Analytics & Optimization FICO World Panel: The Long and the Short of It

Customers talk about decision management at FICO World 2016
Apr292016

“Success comes from a thoughtful combination of long term strategy and short term delivery,” said Ivan Cavinato, head of credit risk management at Unicredit. This summarized a key approach from the panel of customers invited to discuss advances in decision management technology in the closing session at FICO® World 2016, the Decisions Conference, in Washington, DC. The discussion, chaired by Wayne Huyard, FICO executive vice president for Sales, Marketing and Services, included representatives from Hewlett Packard Enterprise, payments processor Vantiv, Australia’s Yarra Valley Water and Italy’s Unicredit. Operationalizing analytics brings many different challenges but there was a lot of common ground between panelists who all work at wildly different types of businesses. Tim Nargassans, Core Boarding Lead at Vantiv, discussed the importance of creating decision management solutions that embrace agile concepts. “It’s critical to not only live agile from start to finish, but also to design scalability in order for... [Read More]

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Risk & Compliance The Human Face of Credit Scoring at FICO World

Jim Wehmann at FICO World
Apr282016

“Financial inclusion matters — we know it theoretically but do we really understand how much it counts?” That’s what FICO EVP of Scores Jim Wehmann asked in his keynote address today at FICO World 2016. To find out, Wehmann interviewed consumers recently at the Mall of America about their credit scores and their financial dreams. The video of these consumers provided a highlight of the conference, and also put a human face on the struggles of people rebuilding their credit. One consumer, Ron, had had credit problems that sent his FICO Score into the 400s — meaning no lender would offer him credit. Rather than declare bankruptcy, Ron decided to rebuild his credit, working with Lutheran Social Services. “I’m not getting back on my feet, I’m getting ON my feet,” Ron said. He was aiming to get a score above 620, which would make him eligible for card debt consolidation.... [Read More]

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Analytics & Optimization Video: FICO World Day 2

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Apr282016

FICO World attendees were treated to keynotes from FICO CEO, Will Lansing, FICO Vice President of Product & Technology and CTO, Stuart Wells, and James B. Duke Professor of Psychology and Behavioral Economics, Dan Ariely. We caught up with several attendees to get their impressions of the Day 2 keynotes as well as the many sessions.

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Analytics & Optimization Video: FICO World Kicks Off in Washington, DC

FW Day 1 Conf
Apr272016

900 risk managers, fraud managers, marketers, debt managers, IT strategists, analytic scientists and other business professionals from 45 countries are in Washington, DC to take part in FICO World 2016, a four-day conference on analytics and decision management. Themed The Decisions Conference, the conference includes more than 100 presentations from FICO experts and 80 organizations from around the world. Below is a video where attendees give us their impressions of the first day of the conference.

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Analytics & Optimization Stuart Wells FICO World Keynote: Complexity and the Productivity Crisis

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Apr272016

Stuart Wells, FICO’s executive vice president of products and technology and chief technology officer, began his talk with a birthday celebration. Moore’s law is celebrating its 51st birthday. The axiom goes that “the number of transistors on an integrated circuit will double every two years.” There is also Gilder’s Law, “bandwidth grows at least three times faster than computer power” and of course, Metcalfe’s Law, “value of a telecommunications network is proportional to the square of the number of connected users of the system.” All of these laws, albeit conservative approximations, point to the amazing pace of growth in innovation that we’ve experienced over the last few decades. Yet, there has been another trend lurking under the surface. Well’s points to the productivity crisis. We’re entering an era where productivity is shrinking, and the only way to increase it is to raise output per worker. This could be done by... [Read More]

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Analytics & Optimization Dan Ariely’s FICO World Keynote: Environment Matters

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Apr272016

“How many of you have texted while driving?” asked Dan Ariely of the audience at FICO World, encouraging them to put up their hands. “You know it is stupid, but in that moment are you really weighing up whether you would like to continue living verses answering an SMS? Of course not! In that moment you are making a short-term judgment that you want to see and respond to your friend’s message.” Delving into these paradoxical moments, where humans make seemingly irrational decisions has become a professional hobby horse for Ariely, who is a professor of psychology and behavioral economics at Duke University, as well as a bestselling author. Testing the audience further, Ariely made the point that the environment in which we find ourselves can have a significant impact on the decisions we make. The polished raconteur asked the audience to put their hands up if, in the last... [Read More]

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Risk & Compliance Will Lansing’s FICO World Keynote: Disruptors v. Incumbents

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Apr272016

FICO’s CEO Will Lansing opened his FICO World 2016 keynote today by thanking the disruptors for keeping us on our toes. But in banking, like many other industries, the incumbents have the upper hand. Why, Lansing argues, because incumbents have customers, and it is always better to have customers. While disruptors are after pieces of the incumbents businesses, and are going to be successful in some domains, Lansing explains that incumbents enjoy competitive advantages and need to be diligent in protecting those advantages: In banking, incumbents enjoy lower cost of funds than everyone else. Of course there is a price tag for the lower cost of funds, banks have to meet numerous compliance requirements, and that can be expensive. Incumbents have brand and trust. Universally everyone wants to do business with brands that they trust, that can offer stability, continuity and safety. But, this can be lost in a blink... [Read More]

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Analytics & Optimization How to Innovate Like a Start-Up with Decision Management

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Apr262016

For decades, businesses have been leveraging technology to automate large parts of their operations – accounting, manufacturing, supply chains and customer relationships. In the most recent chapter of this story, business and government agencies have been doing amazing things with cloud computing, Big Data and analytics. However, it is estimated that 85 percent of organizations are still unable to exploit Big Data for competitive advantage. There is a gap between the promise of Big Data and the reality. While there is indeed a ton of available data, it’s still hard for most companies to parlay it into useful insights, let alone operationalize it within their business decisions. After all why should you bother with analytics without actions? Today we are introducing a major leap-forward in the practice of prescriptive analytics and decision management. The latest version of FICO® Decision Management Suite provides everything businesses of all sizes need to rapidly develop innovative... [Read More]

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Analytics & Optimization Watch Live Webcast from FICO World 2016

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Apr262016

FICO® World 2016, The Decisions Conference, kicks off today in Washington, DC. This afternoon we will be webcasting our launch event live at 4 pm ET (1 pm PT). The event will be hosted by Stuart Wells, our executive vice president of Products and Technology, and chief technology officer at FICO and showcase our latest analytics and decision management technology innovations. Date: Tuesday, April 26, 2016 Time: 4 pm ET (1 pm PT) Webcast URL: FICO CTO Launch Webcast 2016 Passcode: FICOlaunch2016 If you’re not at FICO World, you can still be among the first to see and hear about our new innovations.

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Analytics & Optimization Innovative Application Process Leads to Happy Yarra Employees

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Apr222016

With more than 1.7 million customers and 50,000 businesses, Yarra Valley Water is Melbourne’s largest water and sewerage utility. From day one, it has sought to provide timely and excellent customer service, culminating in, among other enhancements, the development of its easyACCESS system to automate its development application process. The project has seen the company win a FICO® Decision Management Award for Decision Management Innovation, and we’re thrilled to have Yarra Valley Water telling its story at next week’s FICO World, to be held in Washington DC on April 26-29. As I worked with Stuart Squires (system manager for Yarra Valley Water), Rhonwyn Colley (director for Wise Technology Management, who were key to the implementation and deployment of easyAccess) and FICO’s Jeremy Chen on the presentation, I was struck by not only how the FICO® Decision Management Suite technology was the core analytic and technology driver behind the success of... [Read More]

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