# TBC BANK OF GEORGIA INCREASES LOAN APPROVAL RATE BY 40 PERCENT USING FICO TECHNOLOGY
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2016-12-22
Category: BANKING
Category URL: https://financedigest.com/category/banking
Meta Title: TBC Bank Wins 2016 FICO Decisions Award for Customer
Meta Description: Check out how TBC Bank in Georgia improved loan approval rates by 40% and reduced application processing costs by 50% with omni-channel banking!
URL: https://financedigest.com/tbc-bank-of-georgia-increases-loan-approval-rate-by-40-percent-using-fico-technologyhtml

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_TBC Bank’s improved originations strategy has won the 2016 FICO Decisions Award for Customer Onboarding and Management_

HIGHLIGHTS:

- TBC Bank is the first in Georgia to introduce omni-channel originations
- Loan approval rates increased from 50 percent to 70 percent in under 12 months
- Time to market for new products has decreased by 85 percent, and [application processing](https://www.financedigest.com/things-mortgage-lender-takes-into-account-when-processing-an-application.html "Things Mortgage Lender Takes Into Account When Processing an Application") costs have been cut by 50 percent

[TBC Bank](http://www.tbcbank.ge/web/en/web/guest/personal-banking), a leading Georgian bank, is the first in the country to **introduce omni-channel capabilities** to improve its originations strategy. TBC customers can start origination processes through a call centre and finish them in an ATM, kiosk or branch for ultimate convenience and efficiency.

Named “Best [Bank in Georgia” 12 times](https://www.financedigest.com/how-to-nail-your-banking-audition-every-time.html "How to nail your banking audition every time") in the last 14 years, TBC now boasts another award as it has received the 2016 FICO Decisions Award for Customer Onboarding and Management, which recognises its impressive results.

In less than a year after deploying [FICO® Origination Manager](http://www.fico.com/en/products/fico-origination-manager), TBC Bank has seen:

- The **loan approval rate rose from 50 percent to 70 percent, an increase of 40 percent**
- The time to decision a [credit application decreased from one business](https://www.financedigest.com/employee-retention-tax-credit-is-a-lifeline-for-businesses.html "Employee Retention Tax Credit is a lifeline for businesses") **day to 15 minutes**
- **Time to [market for application](https://www.financedigest.com/service-lifecycle-management-applications-market-to-grow-at-a-cagr-of-6-9.html "Service Lifecycle Management Applications Market to grow at a CAGR of 6.9%") changes dropped by 85 percent**, as 90 percent of the required system changes are done by the in-house development team
- **The [cost to originate a loan decreased by 50 percent due](https://www.financedigest.com/dsm-misses-q1-forecasts-due-to-weak-volumes-and-high-costs.html "DSM misses Q1 forecasts due to weak volumes and high costs") to lowered manual review processes**
- The overall level of **automation increased from 15 percent to 90 percent**

“Our system, implemented in 2007, couldn’t support changes required to meet business targets,” said **Giorgi Alibegashvili, TBC Bank’s strategic** [project manager](https://www.financedigest.com/power-management-integrated-circuit-pmic-market-is-projected-to-grow-at-6-4-during-2021-2028.html "Power Management Integrated Circuit (PMIC) Market is projected to grow at 6.4% During 2021-2028"). “In 2015, we revamped our originations platform with FICO technology, to cut loan decision times, reduce costs, and make the originations process more efficient. By implementing FICO’s cutting-edge technologies along with straight-through processes and better risk strategies, we have doubled sales in unsecured loans and gained significant advantages in a highly [competitive](https://www.financedigest.com/industrial-catalytic-converters-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Industrial Catalytic Converters Market Competitive Growth Strategies Based on Type, Applications, End User and Region") market.”

“Developing a fully omni-channel, seamless process is very challenging,” said **Nicole Sturgill, principal executive advisor, CEB TowerGroup**, one of this [year’s awards](https://www.financedigest.com/inmobi-wins-gold-silver-bronze-mma-smarties-mena-awards-named-technology-provider-of-the-year-for-fourth-consecutive-year.html "InMobi Wins Gold, Silver, Bronze MMA SMARTIES MENA Awards, Named “Technology Provider of the Year” for Fourth Consecutive Year") judges. “Being the first in the country to do so requires extra effort, as customers have to be educated and made comfortable with the new process. TBC Bank’s increased [sales and automation results definitively highlight the benefits](https://www.financedigest.com/beiersdorf-benefits-from-bump-in-nivea-sales.html "Beiersdorf benefits from bump in Nivea sales") to be gained from an omni-channel solution.”

### About the FICO Decisions Awards

The **FICO Decisions Awards recognise organisations 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](https://www.financedigest.com/transforming-the-retail-banking-ecosystem-its-all-about-technological-innovation.html "TRANSFORMING THE RETAIL BANKING ECOSYSTEM: IT’S ALL ABOUT TECHNOLOGICAL INNOVATION"). The 2016 judges are:

- **Dan Ariely**, expert on human behaviour, author of _Predictably Irrational_, and Duke University Professor of Behavioural Economics
- **Jim Bander**, national manager, Decision Science, Toyota Financial Services (2015 winner)
- **Ken Elliott**, [global director of Analytics](https://www.financedigest.com/transportation-predictive-analytics-and-simulation-market-2021-by-global-key-players-types-applications-countries-industry-size-and-forecast-to-2027.html "Transportation Predictive Analytics And Simulation Market 2021 by Global Key Players, Types, Applications, Countries, Industry Size and Forecast to 2027"), Hewlett-Packard Enterprise
- **Bill Fearnley, Jr.**, research director, Compliance, Fraud and Risk Analytics, IDC – Financial Insights
- **Petr Kapoun**, retail risk director, ČeskáSpořitelna (2015 winner)
- **Dalvinder Singh**, editor, _Financial Regulation International_
- **Nicole Sturgill**, principal, Executive Advisor, CEB TowerGroup


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