FICO World 2022: FICO Platform Continues Momentum with Expanded Capabilities to Help Enterprises Manage, Measure, Understand and Continually Improve Customer Outcomes

Rhea-AI Summary

At FICO® World 2022, FICO announced significant enhancements to its FICO® Platform, aimed at transforming data management and analytics across industries. These capabilities leverage machine learning and AI for actionable insights and improved customer engagement. With over 40% annual recurring revenue growth for 10 consecutive quarters, FICO showcases its industry expertise by adding 23 new data connections and advanced model execution capabilities. These enhancements reinforce FICO's position in financial services and other sectors, facilitating better decision-making and customer lifecycle management.

Positive

• 10 consecutive quarters of 40%+ annual recurring revenue (ARR) growth.
• Introduction of 23 new third-party data connections, totaling over 90 cloud integrations.
• Enhanced model execution capabilities supporting PMML and Python.
• Improved solver performance by 16% overall for mixed-integer programming.

Negative

• None.

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.

ORLANDO, Fla.--(BUSINESS WIRE)-- Today at 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.

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.”

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.

For more information regarding the new and enhanced capabilities, check out Bill Waid’s blog post here, or view new FICO Platform videos here.

FICO was named as a leader by Forrester Research in The Forrester Wave™: Digital Decisioning Platforms.

FICO® World 2022 takes place May 10 -13 in Orlando, Florida. More information about the event can be found at: https://events.fico.com/ficoworld.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Bozeman, MT, 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, manufacturing, telecommunications, health care, retail, and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at www.fico.com.

FICO is a registered trademark of Fair Isaac Corporation in the US and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220512005224/en/

Katie O’Connell

press@fico.com

+1 510-621-9832

Source: FICO

FAQ

What new capabilities were introduced at FICO World 2022?

FICO introduced enhancements to the FICO Platform including new data connections, advanced model execution capabilities, and improved business action support.

How many quarters has FICO seen over 40% ARR growth?

FICO has achieved over 40% annual recurring revenue growth for 10 consecutive quarters.

What industries benefit from the new FICO Platform capabilities?

The enhancements are designed for industries like banking, insurance, telecom, and auto finance.

When and where was FICO World 2022 held?

FICO World 2022 took place from May 10 to 13 in Orlando, Florida.

What is the significance of the new data connections in FICO's platform?

The addition of 23 new third-party data connections supports enhanced data management and analytics capabilities, crucial for informed decision-making.