FICO’s services allow lenders to adjust their prices when interest rates change. Many businesses, including banks, now use its AI-powered tool – among them European lender Česká spořitelna, Czech Republic’s oldest and largest bank.

In addition, Česká spořitelna has developed a centre of excellence for optimisation using FICO technology.

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“We are one of the most advanced banks in Europe in terms of our use of decision optimisation,” said Dusan Sykora, head of Sales Planning and Performance Management, Retail Division at Česká spořitelna. “Expanding our use of FICO’s optimisation technology to pricing decisions for deposit accounts and term deposits was a logical step in the current economic situation. With FICO technology, we are creating a much more dynamic and responsive pricing solution.”

Price optimisation helps financial institutions improve profitability and customer experience. In savings and deposits product pricings, banks must balance volume and margin while considering the flow of funds.

Founded in 1956, FICO gives people and businesses access to predictive analytics, as well as AI and data science services. In May, the company launched the Inclusion Accelerator Program and Financial Inclusion Lab, making it easy for the market to test and adopt alternative data solutions rapidly.

Jens Dauner, vice president for Central Europe at FICO, commented on the latest news.

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“Setting new prices by trial and error to see how the market reacts is inefficient and damaging to customer relationships”, Dauner said. “Mathematical optimisation gives you the power to meet conflicting objectives, achieve or exceed targets and simulate responses so that you avoid setting uncompetitive or unprofitable prices.”