The global leader in predictive analytics and decision management solutions, FICO, has introduced new innovations to the FICO Platform that enhance real-time decision making at both speed and scale. The new enhancements help teams break down silos and reuse decision models and assets more efficiently to drive better business outcomes.
“As businesses grow, so does their data in complexity, volume and power to transform. And while more data and insights mean more opportunities for better, more confident decision-making, it can’t come without losing speed and agility,” said Bill Waid, chief product and technology officer, FICO. “The enhancements to the FICO® Platform enable our clients to put their data in motion to deliver high-performance decision execution at scale, enabling powerful new experiences that deliver exceptional customer interactions and maintain customer trust in an AI-driven world.”
The feature update includes:
- Data Connection and Consumption – greater flexibility in configuration for data processing, ensuring organizations can manage increasing data demands across all lines of business and solutions, while delivering ROI;
- Enterprise Optimization – A new algorithm for large-scale models that helps find mathematically optimal results for global problems four times faster. The tool also helps compute efficient solutions that are too large for traditional models and resources, helping organizations leverage the maximum amount of data from multiple sources to compute real-time decisions, balance competing priorities and resources, and scale across the enterprise.
- Application of Analytics and Machine Learning (ML) – improvements to the credit risk modeling tool with new business-friendly parameters, with the aim of anticipating and distributing data more productively, maintaining flexibility, driving execution and rapid results.
- Intelligent Decisions and Digital Twins and Simulation – enhanced ability to test current strategies against historical decisions, giving companies greater flexibility, speed and control when building, testing, simulating and deploying business strategies.
The FICO® Platform empowers financial institutions and businesses worldwide to improve decision-making, customer interactions, and risk management processes while avoiding costly mistakes with its comprehensive integration of data analytics, digital simulation, risk modeling, and artificial intelligence (AI).
“The FICO® Platform provides a solution that can accommodate the diverse use cases across our banking operations,” said Regan Goble, Senior Manager, Risk Analytics, Westpac NZ. “With the FICO® Platform, we’ve been able to shift our focus from the individual decisions we make on a customer account to thinking strategically about how we manage customers across their accounts and throughout their lifetime with the bank. We can quickly build, test, deploy and customise automated decision models to keep pace with our customers’ expectations and regulatory requirements as the banking industry evolves.”
SOURCE: BusinessWire