Atto, a provider of credit risk solutions using transactional data, is pleased to announce a strategic partnership with FICO (NYSE: FICO), a global analytics software firm, for the UK market.
This partnership will enable UK lenders to easily integrate Open Banking data into the credit scoring process.
Atto and FICO are combining their expertise in order “to deliver transaction-based scores that rank-order consumers’ risk by analyzing up-to-date consumer-permissioned current account and tradeline transaction data.”
The combination of Atto’s Open Banking technology and FICO’s rich heritage in transaction data analytics can “provide lenders with predictive models built on Open Banking data for more targeted risk decisioning.”
Both companies have extensive experience with Open Banking data; FICO “has built scoring models using Open Banking data for other markets since 2018.”
Clare McCaffery, CCO at Atto said:
“We are excited to join forces with FICO to bring transaction-based predictive models to the forefront of the credit risk industry. Risk managers can leverage these scores informed by Open Banking transactional data, giving them a to-the-second view of their customers. We’re delighted to be pushing the world of credit risk forward alongside FICO.”
The Atto Open Banking score, developed by FICO, can “enable lenders to enhance their risk management strategies and drive greater efficiency in lending processes.”
By leveraging up-to-date Open Banking transaction insights, lenders can “improve customer acquisition, manage portfolios to greater performance, and mitigate risks to achieve sustainable growth.”
Alexandre Graff, global head of Global Partners & Alliances at FICO said:
“This partnership represents a powerful combination of industry-leading expertise and cutting-edge technology, which can dramatically improve UK lenders’ ability to serve their customers with the right products and offers. Together, Atto and FICO are committed to empowering lenders with the tools they need to compete and grow their business.”
Atto claims that it takes the lead with a clear mission, “to shape a more predictable future for lenders. Using real-time bank transaction data, Atto delivers a suite of predictive models to empower risk management.”
Atto offers a range of insights “that gives risk managers a detailed view of customer spending, saving, and earning.”
This added level of understanding “enhances credit risk assessment and promotes a more compliant lending environment.”
Providing accurate foresight lies “at the heart of Atto’s values. By leveraging current financial information, consumers are more likely to receive equitable treatment, whilst businesses gain the tools to make more informed and appropriate lending decisions.”
With innovation in data science at its core, Atto paves the way “for a future where complex decisions can be made in real-time with impossibly recent data.”
