FICO Partners with Open Banking Leader OpenWrks to Deliver Affordability Assessments

The partnership will drive innovation in the use of Open Banking to deliver customer-validated affordability assessments in the UK and provide additional analytic insights into customers' circumstances LONDON, May 29, 2020 /PRNewswire/ --Highlights

FICO has partnered with OpenWrks in the UK to improve affordability assessments for existing customer management and collections activities

Combining Open Banking data with conversational AI enables consumers to self- serve by completing an affordability assessment digitally and remotely, dramatically reducing operational costs and improving customer experience

FICO and OpenWrks plan to develop and deploy a new suite of analytics to unlock the value in Open Banking data to improve consumer and business lending decisions

Global analytics and decision management provider FICO has partnered with OpenWrksA a?? a leading provider of Open Banking based digital engagement applications. Under the partnership, which initially serves the UK market, FICO plans to combine OpenWrks financial budgeting and conversational AI technology with FICO's market-leading integrated collections and omni-channel platform to assist creditors in making the most appropriate customer decisions during the crisis and beyond. Open Banking has created transparency about how customers manage their finances.A  Being able to access this transparency in a user-friendly way is expected to revolutionise the speed and accuracy of up to 200 million affordability assessments undertaken annually before credit terms are offered. Increasing speed and accuracy will not only save money but also improve the overall customer experience.
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