UK Fintech Evergreen selects FICO for automating lending decisions

UK Fintech Evergreen Finance London Ltd.(operating as MoneyBoat) has announced a partnership with FICO technology and analytics to automate lending decisions.

According to the supplier, the FICO Decision Modeler will execute Evergreen’s credit evaluation strategies and will enable Evergreen to make increasingly intuitive credit decisions, and by doing so reduce default rates and enhance customer experience.

“Evergreen, like other fintechs we serve, need the smartest technology available to make sound lending decisions faster,” said Steve Hadaway, general manager for FICO in Europe, the Middle East and Africa. “In a high-risk area like short-term lending, precise risk decisions are essential. No company has as much experience as FICO at building risk management systems for lending.”

“We reviewed other decision engines, but the FICO system gives us the greatest sophistication and flexibility,” said Yisroel Perkel, founder and director of Evergreen. “FICO impressed us with their expertise in this area, along with their ability to deliver both world-class software and advanced analytics. By enabling us to approve loans 24/7, their solutions will aid our strategy to rapidly grow and make short-term loans affordable and fair.”

Recently, a cloud edition of FICO’s Debt Manager was selected by the European retail and commercial finance house Raiffeisen Bank International in Albania.

Founded in 1956, FICO specializes in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 190 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries.

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