Georgia’s TBC Bank finds time for FICO credit application software
Georgia-based TBC Bank has opted for FICO’s Origination Manager 4.5 software, used for decision making on credit applications.
As a result, the bank says it has cut credit decisions and disbursement down from a day to 15 minutes.
Giorgi Alibegashvili, strategic project manager at TBC Bank, says FICO Origination Manager gives it a “competitive advantage, because we can develop and deploy new functionality very quickly” – such as “changing workflows to plugging in new channels”.
In terms of the selection process, Alibegashvili says the most important criteria were “experience and trust” and adds that “FICO is a highly trustworthy company and, along with their platform, they bring tremendous experience as a credit scoring pioneer”.
TBC Bank, which serves over 1.7 million customers, is a universal bank headquartered in Tbilisi. The name comes from Tbilisi Business Centre, dating back to 1992.
FICO, an analytics and decision management software provider, has enjoyed some action this year.
It reported a rise in revenue and income for its third fiscal quarter. For the period ended 30 June 2016, net income totalled $35.0 million versus $19.9 million reported in the prior year period.
It acquired US cyber risk security scoring firm QuadMetrics. The deal will help FICO further develop its Enterprise Security Score, which ranks an organisation’s level of cybersecurity risk.
FICO also teamed up with tech consultancy firm Capgemini to provide analytic solutions in financial services. The alliance will provide FICO’s risk and fraud management products through Capgemini’s consulting and integration services in North America.