Both the companies will focus on developing solutions that will help businesses in banking, insurance, retail and other industries accelerate growth while controlling risk and meeting new regulatory requirements.
The first joint solution, set to be launched in May, is expected to bring more comprehensive customer data to credit risk analyses, enabling lenders to make more knowledgeable decisions and reduce losses while cross-selling more effectively and building customer loyalty.
TowerGroup senior research director in retail banking & cards practice Craig Focardi said that integrated vendor solutions help financial institutions implement new and better systems more quickly, which is especially valuable with sophisticated analytic solutions. These solutions also help them evaluate the entire customer relationship and offer the right product at the right time.
Fico said that further initiatives from the Equifax and FICO alliance will be launched during the summer and the two companies have established a website on the new alliance at www.efxfico.com to provide clients with more information.
