{"id":757249,"date":"2023-05-10T08:31:44","date_gmt":"2023-05-10T12:31:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-launches-inclusion-accelerator-program-and-financial-inclusion-lab-to-help-advance-lender-financial-inclusion-initiatives\/"},"modified":"2023-05-10T08:31:44","modified_gmt":"2023-05-10T12:31:44","slug":"fico-launches-inclusion-accelerator-program-and-financial-inclusion-lab-to-help-advance-lender-financial-inclusion-initiatives","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fico-launches-inclusion-accelerator-program-and-financial-inclusion-lab-to-help-advance-lender-financial-inclusion-initiatives\/","title":{"rendered":"FICO Launches Inclusion Accelerator Program and Financial Inclusion Lab to Help Advance Lender Financial Inclusion Initiatives"},"content":{"rendered":"

<\/p>\n

FICO Launches Inclusion Accelerator Program and Financial Inclusion Lab to Help Advance Lender Financial Inclusion Initiatives<\/b><\/p>\n

Representing the next phase of FICO\u2019s longstanding commitment to financial inclusion innovation, these programs make it easy for the market to rapidly test and adopt alternative data solutions<\/i><\/p>\n

NEW YORK–(BUSINESS WIRE<\/a>)–
\nToday, FICO (NYSE: FICO), a leading global analytics software firm, announced the launch of its Inclusion Accelerator Program and Financial Inclusion Lab to advance lender adoption of alternative data solutions by creating an incubator for lenders to test new credit decisioning tools. The incubator is the next phase of FICO\u2019s Global Financial Inclusion Initiative<\/a> focused on the development of new scoring products, partnerships, services, and platforms to enhance lenders\u2019 decision making and forward financial inclusion efforts around the world.<\/p>\n

\nAs a longtime innovator in the use of alternative data in credit scores, FICO\u2019s Inclusion Accelerator Program and Financial Inclusion Lab will be a catalyst in enabling the lender community to foster broader alternative data adoption, and enable a more inclusive lending system rooted in accessibility. Since 2015, over 50% of FICO\u2019s R&D investment in its Scores segment has focused on broadening financial inclusion globally. FICO\u00ae Scores using alternative data sources can enable credit access for an estimated 1.3 billion consumers globally.<\/p>\n

\n\u201cFICO was first to market in bringing broad based alternative data scoring products like UltraFICO Score and FICO Score XD to drive financial inclusion. With the Inclusion Accelerator Programand Financial Inclusion Lab, we are taking the next step in helping lenders to more easily adopt these solutions and to learn how to effectively incorporate them into their workflow,\u201d said Sally Taylor, vice president and general manager of B2B Scores at FICO<\/b>.<\/p>\n

\nThese initiatives take on the ambitious role of providing lenders with streamlined assessment tools related to FICO\u2019s latest innovations in credit scores, which can help accelerate adoption across the industry. Drawing on reliable new sources of data<\/a>, more than 229 million US consumers can be scored by the FICO\u00ae Score Suite, more than any other broad-based credit scoring model in the market.<\/p>\n

\n\u201cAs a big believer in testing different data sources to drive financial inclusion, my priorities in testing the potential of UltraFICO Score with demand-deposit account (DDA) attributes were broadening access to credit, speed to market, simplicity and leveraging an existing scorecard already built on the data \u2013 and it didn\u2019t hurt that FICO was the organization that developed and branded it from a marketing, approval and compliance standpoint,\u201d said Dale Robinson, an early adopter of consumer-permissioned DDA data and scoring in retail credit, and an independent financial services consultant with over 20 years of experience as a credit risk executive at Ameriprise Financial Services, Bluestem Brands, HSBC and U.S. Bank<\/b>.<\/p>\n

\nLenders participating in the Inclusion Accelerator Program and Financial Inclusion Lab will have access to new tools and technologies to enable them to further expand their lending decisions to support their financial inclusion initiatives. FICO has been diligently striving toward increasing the number of lenders using these financially inclusive products, with efforts including:<\/p>\n