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March 22, 2018

Basisbank taps FICO Technology for digital transformation

Danish online lender Basisbank has decided to expedite its digital transformation and control credit risk using FICO decision management technology.

Basisbank, which receives 75% of its credit applications from mobile devices, will employ FICO Blaze Advisor decision rules management system to quickly make necessary changes to credit strategies for unsecured consumer loans and point-of-sale financing.

It is expected to reduce the risks of loans remaining unpaid as well as increase profitability of the company.

Basisbank business development head Morten Larsen said: “As a fintech, we need to be fast and responsive to customer demands, while maintaining strong risk management.

“We need to give our risk analysts the maximum flexibility to make changes quickly, not wait in a queue for IT to make changes.

“In our review of the market, FICO provided the most powerful and flexible solution, and also has the greatest expertise in financial services.”

A part of the FICO Decision Management Suite, FICO Blaze Advisor decision rules management system allows the users to maximise their control over high-volume operational decisions.

FICO Europe, the Middle East and Africa general manager Steve Hadaway said: “Basisbank is seen as a leader in the Danish fintech market.

“For tech-savvy players like this, the old generation of lending platforms are too slow and inflexible. The cutting-edge power of FICO Blaze Advisor is perfect to help them grow in a profitable and sustainable fashion.”

Established in 2000, Basisbank is a privately owned internet bank that focuses on providing banking and consumer finance products to private individuals.

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