Fractal Analytics has announced the launch of FMetrics - a suite of generic scorecards for risk assessment targeted at Indian banks. Generic scorecards are models that can help banks and financial services firms in assessing customer credit risk before lending.

"Generic scorecards are common in international markets. In the US about 99% of all lending decisions are taken with the use of scorecards. But there has not been any generic scorecard built specifically for the Indian market", said Srikanth Velamakanni, CEO of Fractal Analytics.

"FMetrics will help banks leverage Fractal's Intellectual Property in the area of scorecards to give them a speedy head-start to lending operations. New entrants and banks launching new products will find this very valuable in getting higher approval rates and reduced default rates", added Srikanth.

FMetrics would leverage data available at the time of application and credit bureau data to provide a score reflecting customer credit-worthiness. These scorecards can be implemented immediately without historical data or development time required.

Scorecard based risk assessment can help reduce defaults by 20% and/or increase approval rates. FMetrics suite of scorecards is available across secured as well as unsecured products including home loan, auto loan, personal loan and credit cards.