Banks and Credit Unions Speed Small Business Lending with FICO's Cloud-Based Loan Origination Solution First Utah Bank, Lowell Five Cent Savings Bank, MetroBank and University Credit Union join growing list of lenders using FICO LiquidCredit Service
SAN JOSE, Calif., June 5, 2013 /PRNewswire/ -- FICO (NYSE: FICO), a leading predictive analytics and decision management software company, today announced that 1st United Bank, First Utah Bank, Lowell Five Cent Savings Bank, and MetroBank are implementing the FICO® LiquidCredit® service, a cloud-based scoring solution that speeds consumer and small business lending decisions. The FICO solution will enable these lenders to approve small business loan applications in hours, not days, and help improve customer satisfaction and attract more small business customers.
These lenders are among those using the FICO LiquidCredit platform with the FICO® Small Business Scoring Service℠ (SBSS℠), which includes predictive models built specifically to assess small business credit risk. With this solution, lenders can offer faster decisions to small business applicants through process automation and instant risk assessment throughout their branches.
"University Credit Union is not just another bank, we provide a full range of services for every stage of our members lives," said Joseph Boekweg, vice president of lending at University Credit Union. "State-of-the-art lending services powered by FICO LiquidCredit enable us to assist our members manage their small business needs more efficiently and enjoy greater financial stability with quick and valuable loan decisions."
"It is our goal to establish the type of honest, long-lasting banking relationship our members need to be successful," said Mark Zupon executive vice president and chief credit officer at First Utah Bank. "FICO LiquidCredit and SBSS enable us to promptly make lending decisions suited to help our members business grow and flourish."
"We take pride in being a service-oriented community bank providing tailor-made financial products and services to individuals, families, businesses, non-profits, and municipalities," said Donald Bedard, senior vice president, chief credit officer, and chief lending officer at Lowell Five Cent Savings Bank. "We selected FICO LiquidCredit and SBSS because we wanted flexible and powerful tools for implementing new lending strategies that help us meet the changing needs of small businesses. The FICO solution will enable us to get more credit flowing quickly to the local businesses we serve."
"Our business banking program was developed to cater to the unique needs of our customers and community business owners," said Paul Spotts, chief credit administration officer at MetroBank. "FICO is empowering us to help our customer get fast access to the financing they need to sustain and grow their businesses."
"These banks join hundreds more nationwide that are using FICO LiquidCredit to meet small businesses' intense demand for credit," said Bill Waid, vice president of client services in North America at FICO. "Speeding credit to entrepreneurs is good for these institutions and the communities they serve, good for small businesses, and good for the American economy."
The FICO® LiquidCredit® service – a cloud-based automated origination platform – is used by hundreds of lenders to accurately decision and price credit offers. Combined with the FICO® Small Business Scoring Service®, it gives lenders greater flexibility when lending to small businesses by drawing on multiple data sources and more than 100 combinations of consumer and business models and alternative model suites.
FICO (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 — such as the FICO® 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™. Learn more at www.fico.com.
Statement Concerning Forward-Looking Information
Except for historical information contained herein, the statements contained in this news release that relate to FICO or its business are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the success of the Company's Decision Management strategy and reengineering plan, the maintenance of its existing relationships and ability to create new relationships with customers and key alliance partners, its ability to continue to develop new and enhanced products and services, its ability to recruit and retain key technical and managerial personnel, competition, regulatory changes applicable to the use of consumer credit and other data, the failure to realize the anticipated benefits of any acquisitions, continuing material adverse developments in global economic conditions, and other risks described from time to time in FICO's SEC reports, including its Annual Report on Form 10-K for the year ended September 30, 2012 and its last quarterly report on Form 10-Q for the period ended March 31, 2013. If any of these risks or uncertainties materializes, FICO's results could differ materially from its expectations. FICO disclaims any intent or obligation to update these forward-looking statements.
FICO, LiquidCredit, Small Business Scoring Service, SBSS and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.