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FICO Poll: Tailored Banking Services Key to Profit in 2014 According to Asia Pacific Chief Risk Officers

January 21, 2014



-- Poll reveals shift in priorities and increased demand for analytic technology

SINGAPORE, Jan. 22, 2014 /PRNewswire/ -- FICO( http://www.fico.com ) (NYSE:FICO), a leading predictive analytics( http://www.fico.com/en/Communities/Pages/Predictive-Analytics.aspx ) and decision management software company, today released results from a poll of Asia Pacific banking risk professionals, showing that 72 percent of respondents felt that driving profitability in 2014 is of greater importance than it was in 2013. The poll was conducted among chief risk officers from banks and lenders across the region who attended the FICO APAC CRO forum in December 2013, to address the topic, "Managing Risk and Driving Profitable Growth."

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The CROs said rising competition is driving the need for technology that will provide a return on investment, and rated regulatory compliance and regulation as less important than in 2013.

The poll also revealed a growing appreciation of the role customer relationship management technology has in driving profitability. About one-third of respondents (34%) estimated that 10-25 percent of their organization's IT spend will be set aside for 'customer-centric' IT, as opposed to organizational IT.

"Allocating IT budgets to improve customer centricity shows an organization's desire to increase their competitiveness and grow market share," said Daniel McConaghy, president for FICO in Asia Pacific. "Yet while APAC banks are investing strongly, it's notable that 58 percent of APAC CROs felt their bank was behind their European and US peers when it came to technology and innovation."

The CROs also identified their top priorities for technology investments in 2014. Originations was ranked first, followed closely by mobile banking and marketing. The expansion of existing customer relationships through the use of data analytics allows banks to take a more targeted, personalized marketing approach.

When it came to banks' priorities in risk and compliance investments, credit risk was the clear leader. This shows the value banks are now placing on the sustainable growth of loan books to ensure delinquencies are kept at bay.

"Sharpening analytic capabilities is essential to optimizing decision management and meeting multiple business objectives," said Daniel McConaghy. "As IT priorities move from the back end of organizations to the forefront, CROs are looking to adopt more sophisticated analytic technology and reap stronger returns on investment. 2014 will be the year that we see renewed growth in these capabilities amongst banks in APAC."

About FICO

FICO( http://www.fico.com ) (NYSE: FICO) is a leading analytics software company, helping businesses in 80+ countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behavior has transformed entire industries. FICO provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and meet strict government regulations. Many of our products reach industry-wide adoption. These include the FICO(R) Score, the standard measure of consumer credit risk in the United States. FICO solutions leverage open-source standards and cloud computing to maximize flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health. FICO: Make every decision count(TM). Learn more at www.fico.com.

For FICO news and media resources, visit www.fico.com/news.

Join the conversation on twitter at: @FICOnews_APAC( https://twitter.com/FICOnews_APAC )

FICO and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.

SOURCE FICO


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Source: PR Newswire (Hong Kong Feed)


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