The expanded capabilities represent a major milestone for FICO Platform, which has seen adopted by leading global banks worldwide
Highlights:
- At FICO® World 2022, FICO introduced new and enhanced capabilities to FICO® Platform.
- The new capabilities empower businesses to organize their data, apply the latest in machine learning and analytics to generate new insights, take proactive action, and drive meaningful business outcomes.
- New capabilities are the result of FICO’s deep domain expertise in financial services, banking, insurance, telecom, and auto finance.
- The market-leading FICO Platform has seen 10 consecutive quarters of 40%+ annual recurring revenue (ARR) growth.
FICO® World 2022, leading applied analytics company FICO announced new and enhanced capabilities to its industry leading, FICO® Platform. During the annual customer event, the company showcased new capabilities that are designed to help organizations provide consistent, personalized customer engagement, enable the measurement of business outcomes, and simulate alternative strategies for continuous improvement over the customer lifecycle.
#FICOPlatform provides the foundation companies need to marry the power of human expertise & logic with artificial intelligence (#AI) and advanced analytics including Machine Learning (#ML) to drive smarter, faster, and more profitable business outcomes.
FICO® Platform provides the ideal foundation companies need to marry the power of human expertise and logic with artificial intelligence (AI) and advanced analytics including Machine Learning (ML) to drive smarter, faster, and more profitable business outcomes. The latest capabilities enable leading organizations to operationalize AI and ML across their organization to drive competitive differentiation.
“These capabilities are the result of FICO’s deep domain expertise in banking, insurance, telecom and auto finance, and have been brought together as part of the single unified FICO Platform, which is FICO’s next generation cloud platform for applied intelligence,” said Bill Waid, chief product officer at FICO. “The new capabilities help connect and deliver the entire customer lifecycle via an intelligent, integrated system so that our clients can enable an enterprise intelligence network.”
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Enhancements include:
- Data: 23 new third party data connections have been introduced, bringing the total number of cloud integrations to over 90. In addition, support for Apache Kafka and AWS services Athena and Redshift are now available.
- Insights: New and advanced methods to build highly explainable, trustworthy, and transparent models across every stage of the credit risk lifecycle are now available. Ensuring that customers can execute models from any source including other analytic tools, FICO® Platform fully supports PMML and Python model execution. Furthering FICO’s leadership in mathematical optimization, solver performance has been improved by 16% overall for mixed-integer programming, with improvements of 30% on the most difficult problems.
- Business Actions: Support for the open source DMN (decision model and notation) standard enables organizations to rapidly create decision requirements documents and perform visual decision modeling, empowering business users to rapidly design effective new strategies.
- Outcomes: Improved simulation with enhancement for processing large input data, visualization and comparison of scenarios for business outcomes, greater simulation API access, and enhanced action-effect extrapolation ensures business users are empowered to experiment and test decision strategies like never before.
- Foundational Services: FICO® Platform has additional security and data privacy enhancements, and a new user experience (UX) design standard has been introduced to make adoption easy.
The expanded capabilities represent a major milestone for the FICO® Platform, which has seen 10 consecutive quarters of 40%+ ARR growth. Many of the largest category leaders in banking, insurance, and telecommunications from across the globe continue to join a growing list of organizations leveraging FICO to cultivate deeper, more engaging customer experiences.
“FICO Platform is designed as a learning environment for continuous improvement to simulate, validate, and govern enterprise strategies. Because every decision matters, FICO is focused on the heart of enterprise operations, from accelerating digital transformation, to breaking down organizational silos and broadening credit access,” added Waid.