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Established by Forrester Research, Inc., the Forrester Groundswell Awards recognize achievement in 13 categories of customer interaction via social applications. FICO won its award in the Business-to-Consumer (B2C) Support category.
In a release, the Company noted that myFICO is its consumer division, offering people access to the same FICO scores that lenders use as well as informative products to help consumers monitor their credit and protect their financial health. The FICO Forums were launched in 2007 as an alternative customer support channel, designed to leverage the passion, knowledge and experience of myFICO's customer network. It provides a forum where consumers can post questions, find answers and share experiences with credit scoring, usage, reporting and monitoring.
The FICO Forums now have more than 300,000 registered members, with some 10,000 new users, 20,000 posts and 400,000 searches each month. FICO credits the online community with a significant drop in call volume and length at its customer support center, as more and more customers seek answers and support from other customers. Since establishing the FICO Forums, the company has also experienced an increase in sales of its consumer products and services attributable to community membership.
"Every year the quality of business social applications goes up, and marketers become more sophisticated," said Josh Bernoff, senior vice president, Idea Development at Forrester and coauthor of Groundswell. "This year's winners stood out in a very competitive field; all of them demonstrate not just creative use of social technologies, but impressive, measurable results."
"The FICO Forums have become a thriving meeting ground for people who are passionate, worried or curious about all things credit," said Shon Dellinger, vice president for consumer scoring at FICO. "It's the go-to destination for anyone considering a credit decision, and a major competitive differentiator for FICO. By enabling a free and open exchange of information, the myFICO Forums help enhance loyalty and attract new customers."
"Such strong consumer engagement in our FICO Forums exemplifies the good progress made over the years in our quest to increase consumers' understanding of the credit score lenders use most," said Robert Duque-Ribeiro, vice president and general manager of Global Scoring for FICO. "Helping consumers to better understand their FICO score in turn helps make the conversations between financial services institutions and their customers all the more fluent."
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