Global FICO Score Now Used by Five Top Banks in Saudi Arabia

Global FICO® score, from Fair Isaac Corporation, is now being used by five of the top banks in Saudi Arabia to enhance their decision making processes across the entire credit lifecycle.

Global FICO® score, is a highly predictive scoring model designed to evaluate consumer credit risk on any established form of credit bureau data. This scoring solution is currently being used by the Saudi banks to improve decision making throughout the customer credit lifecycle, from marketing initiatives through account approvals, to full portfolio management.

As Fair Isaac’s partner for the Middle East and Africa region, PIC Solutions is dedicated to providing complete credit risk management solutions to clients in the region. This includes Enterprise Decision Management, originations, account management strategy consulting, collections solutions, consulting, project management, integration services, first line software support and ongoing maintenance. PIC Solutions’ Middle East personnel provide extensive support to organisations using the Global FICO® scoring model to ensure that these organisations streamline their decision processes and increase their profitability.

The Fair Isaac technology underlying the Global FICO® scoring model enables rapid deployment in any country where credit bureau data is available. Designed to be consistently scaled across credit bureaux and across national borders, Global FICO® score provides an objective assessment of consumer risk, using a unique and comprehensive range of predictive characteristics.

In addition to Saudi Arabia, Global FICO® score is currently being used or implemented in Turkey, Poland, Sweden, Ireland, Panama, Jamaica, Mexico, Brazil, Singapore, South Korea, Taiwan and Thailand, and is currently being evaluated in other countries by a growing number of institutions. Global FICO® score is available to lenders and credit bureaux in any country where robust credit bureau data is available, except in the United States, Canada, United Kingdom and South Africa, where Fair Isaac credit scores are already available.

Ian Read, General Manager of the Middle East region at PIC Solutions, comments, “We are committed to delivering leading-edge credit risk solutions to our clients in the Gulf region. Global FICO score has proven to be a success in the Middle East market as more organisations realise the benefits of using credit bureau data to enhance their business decisions. Through Global FICO score, credit grantors can effectively utilise the predictive power of credit bureau data to gain new opportunities for expansion while still controlling and monitoring their risk.”