Fair Isaac Corp - FICO STOCK NEWS

FICO (NYSE: FICO) has successfully completed the sale of its Collection and Recovery business to Constellation Software's Jonas Software operating group. This strategic divestiture aims to streamline FICO's focus on its core decision management and predictive analytics offerings. Wells Fargo Securities acted as exclusive financial advisor, while Faegre Drinker Biddle & Reath LLP provided legal counsel for the transaction. This shift aligns with FICO's commitment to enhance profitability and growth in key sectors such as financial services and telecommunications.

FICO has announced the winners of the 2021 FICO Decisions Awards, recognizing 12 organizations from eight countries that have excelled in using FICO solutions to address challenges posed by the global pandemic. Highlights include Boeing's rapid nurse scheduling solution, Avon's 72% reduction in bad debt in Brazil, and OCBC's 60-minute mortgage approval process that signed up $700 million in loans. The awards also demonstrate the critical role of digital transformation in business success.

On May 26, 2021, FICO announced the launch of the upgraded FICO® Falcon® Fraud Manager model for Retail Banking. This new version incorporates a Scam Detection Score that leverages machine learning to detect and prevent authorized push payment (APP) scams, improving detection rates by 50%. Driven by over 120 patents in fraud-specific AI, Falcon safeguards over 2.6 billion payment accounts globally. As APP scams rise, FICO's advanced analytics aim to equip banks with innovative tools to combat fraud in real-time.

FICO and Corinium released the State of Responsible AI report highlighting significant gaps in AI governance. It found that 65% of organizations cannot explain AI model decisions, and 73% struggle to obtain executive support for AI ethics. Alarmingly, only 20% actively monitor AI for fairness. The study surveyed 100 C-level executives, revealing a concerning lack of understanding of AI ethics within leadership. Despite the rise in AI tool usage, 49% reported increased resources for AI projects, yet only 39% prioritized AI governance.

FICO has appointed Ben Nelson as its new Chief Information Security Officer (CISO). Nelson brings over 20 years of experience in information security and cloud platforms, previously serving as CISO at Tableau, a Salesforce company. His role will involve leading FICO's information security management program to protect client data and ensure compliance with regulatory requirements. Nelson expressed enthusiasm for joining FICO, highlighting the importance of cloud security strategies in today's business environment.

A new study by Forrester Consulting for FICO shows that the FICO® Decision Modeler delivers a remarkable 356% return on investment over three years. This tool, part of the FICO® Platform, enables businesses to optimize decision-making through enhanced analytics and automation. The findings highlight improved customer experience, faster decision-making processes, and increased revenue from loan approvals, while also enabling organizations to scale their operations efficiently.

FICO (NYSE: FICO) is organizing a free online financial education event on May 20, 2021, in partnership with local and national nonprofits, aimed at Newark-area consumers. The event, part of the Score A Better Future initiative, will focus on understanding FICO Scores and improving overall financial health. Senator Bob Menendez will provide opening remarks, and participants can avail of free one-on-one credit coaching. The event highlights FICO's commitment to enhancing financial literacy and empowering consumers to achieve their financial goals.

AMAG Leasing AG has successfully implemented the FICO® Platform, enhancing its credit granting process. The automation has led to a 50% increase in staff productivity, allowing the company to handle more applications. Complex changes can now be made in under a week instead of two months, with an expected return on investment in just over six months. This project was completed remotely, showcasing adaptability during the pandemic. The cloud-based system offers flexibility and better decision-making capabilities, supporting AMAG's goal to double its application volume.

Grupo Monge, a leading Central American retail company, has enhanced customer credit approval by 10% and reduced operational expenses by 25% through the adoption of FICO Blaze Advisor, which streamlines credit assessment. The implementation has led to a 30% decrease in credit application evaluation time. Grupo Monge's efforts in financial inclusion earned them the 2021 FICO Decisions Award. This initiative aims to provide accessible financing options to underserved consumers across six countries, ultimately driving business growth.