The banks of brazil They are the most innovative in Latin America Regarding the adoption of financial technology, thanks to the promotion of regulation, this was indicated by Jose Gabizo, FICO’s vice president and general manager for Latin America and the Caribbean, in an interview with DPL News in the framework of the annual forum FICO World held May 17-19 in Hollywood, Florida.
An example is in case of open financewhich was strongly pushed by the Brazilian regulator and banks had to adapt quickly. “Most of those banks that have started the journey to open banking are using our platform to help them along the way,” Gabizo explained.
Itaú and Bradesco are two of the eight banks in Brazil that use the FICO platform to solve multiple use cases in your business. The executive added that a characteristic that stands out about Brazilian banks is that they tend to expand not only in the region, but also in the world.
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Latin America is an innovative region that promotes financial inclusion
“Latin America is driving innovation”said Dom Peterson, FICO vice president and general manager of global sales and customer success. “There are several very innovative use cases that are being observed around the world and hopefully replicated as well,” he added.
“Latin America and Brazil are extremely important markets for us, as they are the fastest growing,” Peterson said. “In addition, they are the ones doing new things with our platform that we hope to learn from to help our customers around the world.”
For the company of software For business analytics, the Latin American market represents almost 50 percent of its clients. Around 102 companies in the region use the FICO platform in their processes, such as price optimization for credit origination decisions and fraud protection.
Gabizo pointed out that banks in the region are also social innovators when it comes to driving financial inclusion. An example of this is Mibanco, in Colombia, which during the pandemic used the FICO platform to provide better credit offers to the unbanked.
Another case is Bradesco, which also integrated the FICO platform in the collection area during the pandemic, when many people could not pay their bills. Bradesco created a full payment strategy through the platform to refinance all these clients.
But innovation does not only come from the big banks, since The FICO platform is also used by Fintechs to provide better services in the Latin American market.
An example is Dock, a payment platform and banking for companies of all sizes, which was born as Fintech and uses FICO’s anti-fraud solution to protect its customers.
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FICO also works with Fintechs to complement its offer by incorporating external information into the platform.
“The platform is very flexible because it has the ability to bring in external data. So we see a lot of Fintechs, especially in Mexico and Peru, which bring biometric or geolocation information from their clients. Then we integrate that information to help our clients in their credit decision or to make a better collection strategy”, explained Gabizo.
This flexibility allows FICO technology can also be used in other industries besides banking. For example, retail, insurance companies and even the energy industry.
Such is the case of Ecopetrol, one of the largest oil companies in Colombia that uses the platform to make pricing decisions on pipelines for pumping oil. “It’s a completely different use case for the platform,” Gabizo said.
“Our platform can help when making complex decisions that they carry a lot of risk and must be taken on a large scale and very quickly,” concluded Dom Peterson.
