British fintech company Evergreen Finance London has selected FICO’s solutions to automate its lending decisions.
Evergreen Finance London operates as MoneyBoat.co.uk and offers people direct ranging from £200 to £1,500.
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As a part of the collaboration, Evergreen has purchased FICO Decision Modeler to execute its credit evaluation strategies.
The platform will specifically execute three bespoke analytic models developed by FICO to address affordability and risks of lending.
Accordingly, the process will help Evergreen to make intuitive credit decisions and reduce default rates.
Evergreen founder and director Yisroel Perkel said: “We reviewed other decision engines, but the FICO system gives us the greatest sophistication and flexibility.
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By GlobalData“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.”
FICO Decision Modeler is a part of FICO Decision Management Suite for developing and deploying analytic applications.
It enables the clients to utilise business terms instead of programming to create decision rules for services or applications.
FICO general manager in Europe, the Middle East and Africa Steve Hadaway said: “Evergreen, like other fintechs we serve, need the smartest technology available to make sound lending decisions faster.
“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.”
