Enhancements to FICO® Platform help companies tap into their growing data to make high-stakes decisions at scale, create new and improved customer interactions, and maintain customer trust
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Enhanced FICO® Platform capabilities focus on managing growing data demands, while also improving speed, agility and predictiveness.
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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.
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.”
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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.
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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.”
