FICO, a global leader in data analytics software, introduced new innovations to the FICO® Platform that optimize real-time decision making at both speed and scale. The new enhancements help teams break down silos and reuse models and decision assets more efficiently to produce better business outcomes.
“As businesses grow, so does their data in complexity, volume and transformative power. And while more data and insights represent a greater opportunity to make more confident decisions, it can’t come at the expense of speed and agility,” said Bill Waid, chief product and technology officer at FICO. “The new enhancements to FICO Platform enable our customers to put their data in motion to deliver high-performance decision making that delivers exceptional customer interactions and maintains customer trust in an AI-driven world.”
Updated capabilities in FICO Platform include:
- Data Connection and Ingestion – Greater flexibility in configuration for data processing, ensuring that organizations can manage increasing data demands across multiple business areas and solutions while delivering ROI.
- Enterprise Optimization – A new industry-leading algorithm for large-scale models helps find mathematically optimal solutions to global problems, four times faster. The new problem-solving algorithm helps efficiently calculate solutions that are too large for traditional models and resources, enabling organizations to leverage the maximum amount of data from multiple sources to calculate real-time decisions that balance priorities and resources and scale across the enterprise.
- Machine learning and applied analytics – enhancements to our industry-leading credit risk modeling tool with new business-driven parameters that help clients anticipate the most productive data splits without losing flexibility, resulting in rapid execution and results.
- Smart Decisions & Digital Twins & Simulation – Enhanced ability to backtest current strategies and historical decisions, giving businesses greater flexibility, speed and control as they develop, test, simulate and deploy business strategies .
FICO Platform enables financial institutions and businesses around the world to improve decision-making, customer interactions, and risk management—and avoid costly errors—through its comprehensive integration of data analytics, digital simulation, risk models, and artificial intelligence (AI).
“FICO Platform offers a solution that can adapt to the different use cases in our banking operations,” said Regan Goble, senior manager, risk analytics, Westpac NZ. “With FICO Platform, we no longer focus on the individual decisions we make about a customer’s account, but instead strategically consider how we manage customers across all their accounts and throughout their life with the bank. We can quickly develop, test, deploy and customize automated decision models to meet our customers’ expectations and regulatory requirements as the banking industry evolves.”
The new enhancements are now available globally to FICO Platform customers.
SOURCE: BusinessWire