Russia's Touch Bank Offers a Personalized Banking Service Using FICO Technology
MOSCOW, Sept. 1, 2015 /PRNewswire/ -- Touch Bank, a retail online bank of the international financial group OTP, has implemented decision management and analytics technology from analytic software company FICO (NYSE: FICO) to offer customized banking services powered by accurate customer insights and tailored to an individual customer's needs.
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Touch Bank, which launched in Russia in April 2015, has partnered with FICO to build a new financial services platform driven by customer insights derived from multiple Big Data sources, not just credit history. When all basic technology elements supporting Touch Bank's card-based product offering are deployed, a client will be offered a range of customized financial services they can use at their discretion at any time, activating or deactivating any financial product. The bank will set a credit limit with a personalized rate to match an individual borrower's profile or offer more favorable repayment terms.
This personalized approach to providing financing services is enabled by FICO® Model Builder, which accelerates Big Data analysis to derive accurate customer insights.
The entire technology platform operates in real-time, processing all client data automatically in FICO® Blaze Advisor® decision rules management system. FICO Blaze Advisor and FICO Model Builder are both components in the FICO® Decision Management Suite, a technology platform that provides an easy way for businesses to evaluate, customize, deploy and scale state-of-the-art analytics and decision management solutions.
Andrei Kozliar, Touch Bank's CEO, said: "We are delighted to have partnered with FICO. Touch Bank is focused on high-tech solutions, agility, flexibility and an individual approach to offering banking products and providing services to our clients. The FICO solutions we have deployed will enable Touch Bank to instantly and thoroughly explore massive amounts of data obtained from various sources and build predictive models that drive customized offers for the bank's clients."
"Touch Bank is using analytics and automation to deliver highly tailored services to its customers," said Evgeni Shtemanetyan, who directs FICO's operations in Russia from the company's Moscow office. "This kind of innovation is making Touch Bank a rising star in Russia's financial services sector."
About Touch Bank
Touch Bank is an online retail bank, an international project of OTP Group, a European financial group and one of the banking market leaders in Central and Eastern Europe, which started servicing Russian clients in spring 2015. Touch Bank operates under OTP Bank's license and is regulated by the Russian law on credit institutions.
The online bank does not have offline branches. The main platform for interaction between the Bank and its client is the Internet and other interactive communication channels that enable execution of all types of operations around-the-clock, 24/7, with no queues, at any place and at any time.
Financial services provided by Touch Bank represent monoline bank card-based products.
These include convenient top-ups and management of deposits and accounts in multiple currencies, transfers, payments, and other options driving efficient personal finance management in real-time.
For more information about Touch Bank's products see https://www.touchbank.com
About FICO
FICO (NYSE: FICO) is a leading analytics software company, helping businesses in 90+ 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® 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. Learn more at www.fico.com.
For FICO news and media resources, visit www.fico.com/news.
FICO and Blaze Advisor are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.
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