New Enhancements to FICO Platform Power Customer Connections, Enable Enterprise-Wide Transformation and Drive Strategic Business Outcomes

Rhea-AI Summary

FICO launches 19 major enhancements to its FICO® Platform, providing enterprises with the tools to drive critical business outcomes and exceptional customer experiences. The enhancements include improvements to Transactional Analytics, Optimization, Simulation, and Composability and Decisions capabilities.

Positive

• FICO® Platform empowers enterprises to improve customer experiences with hyper-personalization and achieve strategic business outcomes. The enhancements to Transactional Analytics, Optimization, Simulation, and Composability and Decisions capabilities provide enterprises with real-time intelligence, improved performance, and flexibility in deploying across the enterprise.

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• None.

With FICO® Platform, enterprises can achieve strategic business outcomes by improving the customer experience with hyper-personalization, and by dramatically improving success rates for enterprise transformation

HOLLYWOOD, Fla.--(BUSINESS WIRE)-- FICO World 23 – FICO (NYSE: FICO):

Highlights:

• FICO launches 19 major enhancements to FICO® Platform, the leading applied intelligence platform in the market, that help clients drive critical and strategic business outcomes across their customer lifecycle.
• Landmark improvements have been made to the platform’s Transactional Analytics, Optimization, Simulation, and Composability and Decisions capabilities – all of which are designed to sharpen enterprises’ competitive advantage and power exceptional customer experiences.
• FICO® Platform powers enterprises to create an intelligence network that breaks down silos across teams and power the talent force to achieve customer-focused digital transformation.

At its FICO® World conference today, global analytics software firm, FICO, unveiled 19 major enhancements to its industry-leading FICO® Platform, the most powerful and proven foundation for applied intelligence. FICO Platform powers enterprises to drive the most critical, strategic business outcomes across the customer lifecycle.

More information: https://www.fico.com/en/fico-platform.

FICO® Platform’s rich enhancements span the digital innovation lifecycle from data to insights to actions to business outcomes, and further advance FICO’s capabilities for analytics and machine learning, decision automation, mathematical optimization, and business simulation. These new and improved tools are designed to sharpen enterprises’ competitive advantage and power exceptional customer experiences. The new capabilities include:

• Transactional Analytics – empowers enterprises to know their customers and business environment better with real-time intelligence, data aggregation, profiling and feature management that can power multiple use cases. This makes it possible to operationalize analytics built with FICO’s patented approaches, as well as open source and third-party models built with Python, PMML, and other standards.
• Optimization – powers enterprises to experience substantial performance improvements and offers improved data visualization. FICO’s solver performance has increased by 11% over the last year and 25% over the last two years on mixed integer programming. FICO has further enriched the open-source industry-standard Mosel optimization modeling language.
• Simulation – provides tools for business staff to experiment, test and learn without the risk of negatively impacting the customer experience. Continuing to enrich this market-leading capability, FICO has made major improvements to the performance of action-effect-modeling with a 70-90% increase in performance, developed innovative improvements to the component architecture for simulation and made it more efficient to create new simulation applications and put them in the hands of business users.
• Composability and Decisions – provides unified platform orchestration, highly advanced decision modeling, and flexible dataflow with a rich pallet of applied intelligence tools and services, allowing customers to rapidly deploy across the enterprise to address new and emerging uses cases and scenarios.

“FICO Platform allows our analytics team to be creative and build models and strategies that would have been too complex in the past,” said Elizabeth Billyard, Head, North American Retail Credit and Chief Risk Officer for Canadian P&C at BMO Financial Group. “The platform technology has been instrumental in enabling us to leverage the power of data and analytics to make more informed business decisions and improve our overall performance.”

FICO® Platform is designed to sharpen businesses’ competitive advantage with an unparalleled depth of insights for applied intelligence, powering customer connections and strategic business outcomes. These innovations break down silos across teams and power your talent force to achieve customer-focused digital transformation, while giving enterprises greater agility and collaboration.

“FICO has seen 14 consecutive quarters of greater than 40% year-over-year growth of FICO Platform. The increased adoption is only possible with intensely customer-focused innovation. This further differentiates our industry-leading capabilities, including Decisions, Mathematical Optimization and Business Simulation,” said Bill Waid, Chief Product and Technology Officer at FICO. “FICO Platform is uniquely positioned to ensure every action taken drives the desired outcomes, both for the business and for the customer. FICO is proud to be leading the market in deriving business value through applied intelligence.”

FICO is committed to orienting its entire software business to help clients deliver on the promise of AI-powered decisioning and to achieve their desired business outcome. For more information regarding the enhanced capabilities and to see how FICO® Platform can be leveraged to improve business strategies:

• Read Bill Waid’s FICO Blog post in support of this release, here.
• Visit the FICO® Platform Summer ’23 release page, here.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics, AI 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 nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and other countries, improving risk management, credit access and transparency. Learn more at fico.com.

Join the conversation at https://twitter.com/fico & https://www.fico.com/blogs/.

For FICO news and media resources, visit https://www.fico.com/en/newsroom.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20230517005101/en/

Julie Huang

press@fico.com

Source: FICO

FAQ

What are the major enhancements to FICO® Platform?

The major enhancements to FICO® Platform include improvements to Transactional Analytics, Optimization, Simulation, and Composability and Decisions capabilities.

How can FICO® Platform improve customer experiences?

FICO® Platform enables enterprises to improve customer experiences through hyper-personalization and the ability to know their customers better with real-time intelligence.

What benefits do the enhancements provide for enterprises?

The enhancements provide enterprises with improved performance, data visualization, flexibility in deploying across the enterprise, and the ability to experiment and test without negatively impacting the customer experience.