Fair Isaac Corporation - FICO STOCK NEWS

Círculo de Crédito, the fastest-growing credit bureau in Mexico, has received the FICO® Decisions Award for its innovative decision management solutions. The bureau has enabled over 20 million Mexicans to access credit, facilitating 200 million credit decisions and issuing loans worth USD$110B, nearly 10% of Mexico's GDP. The newly developed FICO® Extended Score helps assess applicants without credit history, significantly impacting financial inclusion and supporting 3,500 lenders in the country.

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.

FICO (NYSE: FICO) announced that Traxión has won the 2022 FICO® Decisions Award as an ESG Champion. Utilizing FICO route optimization technology, Traxión reduced deadhead trips by 2.9 million kilometers, saving USD$725,000 and cutting emissions by 458 metric tons. Once fully optimized, the company expects to decrease empty trips by 20%, saving USD$2.5 million and reducing emissions by 1,580 metric tons. Traxión's implementation of the FICO® Platform has greatly improved efficiency, achieving an 80% increase in analytic speed.

Recent research highlights the dissatisfaction of over 62% of SMEs in the APAC region with traditional banks, particularly regarding credit access and lack of support during the COVID-19 pandemic. Notably, 67% of Indonesian SMEs plan to explore alternative borrowing products in 2022. The study, conducted by RFI Global for FICO, underscores banks' need to improve transparency and customer experience to retain business. Key decision factors for SMEs include competitive interest rates and a streamlined application process. Without change, banks risk losing ground to alternative lenders.

FICO's latest report reveals significant changes in consumer financial behaviors since 2020. The survey indicates that 56% of U.S. banks and 69% of credit unions are undergoing digital transformation. Notably, the share of younger consumers using digital banks has risen to 12%. The report emphasizes the need for banks to adapt to new customer expectations in five areas: overdraft, saving and investing, buy now, pay later, niche neobanks, and open banking. Traditional banks are encouraged to rethink their services to foster long-term loyalty.

FICO (NYSE: FICO) will host the FICO® World conference in Orlando, Florida from May 10-13, 2022, gathering over 1000 executives from financial services. Keynote speaker Michael Lewis will discuss data and analytics innovations. Industry leaders from firms like Wells Fargo and Visa will present insights on operationalizing analytics and personalized customer experiences. Sessions will cover topics like AI, customer lifecycle, and fraud protection. Notable sponsors include AWS and FIS.

FICO (NYSE:FICO) reported second quarter fiscal 2022 revenue of $357 million, up from $331 million year-over-year. Net income reached $104.4 million ($3.95 per share), compared to $68.7 million ($2.33 per share) last year. Non-GAAP net income was $123.7 million ($4.68 per share), up from $90.2 million ($3.06 per share). Software ARR increased by 11%, driven by strong platform growth. Updated fiscal 2022 guidance anticipates revenues of $1.355 billion and GAAP net income of $350 million.

FICO's February 2022 analysis of UK credit card trends shows a 5.38% increase in average spend to £705, and a 1.11% rise in average balance to £1,527. Although the percentage of payments to balance dropped by 6.67%, indicating potential financial stress, fewer accounts missed payments compared to January. The report suggests consumers may be relying more on credit amidst rising costs, with vigilance in future repayment trends crucial for lenders. These insights come from FICO's Benchmark Reporting Service, utilized by 80% of UK card issuers.