As the ultimate leader in the credit origination software market, FICO is well aware of how changes in the regulatory environment and new data sources that appear almost daily can affect their clients. Because of this, the FICO team realized that they needed a more flexible version of their FICO Origination Manager—one that supported rapid iteration with lower cost and less effort.
Fortunately, FICO had recently launched the FICO Decision Management Platform with FICO Application Studio, a white-labeled version of OutSystems. This allowed the team to use the power of the OutSystems platform to achieve their goals, and they came in under budget and ahead of schedule.
OutSystems: An End-to-End Solution
Once the FICO development team decided to switch to the FICO® Decision Management Platform, which incorporates the OutSystems application, they were off and running. The FICO® Origination Manager includes pre-configured workflow processing steps, queues, and data capture that reduce the implementation cycle time for credit processing. However, with the introduction of OutSystems/FICO® Application Studio embedded within the module, the system can be configured to fit specific lending needs with data model extensions, screen modifications, custom workflow steps, and integration with third-party data sources.
These updates provide lenders with an end-to-end origination solution that accelerates application processing, reduces application risk, and results in a better customer experience overall. The solution capabilities include:
- Data Acquisition
- Application Processing
- Decision Management
The T4S Take: Months Ahead of Schedule at a Lower Cost
FICO Origination Manager clients are now able to customize faster and easier using OutSystems/FICO Application Studio. This open, high-productivity system produced significant savings in these ways:
- Development hours: The actual project removed thousands of hours from the initial projection—a 75 percent improvement.
- Time to market: The final product was available in six months—nearly one-third the original projected time.
- Development team: The project required only half as many people as originally planned.
Questions to Ask for Your Own Digital Transformation
As your organization considers what is working and what needs improvement within your IT service management system, remember FICO’s story and keep these questions in mind:
- Does your current IT offer the customization you need?
- How flexible is your system?
- Are you saving money?
OutSystems/FICO Application Studio presented FICO with significant time and cost savings, and more importantly, simplified the entire process. There is no reason your company can’t achieve the same results—provided you have the right partner behind you! Get the full rundown on FICO’s OutSystems/FICO Application Studio implementation here.
Contact us today to learn how we can help you on your own digital transformation journey.