FICO’s platform enhancements power real-time decision-making amid complex data estates

FICO, the company powering decisions that help people and businesses around the world prosper, is announcing new enhancements for the FICO Platform—the next generation, applied intelligence platform to power customer connections. These updates address the ongoing data complexities of growing enterprises, improving real-time decision-making, productivity, and overall efficiency.

The FICO Platform revolutionizes how organizations make decisions and apply intelligence across the customer lifecycle, according to the company. Acknowledging that modern enterprises must adapt to their intricate, large wealths of data, FICO is debuting several new features that help teams eradicate data silos and improve model efficiency—at speed and scale.

“As enterprises grow, so does their data grow in complexity, volume, and transformative power. And while more data and information mean greater opportunity for better, more confident decision-making, it cannot come at the cost of speed and agility,” said Bill Waid, chief product and technology officer at FICO. “New FICO Platform enhancements enable our customers to put their data into motion to deliver high-performance decision execution at scale, enabling powerful new experiences that provide exceptional customer interactions, and maintain customer trust in an AI-powered world.”

FICO is unveiling the following updated capabilities:

• Data Connection and Ingestion: New improvements to configuration flexibility for data processing, designed to help enterprises manage growing data demands while delivering ROI

• Enterprise Optimization: A new problem-solving algorithm for large-scale models that helps identify mathematically optimal outcomes to global problems, solving complex compute challenges while balancing competing priorities and resources 

• Applied Analytics and ML: Business-friendly enhancements to FICO’s credit risk modeling tool that enable enterprise teams to better anticipate the most impactful data breaks while maintaining flexibility 

• Intelligent Decisions and Digital Twins and Simulation: Improves the ability to back-test current strategies against historical decisions, driving greater flexibility, speed, and control as business strategies are built, tested, and simulated 

FICO’s platform is particularly relevant for the financial sector, helping these entities improve  decision-making processes, customer interactions, and risk management while simultaneously reducing costly errors, according to the company. 

“FICO Platform provides a solution capable of accommodating the diverse use cases across our banking operations,” said Regan Goble, risk analytics senior manager at Westpac NZ. “With FICO Platform, we've been able to shift from focusing on individual decisions we make on a customer’s account, to thinking strategically about how we manage customers across all their accounts and throughout their lifetime with the bank. We can rapidly build, test, deploy, and customize automated decision models to keep up with our customer expectations and regulatory requirements as the banking industry evolves.” 

To learn more about FICO, please visit https://www.fico.com/en.