FICO (NYSE: FICO):
Highlights:
- Enhanced FICO® Platform capabilities focus on managing growing data demands, while also improving speed, agility and predictiveness.
- FICO Platform helps Westpac NZ “rapidly build, test, deploy and customize automated decision models to keep up with [their] customer expectations and regulatory requirements as the banking industry evolves.”
Global analytics software leader FICO introduced new innovations to FICO® Platform that improve real-time decision-making, at both speed and scale. The new enhancements help teams break down silos and more efficiently reuse models and decision assets to drive better business outcomes.
“As enterprises grow, so does their data grow in complexity, volume, and transformative power. And while more data and information mean greater opportunity for better, more confident decision-making, it cannot come at the cost of speed and agility,” said Bill Waid, chief product and technology officer at FICO. “New FICO Platform enhancements enable our customers to put their data into motion to deliver high-performance decision execution at scale, enabling powerful new experiences that provide exceptional customer interactions, and maintain customer trust in an AI-powered world.”
Updated FICO Platform Capabilities include:
- Data Connection and Ingestion – increased flexibility in configuration for data processing, ensuring organizations can manage growing data demands across lines of business and solutions while simultaneously delivering ROI.
- Enterprise Optimization – a new industry leading algorithm for large-scale models that helps find mathematically optimal outcomes to global problems, four-times faster. The new problem-solving algorithm helps to efficiently compute solutions that are too big for traditional models and resources, helping organizations to leverage the maximum amount of data from multiple sources to calculate real-time decisions that balance competing priorities and resources and scale across enterprises.
- Applied Analytics & ML – improvements to our industry-leading credit risk modeling tool with new business-friendly parameters to help customers anticipate the most productive data breaks while retaining flexibility, driving swift execution and results.
- Intelligent Decisions and Digital Twins & Simulation - enhanced ability to back-test current strategies against historical decisions, giving businesses greater flexibility, speed, and control as they build, test, simulate and deploy business strategies.
FICO Platform empowers financial institutions and enterprises across the globe to improve decision-making processes, customer interactions, and risk management, while avoiding costly errors, with its end-to-end integration of data analytics, digital simulation, risk modeling, and artificial intelligence (AI).
“FICO Platform provides a solution capable of accommodating the diverse use cases across our banking operations,” said Regan Goble, risk analytics senior manager at Westpac NZ. “With FICO Platform, we've been able to shift from focusing on individual decisions we make on a customer’s account, to thinking strategically about how we manage customers across all their accounts and throughout their lifetime with the bank. We can rapidly build, test, deploy and customize automated decision models to keep up with our customer expectations and regulatory requirements as the banking industry evolves.”
All new enhancements are available to FICO Platform customers worldwide today. For more information on the latest updates to FICO Platform, visit:
- FICO Platform – https://www.fico.com/en/fico-platform/latest-release
- FICO Blog – https://www.fico.com/blogs/boost-speed-and-scalability-latest-fico-platform-innovation
- FICO Platform Products – https://www.fico.com/en/fico-platform
- The Total Economic Impact™ Of FICO® Platform from Forrester – https://www.fico.com/en/latest-thinking/analyst-report/total-economic-impact-fico-platform
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
Learn more at https://www.fico.com/en.
Join the conversation at https://x.com/FICO_corp & https://www.fico.com/blogs/.
For FICO news and media resources, visit https://www.fico.com/en/newsroom.
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822308428/en/
