Bradesco Uses FICO Platform to Deliver Real-Time Credit Solutions and Increase Digital Transactions More Than 60%
One of Brazil’s largest private banks wins FICO® Decisions Award for customer onboarding & management
SÃO PAULO--(BUSINESS WIRE)--Apr. 12, 2022-- FICO (NYSE: FICO):
- Bradesco has increased digital transactions more than 60% using real-time credit solutions
- Bradesco has increased credit line revenue and number of users by around 15 percent
- Bradesco won a 2022 FICO® Decisions Award for customer onboarding & management
Bradesco, one of the largest private banks in
More information: https://www.fico.com/en/fico-platform
“Bradesco has a vision to deliver credit-as-a-service,” said
Prior to the implementation, it could take up to six months to assign a consumer or SME customer a line of credit due to the high latency of Bradesco’s previous decision engine. Now customers can apply and receive access to a line of credit in just two days, which has increased both revenue and the number of credit users by around 15 percent.
“We knew that by harnessing the latest AI and advanced decision analytics we could create an experience that would beat customers’ expectations and ensure they were treated as an individual,” said Souza. “The primary challenge was to define the architectural approach that would meet the business goals and drivers and then bring together 16 different departments to collaborate on its delivery.”
Bradesco built “Brain” in Q3 2019 to connect all members of this multidisciplinary structure formed by 800 employees and contractors from about 28 vendors and consultancy firms to disrupt the status quo and foster the digital transformation the bank is pursuing.
At the centre of Bradesco’s “Brain” is the FICO® Platform - Decision Execution Capability and FICO Platform’s ability handle the required data for both batch and streaming.
The team’s aim to provide the best digital experience saw them focus on five distinct pillars that defined the development of each new offering.
- Customer journey: Unify and improve the customer experience across all channels.
- Integrated products: Integrate products guaranteeing customers the best credit offers according to their needs.
- Real-time: Maintain a real-time information base to improve decision-making.
- Operational efficiency: Make changes without impacting the stability of the bank's critical environments and operations; simplify change processes.
- Optimization of prices and conditions: Maximize product profitability, improve credit offers, cost and benefits.
In 2021, new features were incorporated into Brain. For example, when a customer makes an instant payment and doesn’t have all the necessary funds available in their account, the Brain solution checks their credit limit and ensures the additional credit is provided to complete the transaction.
Bradesco has also made significant changes to the way that customers can restructure or reorganize existing loans and renegotiate new terms for loans.
The results of the Brain project have been significant. Bradesco has increased credit delivered by 55 percent, the renegotiation rate has grown by 22 percent and bad debt has fallen by 41 percent.
“Bradesco have integrated customer journeys, processes, pricing and credit using analytically driven real-time FICO technology,” said
For its achievements, Bradesco won a 2022 FICO® Decisions Award for customer onboarding & management.
“I was really impressed with the use of high-end analytics at the back-end to provide this service at Bradesco and the organisational structure with which they executed this,” said
Banco Bradesco, founded in 1943, is the second largest private sector bank in
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2022 judges are:
Sidhartha Dash, research director at Chartis
Paul Deall, head of risk, mortgages at Westpac (previous winner)
- Senthil Erulappan, director, product engineering for merchant, risk and collections at FIS
Armando Junior, general manager, risk and compliance at Dock (previous winner)
Sheila Leverone, chief marketing officer at eDriving (previous winner)
- SibulBradesco Ncamani, head of operational risk and governance at Absa Bank (previous winner)
Graham Rand, operational researcher and editor of Impact
Dinesh Suresh, head, digital builds for consumer secured lending at OCBC Bank(previous winner)
The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2022, the
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Learn more at www.fico.com.
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