Fair Isaac, the company that created the FICO score, was founded by William Fair and Earl Isaac in 1956 at the Stanford Research Institute in Menlo Park. Little did anyone know that one day your FICO score would determine what you buy, where you live, what you drive and possibly what job you have. It wasn’t until 1989 that a general purpose FICO score was introduced to a skeptical public and ever since, we either curse it for holding us back, or we boast about our scores as a measure of our success.
What exactly is Artificial Intelligence (A.I.) and how will it affect us?
“May you live in interesting times,” is an old Chinese proverb. At first blush, you might think this a blessing, while in actuality it may be anything but. Uninteresting times means few changes. So, it is with that, I say, “We live in interesting times.”
AeroPay Express is a network made up of financial institutions who offer AeroPay Express Virtual credit cards. Like the early credit card days, where multiple networks could confuse the market and eventually be rejected by buyers and sellers. AeroPay Express is positioning to be the recognized brand for Early Paying Vendors. Without a strong unitednetwork, if a buyer does decide to settle on an early pay system, he/she will most likely choose the one with the largest network and best name recognition. At the end of the day only a handful of companies will survive major disruption in the marketplace.
When Goliath enters a market, there is sure to be major disruption. That’s exactly what happened in 1958 when the Bank of America, one of the nation's largest banks launched the BankAmericard. The introduction of the BankAmericard essentially shut other California banks out of a new lucrative market for credit cards. Within a year, BofA had issued over 2 million cards and signed up 22,000 merchants, making them a giant in a new industry.
Take a look at Steve Troy's article on the evolution of the credit card from Commercial Factor's issue, "2018: A Look Ahead".
If you have ever applied for or received a line of credit from a bank or finance company, you know the process can be long, detailed and downright painful. It starts with being grilled about your business, your credit is scrutinized, and your collateral analyzed. Bankers smile and joke with you while asking for a litany of paperwork, “to get the process started”: