Slovakia's Top Bank Slovenská Sporiteľňa to Sharpen Lending Strategies with FICO AI-Powered Optimization

Rhea-AI Summary

Slovenská sporiteľňa, Slovakia's largest commercial bank, has selected FICO Decision Optimizer to enhance profitability and optimize its cash loan portfolio management. This collaboration aims to leverage FICO's AI-driven capabilities to develop data-informed lending strategies. As part of Erste Group, a leading financial services provider in Central and Eastern Europe, Slovenská sporiteľňa serves over 16 million clients across seven nations. The implementation of advanced data science and mathematical optimization will transform lending practices in a complex market.

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• Slovenská sporiteľňa aims to enhance profitability through FICO's advanced AI-powered optimization.
• The partnership allows for data-driven lending strategies, potentially improving results in the cash loan portfolio.
• FICO Decision Optimizer supports the entire decision-making lifecycle, improving cost, risk, and reward balance.

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• None.

LONDON, June 28, 2021 /PRNewswire/ -- Slovenská sporiteľňa, the largest commercial bank in Slovakia, has chosen FICO^® Decision Optimizer to increase profitability and improve portfolio management for its cash loan portfolio. Using FICO's advanced AI-powered optimization, the bank will develop data-driven lending strategies to systematically improve results. Slovenská sporiteľňa is part of the Erste Group, one of the largest financial services providers in Central and Eastern Europe, which serves more than 16 million customers in seven countries.

More information: https://www.fico.com/en/products/fico-decision-optimizer 

"As a digital banking leader in Slovakia we are looking forward to this cooperation," said Zdeněk Románek, member of the Board of Directors of Slovenská sporiteľňa responsible for retail banking. "We value not only the power of the FICO optimization algorithms and software but the way they will enable our data scientists and our portfolio management team to collaborate on designing, executing and managing new strategies for the business."

"Slovenská sporiteľňa, as the lending leader in Slovakia, is advancing the use of mathematical optimization to transform lending," added Steve Hadaway, EMEA general manager for FICO. "This is the application of advanced data science to navigate a universe of possible strategies and identify the most successful, based on multiple constraints and objectives. For a complex lending market like the one today, optimization has become an essential tool."

FICO^® Decision Optimizer, part of the FICO^® Platform, supports the entire lifecycle of designing, developing, executing and deploying decision optimization technology. Its advanced decision impact modelling, simulation and optimization techniques allow lenders to discover better decision strategies that balance trade-offs between cost, risk and reward, while also factoring in economic and market conditions.

About Slovenská sporiteľňa

Slovenská sporiteľňa, part of the Erste Group, is the largest commercial bank in Slovakia with a full foreign exchange license and a permit for mortgage trading. The bank has the largest share of the deposit market, has the biggest network of its own branches and issues the most bank payment cards. More information is at https://www.slsp.sk/en/personal.

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 195 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.

Learn more at https://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

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SOURCE FICO

FAQ

What is FICO Decision Optimizer?

FICO Decision Optimizer is an AI-powered tool designed to enhance profitability and optimize portfolio management for lending strategies.

How will Slovenská sporiteľňa benefit from using FICO Decision Optimizer?

Slovenská sporiteľňa will leverage FICO's optimization technology to develop data-driven lending strategies, improving profitability and portfolio management.

What is the significance of Slovenská sporiteľňa in Slovakia?

Slovenská sporiteľňa is the largest commercial bank in Slovakia, part of Erste Group, serving over 16 million customers across multiple countries.

When was the partnership between Slovenská sporiteľňa and FICO announced?

The partnership was announced on June 28, 2021.