To survive and thrive in a completely transformed market, retail banks need to find new approaches that drive new sources of margin, address regulatory issues in a more efficient manner, and re-energize customer engagement via intelligent multi-channel services that reduce churn and balance risk and profits.
There’s also the matter of how to make this happen when new disruptive entrants always seem to be a step ahead with new innovations.
The most savvy retail banks are using optimization to make smarter, more customer-centric decisions, across multiple portfolios and lines of business.
Optimization allows retail banks to add more precision, faster, to their customer-level decisions. From marketing and pricing products, or aligning credit limits with business goals. Even determining the right branch strategy, including what services to provide at each branch.
FICO® Optimization Solutions for Banking have helped hundreds of retail banks uplevel their capabilities, compliance and customer-centricity in the following areas:
FICO Optimization Solutions for Retail Banking are available in the cloud or on-premises. Banks can leverage pre-packaged solutions or use FICO Optimization Modeler to develop their own, to meet their specific needs. For more information, visit https://community.fico.com/community/fico-optimization-community/products.