FICO fuels Banco Original digital launch
Sao Paulo-based Banco Original is feeling the FICO effect for its digital platform launch.
AI and ML ambitions are next
Original, which calls itself the “first Brazilian bank to offer a 100% digital checking account”, will use FICO Origination Manager and FICO Application Fraud Manager to manage credit operations and for fraud prevention.
“Our customer contact is 100% digital,” says Alexandre Pinelli, Banco Original’s IT superintendent. “We require solutions and technologies that allow us to assess a customer’s profile in our digital process so that we may take the right decisions as fast as possible.”
When originating an account, Original’s systems capture the information sent by customers, as well as external data such as data from credit bureaus. All this information is processed by FICO decision engines in real time.
Pinelli explains that along with checking accounts, the bank offers cards, loans, investments, insurance and pension plans.
The bank’s next steps in technology are aimed at “improving processes” using artificial intelligence (AI), neural networks and machine learning.
As reported in 2016, Banco Original went live with a new treasury management system, OpenLink’s Findur.
Original was created in 2011 as a result of the merger of Banco JBS and Banco Matone. The bank is owned by a major Brazilian conglomerate, J&F Group.
The bank says it has 600,000 customers. It has a net worth of BRL 2.2 billion ($585.5 million), with BRL 8.8 billion ($2.3 billion) in assets and a credit portfolio of BRL 5 billion ($1.3 billion).
