Absa Bank Helps Distressed Africans Keep Their Homes During Pandemic Using FICO Collections Technology

One of Africa’s largest financial groups wins 2021 FICO® Decisions Award for Debt Collection using automated communications solutions       Highlights: Absa Bank has used FICO® Customer Communication Services to double the number of customers who can self-service to 43 percent Absa Bank has reduced impairment charges on the back of the improvement in customer experience, resulting in an ROI of 29x Absa Bank has won the 2021 FICO® Decisions Award for Debt Management   JOHANNESBURG – 05 March 2021 — Absa Bank, one of Africa’s largest financial groups,…

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More International Banks Use FICO Platform for Asset Governance and Regulatory Compliance

South Africa, January 14, 2021 — Analytics software firm FICO today announced that Yapi Kredi, one of the largest private banks in Turkey, will use FICO® Decision Central™ to manage analytics models and decision logic across the enterprise. Yapi Kredi joins many international banks who aim to seamlessly conduct and orchestrate smarter analytics and data pipelines and enhance AI / machine learning lifecycle management. FICO Decision Central enables businesses to capture models and other decision assets so that they can be reused, modified and improved over time.   More information: http://www.fico.com/en/products/fico-decision-central  …

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Fico survey reveals that financial services firms are severely lagging in online consumer services

VVast majority of traditional banks and fintechs are either far behind their transformation goals, or missing them outright   HIGHLIGHTS:  FICO and Arizent release new report entitled Clear and Present Danger: The Threat of Digital Disruption in Financial Services and What Banks Can Do to Vanquish It.   Only three percent of bank executives are extremely confident their insitution has taken all the necessary measures to protect their businesses against digital disruption, while a majority (71 percent) voiced doubts around their company’s ability to respond to digital disruption.   Just…

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How the reconstruction and recovery plan will impact SMEs

  JOHANNESBURG – Acknowledging the devastating impact Covid-19 has had on the global economy, the President has announced the reconstruction and recovery plan for SA, with a focus on inclusive growth. ; Some of the main focus areas are job creation and reindustrialisation of the economy. Examples of where the impact could be felt by SA SMEs includes the following. The government plans to bring forward the rollout of various large infrastructure projects, which typically have a positive knock on effect on SMEs that are suppliers to big projects and…

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Crazy-rich Africans fear instability

    Nearly all of the high-net-worth individuals in South Africa are concerned about the country’s political environment as they look to create, preserve and spend their wealth. This is according to Standard Bank’s African Wealth Report 2020, released on Wednesday. In Ghana, 67% of the highest earners share this sentiment while in Nigeria and Kenya 64% and 55%, respectively, of high-net-worth individuals are concerned about the politics in their country. Unlike the respondents in the other four countries, only 31% of wealthy individuals in Mauritius view the political environment…

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Debt Collection Faces a Corona Tsunami

Many banks in both developing and mature credit markets are insufficiently prepared. The economies in many countries have not seen a recession for more than a decade. Low levels of unemployment and low loss rates in retail credit have allowed banks to lose focus on their collection and recovery departments. Where investments have been limited to regulatory requirements, organisations are falling behind international good practice. The lack of prior investment shows across methodology, technology and organisational aspects. Even large organisations can be 10-15 years behind standards in markets such as…

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Top 5 Fraud Manager Considerations During COVID-19

Top 5 Fraud Manager Considerations During COVID-19 Being nimble and awake to the rapid changes occurring to bank fraud will be essential. by Adam Davies History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime. Criminals also run their own businesses, and fear is an opportunity to exploit. So, I thought I would outline my top 5 fraud manager considerations during COVID-19. The scale of those affected during this pandemic, not necessarily…

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Can AI discriminate against you?

One of the most common misperceptions in the world of Machine Learning about bias is “If I don’t use age, gender or race, or similar factors in my model, it’s not biased.” Well, that’s not true. Even though the same people holding this opinion know that Artificial Intelligence can ‘learn’ and compute relationships between data, they don’t understand that there are proxies to biased data types in other features that are captured. These proxies are called confounding variables and, as the term indicates, unintended variables can confuse the model into…

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