Home Credit, a company that offers financing services to underbanked, has partnered with FICO to boost its cash loan and credit card portfolios in Russia.

The company will leverage FICO Decision Optimizer to enhance credit offers for its customers.

The FICO software will enable Home Credit to devise and implement different decision strategies in an offline scenario. This will offer the company a better understanding of risks and profits, and enable it to accordingly devise credit offering.

With the usage of FICO Decision Optimizer, Home Credit aims to improve loan acceptance rates.

Additionally, the lending firm plans to use the solution to create decision models for other products.

Home Credit chief risk officer Petr Kapoun said: “Innovation has always been an important driver for our success.

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“Our work with FICO consistently reflects this, and we look forward to seeing how these new solutions and services will benefit our customers.

“We are using advanced analytics to expand opportunities for people who frequently find it hard to get credit.”

This is not the first association of Home Credit with FICO. The company already uses FICO Blaze Advisor Decision Rules Management System to automate its credit decisions.

FICO official Jens Dauner who oversees operations in DACH and Central Europe said: “Home Credit has been a key customer for us in Central and Eastern Europe for more than ten years now.

“Our state-of-the-art optimisation technology will help them balance the trade-offs between customer needs and portfolio profitability in an analytically precise way. This is the next phase of strategy design for banking leaders.”

Notably, FICO added AI-powered identity verification and authentication capabilities to its platform earlier this month.