Having invented the credit origination software market decades ago, FICO recognized that with rapid changes in the regulatory environment and with new data sources coming online all the time, clients would need a more flexible version of its FICO Origination Manager that supported rapid iteration with less cost and effort. The development team behind the rebuild of FICO® Origination Manager had ambitious goals: deliver a highly flexible platform for customers, while cutting FICO’s development time and costs. Fortunately, FICO’s recent launch of the FICO Decision Management Platform with FICO Application Studio, a white-labeled version of OutSystems, was available for the team. FICO was able to leverage the power of the high-productivity application development platform and use it to complete their project under budget and in less time than they had anticipated.
Provide Functionality, Get to Market Quickly, and Enable Rapid Iteration
Challenge - FICO is a leading predictive analytics software company helping businesses in over 90 countries make better decisions that drive higher levels of growth, profitability and customer satisfaction. The company’s groundbreaking use of big data and mathematical algorithms to predict consumer behavior has transformed entire industries.
Because each FICO customer has different systems and process, FICO Origination Manager required a high level of customization and integration with existing infrastructures - which posed a major challenge to implementation at each customer site. Typical customizations included: user interfaces, workflows, reports, data models, and business logic.
FICO began rebuilding the FICO® Origination Manager from scratch using traditional development tools. It soon became apparent, however, that the project was in danger of missing its target delivery by several months, in part because of the time required to build an integrated development tool.
FICO® Origination Manager
Solution - The FICO development team rapidly switched to the tools in the FICO® Decision Management Platform, which incorporate OutSystems high-productivity application development platform - white labeled as FICO® Application Studio. Four key productivity drivers sped the project along: automation, integrated tools, built-in validations, and code generation. FICO® Origination Manager includes preconfigured workflow processing steps, queues and data capture that reduce the implementation cycle time for credit processing (credit cards, loans, etc.). In addition, with the introduction of FICO® Application Studio embedded within the module, it can also be configured to fit specific lending needs with data model extensions, screen modifications, custom workflow steps and integration with third-party data sources.
“We reduced our development hours by 75 percent and got to market 3x faster using OutSystems. We have been very pleased with the development platform.”
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.
- Data Acquisition
- Application Processing
- Decision Management
“With OutSystems (FICO Application Studio), we beat our deadline by months and at lower cost!”
Result - The open, high productivity OutSystems produced significant savings:
- 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 approximately six months or nearly one-third of the original projected schedule.
- Development team: The project required only half as many people as originally planned.
FICO Origination Manager clients are now able to customize faster and easier using OutSystems/FICO Application Studio. Custom client configurations to workflows, data models, reports, user interfaces and business logic are a possibility with the use of a single tool, reducing the total cost of ownership.
Under tight time pressure and ambitious cost reduction goals, OutSystems/FICO Application Studio proved itself an effective solution for accelerating and streamlining the development and deployment of analytic solutions. It eliminated the major barriers of time and expense for client implementation, while it equipped developers to deliver high-quality, high-performance solutions for their customers’ needs.
- 50%in FTE resources required
- 75% reduction in developer effort
- 6 months to develop
- Adapt faster to dynamic market and regulatory changes
- Leverage business-user SOA technology to reduce deployment time and cost
Reduce costs associated with new credit programs implementation