FICO today unveiled a host of new retail banking solutions that allow lenders to manage the credit lifecycle in a way that is smarter, faster and simpler. [Read More]
FICO showcased the latest enhancements this week to its FICO® Decision Management Suite (DMS) leveraging AI, machine learning (ML), advanced analytics, optimization and decisioning.[Read More]
One of the biggest trends in the financial crime industry is the convergence of fraud and regulatory compliance operations, which includes AML and know-your-customer, or KYC, regulations.[Read More]
FICO WORLD 2018, MIAMI, Florida FICO today unveiled a host of new retail banking solutions that allow lenders to manage the credit lifecycle in a way that is smarter, faster and simpler. The innovations are designed to help support lenders with their digital transformations as retail banking continues to be shaped by the forces of mobile, cloud, analytics and big data. “We have seen remarkable changes in banking in the last two years as lenders accelerate their digital transformation and reinvent the customer experience,” said Tim VanTassel, vice president of FICO’s credit lifecycle business line. “Lenders are engaged in an analytic arms race to find, delight and retain the right customers by determining and deploying differentiated offers and experiences.” Read the full media release here Originate Loans Using Optimized Deal Structures Providing consumers with multiple options for the best-fitting terms in real time has been an industry goal for some time, and... [Read More]
FICO WORLD 2018, MIAMI, Florida Mission Critical AI FICO showcased the latest enhancements this week to its FICO® Decision Management Suite (DMS) which leverages artificial intelligence (AI), machine learning (ML), advanced analytics, optimization and decisioning to deliver better, more predictive business outcomes. New capabilities include: DMS Enterprise Grade Cloud Service: Now available on AWS, this managed service provides 24×7 high availability, disaster recovery, and supports the development, test and production environment. New tools and execution platform: For mission critical AI, decisions, analytics and optimization, the new FICO® Analytics Workbench supports a wide range of commonly used AI and ML model executions and FICO developed analytic models for use cases such as fraud and anomaly detection. FICO® Decision Central™ and DMS Hub in the Cloud: Enables true centralized decisioning with performance tracking, governance, source code control and collaboration for analytics and AI models. Next generation decision optimization: Latest version of FICO® Decision Optimizer is now available... [Read More]
One of the biggest trends in the financial crime industry is the convergence of fraud and regulatory compliance operations, which includes AML and know-your-customer, or KYC, regulations.
Many data lakes are on life support - here's how to get yours to pay off in three steps. Get your data lake to pay off, not perish!
AI in Collections an Inevitability Artificial intelligence (AI) is becoming more integral in improving collections, according to banks in Asia Pacific (APAC). In a survey conducted at the FutureCollect event in March, seven out of ten senior collections managers revealed they plan to implement and integrate AI into their collections systems within the next two years, and 24 percent said they will do it next year. These new findings are consistent with FICO’s insights on AI earlier this year, predicting companies will focus on operationalizing AI in 2018. Almost half (48 percent) of banks believe that the use of AI will help them optimize their collection decisions, while 41 percent feel it will enable them to accurately predict consumer behavior. AI-powered analytics can improve automation in collections in many areas, from optimizing contact strategy settings to ensuring human agents make sophisticated decisions when restructuring debts or even calculating provision rates at an account level for IFRS 9... [Read More]
Today we have released the findings from our first ever global consumer survey on automotive finance perceptions. FICO’s independent research surveyed 2,200 adult consumers across nine countries including the US, Canada, Mexico, Chile, Australia, New Zealand, Germany, Spain, and the UK. The respondents were between the ages of 18-64 who acquired a loan on a new/used vehicle within the last 3 years. The findings cover the financing aspect of both new and used vehicles from the beginning of the journey where customers start to research, the middle where negotiation, ‘shopping around’ and the loan origination begins, and the end where the deal is formalized and the consumer walks away with their vehicle. 5 Surprising Findings in Automotive Finance (1) Americans love speed, right? The country that invented McDonalds should have the shortest wait times for auto finance. Wrong. It turns that the US is ahead of only Mexico in terms... [Read More]
Fraud communications and other interactions are increasingly seen as a vital part of the customer experience.
Jari Koister, Vice President of Product Management at FICO, discusses the advantages and challenges organizations face when using AI and machine learning. He also unveils the Explainable Machine Learning Challenge, check out the video below. To participate in the xML Challenge, or just keep up on the progress, go to community.fico.com.
UK cards on books 1-5 years are showing signs of debt stress - here are the facts, as well as recommendations for issuers.
How are advances in artificial intelligence and machine learning changing credit risk assessment? That’s a topic I’ll be exploring in three presentations at FICO World 2018.