Fair Isaac Corporation - FICO STOCK NEWS

FICO has been awarded eleven new patents focusing on fraud, AI/ML, and digital decisioning, increasing its portfolio to 208 active patents and 83 pending applications. These patents enhance FICO's technologies for ethical AI and machine learning, aimed at improving decision-making systems. Innovations include advanced fraud detection methods and analytics solutions integrated into their product offerings like FICO® Falcon® Fraud Manager and FICO® Siron® Anti-Financial Crime Solutions. FICO continues to solidify its position as a leading AI innovator in the financial services sector.

The 2021 European Fraud Map by FICO shows that the UK continues to lead in fraud loss reductions, achieving a net decrease of £49 million, a 9% drop year-on-year. Despite a 32% increase in card threat levels, only four out of 18 studied countries improved their performance. The report highlights a rise in Authorised Push Payment (APP) fraud, with losses amounting to £583.2 million. Denmark and Sweden report the highest percentage declines in fraud losses, while the Netherlands faces an 18% increase. Overall, the downward trend in card fraud indicates a positive shift in fraud management strategies.

The latest analysis from FICO indicates that the national average FICO® Score remains unchanged at 716, marking a significant shift in consumer credit behavior as it is the first year without an increase. Factors contributing to this stability include a rise in missed payments, higher consumer debt levels, and an increase in new credit acquisitions. FICO plans to keep monitoring trends affecting credit risk, particularly in light of current inflation and economic conditions.

FICO invites nominations for the 2023 FICO® Decisions Awards, celebrating outstanding use of AI and decision management by its customers. Submissions are due by October 28, 2022, across ten categories including AI, Fraud Management, and the new Pioneer Award. Winners will be announced on January 26, 2023, during FICO® World in Hollywood, Florida, from May 16-19, 2023. A panel of independent judges will evaluate entries based on innovation and measurable impact in key metrics.

FICO (NYSE:FICO) reported third fiscal quarter 2022 revenues of $349 million, up from $338 million year-over-year. Net income was $93.5 million ($3.61 per share), significantly lower than $151.2 million ($5.18 per share) in the prior year, which included a $92.8 million pre-tax gain from a sale. Non-GAAP net income increased to $115.7 million ($4.47 per share). The company recorded strong performance with 9% growth in Software Annual Recurring Revenue (ARR) and reaffirms fiscal 2022 guidance of $1.355 billion in revenue.

FICO (NYSE:FICO) will announce its third quarter fiscal 2022 results on August 3, 2022, post-market hours. The company is recognized for its predictive analytics and decision management software. A conference call is scheduled for the same day at 5:00 p.m. Eastern Time, which will be webcast live on the FICO Investor Relations website. FICO continues to leverage its extensive patent portfolio to drive growth and profitability across industries, including financial services and healthcare.

FICO announced that its Resilience Index has been utilized by over 200 financial institutions, with more than 2.5 billion scores delivered in the past 18 months. This innovative tool augments the FICO Score by providing additional credit risk insights, allowing lenders to make informed decisions amidst economic uncertainty. The latest version, FICO Resilience Index 2, offers enhanced predictive capabilities, doubling the power to assess consumer resilience. This development supports a variety of lending products and is obtainable from major US credit bureaus.

FICO (NYSE: FICO) reports that 70% of Thailand's retail banking consumers faced income drops due to the pandemic, prompting significant shifts in banking preferences. A survey reveals that 73% will prioritize savings while 66% will focus on investments. Notably, over 20% of affluent Thai customers are likely to switch banks for better offers, doubling from last year. Despite a challenging environment, many continue to maintain or increase investments, with 47% deferring loan repayments. The rise in digital banking adoption is also significant, as 72% opt for fintech solutions over traditional banking services.

Recent research by Mercator Advisory Group highlights that 97% of asset-backed securitizations (ABS) utilize FICO® Scores as a key metric for evaluating credit quality across various collateral classes, including auto finance, credit cards, and student loans. The study reveals that over $41.9 billion in receivables were introduced to the market in 1Q2022, emphasizing the score's importance amid rising interest rates and economic uncertainty. The organization also released a white paper discussing the continued relevance of FICO Scores amidst emerging AI scoring models.