All posts by FICO

Risk & Compliance Gamification in the Auto Industry; Can it Drive Results?

Yu-kai Chou, is a gamification expert who spoke about gamification in Auto to attendees at the FICO Automastermind event
Sep212017

Guest Post: Today we have a guest post about gamification in auto from Yu-kai Chou, Founder and President of The Octalysis Group. He was a featured speaker at our Automotive Mastermind event held last month in Silicon Valley. The Octalysis Group is a gamification consultancy that assists companies to understand the core drivers that motivate people to take action and applies these to business objectives. === Driving Engagement in Experiences is a Necessity In The New World All around the world in many different industries from software to education, banking to automotive, businesses have been focused on making products that are more efficient and effective but not more engaging and interesting. To be successful in the new age of engagement, businesses need to be optimized for human motivation. Essentially, successful companies are realising the need to shift from ‘function-focused design’ to ‘human-focused design’. Human-focused design strives to answer the key question: “Why do... [Read More]

Leave a comment

Risk & Compliance The Right Auto Finance Offers Delivered in Seconds

Picture of articles on Auto Finance
Sep062017

The US automotive industry has shown immediate interest in FICO’s new auto finance loan origination solution. It was the big news drop at our Automotive Mastermind event held a few weeks ago in Silicon Valley and has been widely covered by industry media including Automotive News, Automotive Digest and SubPrime. FICO’s Alternative Deal Structures platform, designed specifically for automotive, works within lenders’ parameters and customers’ preferences to quickly produce multiple deal structure options at the point of sale from thousands of options in just seconds. Automotive News reported: “If you look at a typical auto finance scenario today, you might get a single deal structure offered by the underwriter [or] by the dealer, and the customer may or may not like it. If they don’t like it or something unusual comes up, they have to go through the whole rehash process,” Ken Kertz, senior director of FICO’s auto practice, told Automotive News.... [Read More]

Leave a comment

Analytics & Optimization How AI Is Changing Lending (Podcast)

Dr. Scott Zoldi, FICO
Sep062017

If AI is good enough to power self-driving cars, isn’t it good enough to make credit risk decisions? What are the challenges lenders face using AI and machine learning models today? In this podcast for Lend Academy, FICO Blog author Dr. Scott Zoldi talks about his role as FICO’s Chief Analytics Officer, the company’s AI innovations and how they are being applied in credit risk, fraud management and more. Listen to the podcast: “I’m excited that machine learning and AI is the rage again, I think that’s a really positive thing because it’s a tremendously interesting set of technology,” Scott says in the podcast. “What I worry about is it takes a lot of care to properly productionize and operationalize AI. From making sure that models aren’t overtrained, to making sure that you have the proper amount and degrees of freedom, that you really thought about the data you bring into the... [Read More]

Leave a comment

Collections & Recovery Video: Trustmark Collection Agents Gain a 360º View of Customer

Aug312017

Having a single view of your customers across both collections and recovery is somewhat of an operational nirvana. It improves the experience immeasurably for customers and ensures that front line staff spend their time on the right tasks. This was one of the key considerations for management at Trustmark (a regional financial services institution with locations across five states in southern USA) as they looked to replace their 20-year-old system. Even though their existing recovery platform was performing well, the technology had dated and no product enhancements were planned. While on the collections side, the platform they were using was no longer supported. One of the concerns management heard from agents before transitioning to FICO Debt Manager was that the system they were using wasn’t always able to post payments same-day, leading to duplicate outreach and frustrated customers. Not seeing the complete customer view meant agents made multiple efforts to collect many debts... [Read More]

Leave a comment

Risk & Compliance Automobile – quo vadis? The Auto MegaTrends

Aug272017

Guest Post: Today’s blog is from Dr. Sven Beiker, founder and managing director at Silicon Valley Mobility, LLC. He was a featured speaker at our Automotive Mastermind event held earlier this month in Silicon Valley. Silicon Valley Mobility is a mobility consulting and advisory firm in Palo Alto, CA. looking at the trends of automation, communication, electrification, and commoditization. === “Automobile – quo vadis?” or “where are you going?” That’s easy to answer right? The car is becoming ‘autonomous, connected, electric, shared’ and the automotive industry is now becoming the mobility industry and everything will be fine. Easy enough? Well not really – let’s take a closer look. We will start with the motivation for those new trends. There are quite a few challenges with the automobile today. Much of which results from the fact that cars are too easy and convenient to use, so that there are too many in... [Read More]

Leave a comment

Risk & Compliance 5 Core Competencies of Digital Transformation You Can’t Ignore

Aug162017

Guest Post: Today’s blog is from Les Winograd, VP of Client Services at HS2Solutions. He was a featured speaker at our Automotive Mastermind held last week in Silicon Valley. HS2Solutions works with companies such as Domino’s Pizza, Wilson and Zipcar on their digital transformation strategies and spoke to attendees about how this applies to the automotive industry. === In today’s world of ever-accelerating innovation, nimble challengers spring up and disrupt businesses overnight. Keeping pace with the competition and ensuring long-term market relevance can be a daunting task. The one certain in a thick of uncertainty is that the decision to harness the power of digital to drive business results and ensure long-term market relevance is no longer a question of if, but a question of how. Perhaps nowhere is the importance of Digital Transformation greater than the Auto Industry in general, and the car buying process in particular. Companies like Apple, Google, and... [Read More]

Leave a comment

Analytics & Optimization The Future of AI: Smart Machines Will Save Us, Not Destroy Us

FICO 25 years of AI and machine learning logo
Aug162017

To commemorate the silver jubilee of FICO’s use of artificial intelligence and machine learning, we asked FICO employees a question: What does the future of AI look like? The post below is one of the thought-provoking responses, from Shafi Rahman, a principal scientist at FICO, working in San Diego. The most memorable scene in the film 2001: A Space Odyssey is when HAL 3000 turns off the life-support functions of the crew in an attempt to keep itself from getting disconnected. This was my first encounter with what we call artificial intelligence. Then in Terminator, we were introduced to Skynet, a neural network based AI, which raised an army of robots for self-preservation. Hollywood has always portrayed the future of AI in a dystopian, cataclysmic manner. In reality, I believe things will be different — benign and beneficial to the human-kind. In the last 10 years, we have seen huge... [Read More]

Leave a comment