS can help smaller institutions make smarter decisions even when they don’t have the data in house. It does this by measuring and evaluating the capacity risk of small businesses applying for credit, using models built from pooled client data.

“Lenders lose out on new customer opportunities when they cannot meet small business borrowers’ requirements for a quick decision,” said Christine Pratt, senior analyst at Aite Group. “Origination solutions that speed up decisions while answering the institution’s need for transparency and credit risk management are well positioned to gain happy customers and loan share as the market improves.”

Lenders will also benefit from the cloud deployment of Origination Manager Essentials. Accessing the solution as a service ensures they can utilise the solution with little to no IT or infrastructure cost. It also allows for easy setup, scaling of operations and headache-free upgrades and maintenance.