American Banker
by Kate Fitzgerald
In what it is calling a return to decades-old marketing tactics combined with new technology, credit-score giant FICO on Aug. 2 introduced a product designed to target credit card customer prospects more effectively in a sluggish market.
Fair Isaac Corp.’s FICO Bankcard Growth Solution is a compilation of software and algorithms that can slash by several weeks the typical time it takes for card issuers to refine a solicitation or promotion to get the maximum response, says Eric Wells, FICO senior director in analytics.
Moreover, the new product can assess new customers’ card use immediately, a task that is becoming increasingly important as issuers stake out different strategies to reignite card use after declines in outstandings and profits over the past two years.
