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FICO Launches Cloud-Based Origination Solution to Help Mid-Market Lenders Automate Small Business Lending Decisions

Origination Manager Essentials reduces loan application processing time to 60 seconds or less

FICO, Small Business Scoring Service and SBSS are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.

HIGHLIGHTS:

  • FICO® Origination Manager Essentials is designed to help mid-market banks and credit unions automate small business lending decisions.
  • The solution combines powerful analytics with an automated, cloud-based platform to increase loan volumes with the same amount of staff and drive down the cost of originating loans.
  • Origination Manager Essentials includes the well-established FICO® Small Business Scoring ServiceSM, which helps lenders assess the risk of small businesses applying for credit

For more information: www.fico.com/fico-origination-manager-essentials

FICO has launched FICO® Origination Manager Essentials to help smaller financial institutions make faster, smarter small business lending decisions. Delivered as a cloud service, the easy-to-use loan origination system streamlines and automates the decision process and gives smaller institutions access to the same powerful analytics in risk assessment for which FICO is known. Lenders using the solution can process small business loan applications in as little as 60 seconds, as opposed to days, which is still the average processing time for many lenders today when dealing with small business credit.

Currently, small banks and credit unions are challenged by nimble lenders who operate online and can give auto-approvals for loans in minutes. Origination Manager Essentials, delivers banks the same technical advantage so they can compete on experience and relationships rather than technology.

The decision flow automation and web-based interface incorporated into Origination Manager Essentials allow lenders to quickly implement the solution. Origination Manager Essentials has been designed to reduce the operational costs associated with compliance by making consistent, more objective decisions on small business loan applications. The solution also helps to eliminate human error and improve efficiency in data entry and loan processing.

A key component to this speed-to-decision is the incorporation of the FICO® Small Business Scoring ServiceSM(SBSSSM), which uses proprietary analytics to measure applicant risk, based on major consumer and commercial data sources.  SBSS can help smaller institutions make smarter decisions even when they don’t have the data in house. It does this by measuring and evaluating the capacity risk of small businesses applying for credit, using models built from pooled client data.

Lenders will also benefit from the cloud deployment of Origination Manager Essentials. Accessing the solution as a service ensures they can utilize the solution with little to no IT or infrastructure cost. It also allows for easy setup, scaling of operations and headache-free upgrades and maintenance.

Source:  FICO Press Release

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