The initial focus of the partnership will be on China's city and rural commercial banks, which lag behind their larger counterparts in implementing analytics-based risk management technology.
Mr. Jie Ma, vice president of solutions and cooperation in Yucheng Technologies, said that Yucheng has attached great importance to developing cooperative relationships with business partners. For this cooperation with FICO, Yucheng will integrate FICO's credit risk scorecards and Basel II consultation with Yucheng's banking solutions to provide analytics-based solutions that help financial services institutions meet regulation requirements, promote client business growth, increase profit, and control risk.
Mr. John Chen, managing director of FICO China, said, "This partnership with Yucheng will help spur adoption of predictive analytics within China's many smaller banks, which face unique data quality and risk management challenges, and must focus on meeting Basel II requirements. We are pleased to be working with Yucheng, as this partnership is a critical part of FICO's strategy to meet the increasing demand for FICO's analytics in China's financial services industry. "
As the first Chinese financial information technology provider listed on NASDAQ, Yucheng Technologies provides comprehensive IT solutions. According to a report by IDC, Yucheng Technologies ranks number 1 in banking IT solutions for the China market; number 1 in several business sectors such as online banking, credit management and business intelligence, call center, risk management and channel solutions; and demonstrates strong growth in customer relationship management, front-end and mobile finance.
Since FICO was established in 1956, clients in 80 countries have worked with FICO to increase customer loyalty and profitability, cut fraud losses, reduce credit risk, more effectively obtain new customers, improve decision automation, cut operational cost, rapidly build market share, and meet regulatory requirements. FICO has provided analytics-based technology solutions, consultations and services in Basel compliance consulting, credit risk management, account management and fraud protection to the top 12 Chinese banks since entering the market in 2007.
About Yucheng Technologies
Yucheng Technologies Limited (YTEC) is a leading IT service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has approximately 2,200 employees and has established an extensive network for serving its banking clients nationwide, with subsidiaries and representative offices in 23 cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including. 1) Channel Solutions, such as web banking and call centers, 2) Business Solutions, such as core banking systems, foreign exchange and treasury management, 3) Management Solutions, such as risk analytics and business intelligence. Yucheng is also a leading third-party provider of POS merchant acquiring services in partnership with banks in China.
FICO (NYSE: FICO), formerly known as Fair Isaac, delivers superior predictive analytics solutions that drive smarter decisions. The company's groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO's innovative solutions include the industry-leading solutions for measuring credit risk, managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world's top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. Learn more at www.fico.com. FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/news.
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 initiative, 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 or in the markets we serve, 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, 2011 and Form 10-Q for the quarter ended June 30, 2012. 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 and "Make every decision count" are trademarks or registered trademarks of Fair Isaac Corporation in the United States and in other countries.