OTP Group Adopts FICO Originations Solution as Standard Across Europe
FICO announced that OTP Group, a major financial services provider in Central and Eastern Europe, has adopted the FICO® Originations Solution as its standard system for approving retail credit applicants. This decision aims to enhance cost efficiency and risk management amidst a digital transformation project. The cloud-based solution will enable OTP Group to quickly adapt to market changes while maintaining localized decision-making processes. FICO's platform is poised to support OTP's ongoing growth and innovation in financial services.
- OTP Group standardizes on FICO Originations Solution to improve cost efficiency.
- Cloud-based FICO solution allows for faster adaptation to market changes and regulations.
- FICO's low-code/no-code solution supports future scalability for OTP Group.
- None.
LONDON, Nov. 16, 2021 /PRNewswire/ --
Highlights:
- FICO® Originations Solution will allow OTP Group to respond quicker to changing market needs and regulations
- FICO's experience with cloud solutions is helping OTP Group to innovate
- Cloud-based solution gives OTP Group future-proof efficiencies
As part of a digital transformation project across its European operations, OTP Group is adopting FICO® Originations Solution, Powered by FICO® Platform as its standard system for approving retail credit applicants. By standardizing on this solution, OTP Group — one of the largest independent financial services providers in Central and Eastern Europe — aims to improve cost efficiency while increasing its control over risk management for new customers.
More information: https://www.fico.com/en/solutions/origination
FICO's superior low-code/no-code solution was a key driver for OTP Group in its selection of FICO Originations Solution.
"We conducted a thorough review of the market for originations solutions, and FICO's platform vision and cloud-first strategy stood out for us, as we can add new capabilities from FICO Platform as we grow," said Gyorgy Kiss-Haypal, group chief risk officer at OTP. "Another crucial factor in deciding to partner with FICO was trust. FICO's regional experience with cloud solutions and the company's leadership in decision management will help us adopt this solution rapidly."
OTP Group has grown for years through mergers and acquisitions. Now it is standardizing much of its IT infrastructure, and the FICO solution offers a blend between centralized and local management of decision rules. This will help OTP balance pan-continent standardisation with in-country localisation.
"FICO Originations Solution allows us to standardise workflow whilst still maintaining country-specific rules and processes," said Kiss-Haypal. "With the solution, we can determine which rules will be managed by the Head Office and which will be managed in the countries."
"OTP Group has ambitious goals that are perfectly matched to FICO's solutions," said Steve Hadaway, regional general manager for FICO in EMEA. "The easy configuration of FICO Originations Solution gives OTP much greater flexibility and speed to adapt to changing market needs and regulations. And because the solution is built on the extensible FICO Platform, the banking group will be able to use the same technology to address other customer needs across the lifecycle, dramatically improving cost efficiency, time to value and customer experience."
FICO® Originations Solution, Powered by FICO® Platform is a customer onboarding system for lenders across a multitude of sectors. It enhances origination decisions with flexible strategy and rules creation to maximise profitability and ensure consistently relevant customer experiences. FICO Originations Solution is built on FICO Platform, a cloud-based, AI-powered environment for managing decisions across the enterprise.
Media:
FICO North America PR:
Greg Jawski, Porter Novelli for FICO
1-212-601-8248
Greg.jawski@porternovelli.com
FICO UK PR:
Wendy Harrison / Parm Heer / Matthew Enderby
ficoteam@harrisonsadler.com
0208 977 9132
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com
Join the conversation at https://twitter.com/fico & http://www.fico.com/en/blogs/
FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.
About OTP
OTP Group is one of the largest independent financial services providers in Central and Eastern Europe with headquarters in Hungary. The banking Group operates in 11 countries, its 40 thousand employees serve 19 million customers and has over 1,700 branch offices. Owing to economic and legal considerations, OTP Group provides its universal financial services through several subsidiaries. In Hungary traditional banking operations are performed by the Bank while specialized services, including car leasing, investment funds are developed and offered by the Bank's subsidiaries.
Learn more at https://www.otpbank.hu/
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SOURCE FICO
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