Fair Isaac Corporation - FICO STOCK NEWS

FICO's recent research reveals an accelerated digital-first mindset in financial services, with 71% of U.S. consumers willing to open accounts digitally. However, younger consumers (ages 18-24) show a surprising preference for non-digital methods, with 29% favoring phone or mail. The study indicates that 50% of users abandon digital onboarding if asked more than 10 questions. High expectations for identity verification exist, with 62% expecting a digital process. This presents a critical need for financial institutions to enhance user experience and confidence among younger consumers.

FICO (NYSE:FICO) has announced a new stock repurchase program allowing the company to buy back up to $500 million of its outstanding shares. This initiative follows the completion of its previous buyback program, which was active from March to August 2021. The program is open-ended and permits share acquisitions in the open market as well as negotiated transactions. The buyback reflects FICO's commitment to enhancing shareholder value and confidence in its operational strategy.

FICO, a leader in digital decision platforms, announced the award of 13 new patents related to AI, machine learning, and fraud detection technologies, bringing its total to 204 patents and 85 pending applications. This achievement underscores FICO's commitment to enhancing business processes through innovative decision management solutions. The patents cover various technologies, including model explanation and fraud detection systems. In the past year, FICO has been recognized as a leader in digital decisioning and innovation in AI applications and financial crime solutions.

FICO (NYSE:FICO) reported strong third-quarter fiscal 2021 results, achieving a net income of $151.2 million, or $5.18 per share, up from $64.1 million a year ago. The revenue for the quarter reached $338.2 million, a 7.4% increase compared to $313.7 million in the prior year. Non-GAAP net income also rose to $98.8 million, or $3.38 per share, improving from $76.7 million. Key segments saw varied performance: Applications revenue decreased 6%, while Scores revenue surged 31%, driven by higher B2B and B2C transactions. The company is progressing in its SaaS transition.

On July 26, 2021, FICO (NYSE: FICO) announced a free online financial education event for Detroit-area consumers, scheduled for July 28. The event, part of FICO's 'Score A Better Future' program, aims to enhance financial literacy by providing insights into FICO Scores, crucial for securing loans. Attendees will connect with credit counselors and financial experts, including opening remarks by Anika Goss-Foster, CEO of Detroit Future City. The initiative collaborates with multiple local and national nonprofits to empower individuals with the tools for better financial health.

FICO released its analysis of UK card trends for May 2021, indicating consumers are adjusting to new financial realities. Card spending rose by only 4% compared to April's 12% growth, reflecting caution among consumers anticipating the end of furlough support. Payments to balance increased by 10% month-on-month, reaching a two-year high of 36%. Average credit card spending rose to £651, but growth was less than expected. The report highlights an 8% year-on-year increase in average balances for accounts with three missed payments, raising concerns for lenders.

FICO (NYSE:FICO) will announce its third quarter fiscal 2021 results on August 3, 2021, after market close. A conference call is scheduled for the same day at 5:00 p.m. Eastern Time. Investors can access the call via FICO's website, with a replay available through August 3, 2022. FICO specializes in predictive analytics and decision management, with significant technological innovations and a global presence affecting numerous industries.

FICO has been recognized with two finalist positions in the Women in Credit Awards 2021, highlighting leadership and innovation. Michelle Beetar, VP for Africa, is nominated for Team Leader of the Year, while Cecilia Fernandez de Cordoba, Senior Director in Germany, is shortlisted for Innovator of the Year. Beetar's leadership significantly improved team dynamics and engagement during the pandemic, leading to substantial success in South Africa. Meanwhile, Fernandez de Cordoba's efforts in enhancing FICO's software development processes have accelerated innovation. Winners will be announced on September 30, 2021.