Tag Archives: Analytics in Action

Risk & Compliance Video: Scotiabank Cencosud Cuts Model Development Times by +50%

Cencosud video interview image
Apr192017

Ever wonder how one of Chile’s largest retailers retains over 3 million customers? We asked Scotiabank Cencosud’s Claudia Guerrero, Model Development Manager of Risk Management in its Retail Finance division. In this Cencosud video, Claudia discusses how the retailer relies on a comprehensive, integrated credit portfolio management solution developed by FICO. This enables it to make better customer decisions, from originations through customer management. In particular, FICO® TRIAD® Customer Manager successfully manages risk-based strategies for credit line increases and cross-selling, and FICO® Model Builder has helped Scotiabank Cencosud cut model development times in half, while still retaining predictive strength — which the company sees as a tremendous competitive advantage. For more information, read the Cencosud case study or visit the FICO Model Management and Compliance solution page.

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Analytics & Optimization Why FICO Was Named a Leader in Predictive Analytics

Woman with Predictive Analytics Formulas
Mar222017

Great news, FICO was named as a leader in the March 2017 report, The Forrester Wave™: Predictive Analytics and Machine Learning Solutions, Q1 2017. This is an honor, and it underscores for us the value and positive business impact our analytic solutions continue to deliver. These types of technology evaluations are really useful for organizations needing guidance as they enter into new strategic ventures. With plenty of attention on the promise of advanced analytics and machine learning, this report from Forrester is very timely. The report highlights: The Predictive Analytics and Machine Learning (PAML) Solutions market is “hot,” with Forrester forecasting “a 15% compound annual growth rate (CAGR) for the PAML market through 2021.” The true essence and core value of predictive analytics, stating “enterprises that can make probabilistic predictions about customers, business processes, and operations will have an edge over enterprises that can’t.” Machine learning is fundamental to artificial... [Read More]

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Analytics & Optimization Is Your Analytics Supply Chain Broken?

Simplified view of an analytics supply chain
Feb202017

This is a guest post from Thomas H. Davenport and FICO’s Zahir Balaporia. A version of this post was also published on Data Informed. Businesses across many industries spend millions of dollars employing advanced analytics to manage and improve their supply chains. Businesses look to analytics to help with sourcing raw materials more efficiently, improving manufacturing productivity, optimizing inventory, minimizing distribution cost, and other related objectives. But the results can be less than satisfactory. It often takes too long to source the data, build the models and deliver the analytics based solutions to the multitude of decision makers in an organization. Sometimes key steps in the process are omitted completely. In other words, the solution for improving the supply chain –  advanced analytics – suffers from the same problems that it aims to solve. Therefore, reducing inefficiencies in the analytics supply chain should be a critical component of any analytics initiative... [Read More]

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Analytics & Optimization Video: Analytics Spur the Entrepreneurial Spirit at Georgetown

analytics-at-georgetown
Dec282016

Ever wonder how students use analytics to become entrepreneurs? At Georgetown University in Washington, D.C., Students of Georgetown, Inc. – commonly known as “The Corp” – is the largest entirely student-run non-profit corporation in the world, with seven subsidiary companies generating annual revenues in excess of $5 million. As participants in the FICO Academic Engagement Program, Georgetown students were given the opportunity to analyze Big Data from their seven storefronts using some of the industry’s most widely used analytics tools. Watch the video to find out how The Corp leveraged their findings from FICO analytics to monitor customer behavior and improve sales.

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Customer Engagement Analytics in Action: Yarra Valley Water and Application Processing

Yarra Valley Water logo
Dec222016

As 2016 draws to a close, I am grateful for the many, many ingenious ways customers use FICO® products to solve business problems. Clearly, FICO World 2016 was a bonanza of an opportunity for me to learn exactly how. Customers traveled to our event, held last April in Washington, DC, from all over the world. The folks from Yarra Valley Water, in Melbourne, Australia, made one of the longest journeys, and I enjoyed hearing the retail water utility’s story at FICO World’s closing panel discussion. Yarra Valley Water uses FICO® Blaze Advisor® decision rules management system and FICO® Decision Management Suite to reduce the time required to the water application process from months to minutes, without adding staff. That’s pretty amazing––watch the video below. An early adopter of automation Yarra Valley Water provides water and sewage service to 1.8 million residents and over 50,000 businesses. In 1995, it worked with... [Read More]

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Analytics & Optimization Clean Energy Firm Solves an “Impossible” Problem with FICO Tech

Windfarm Designs logo
Dec132016

Harnessing the potential of wind energy is a challenging problem, from capture through conversion into electrical power. A key facet of wind farm design is how the turbines are placed. A “typical” wind farm project may encompass 200×300 grid points on the wind map to cover 20 turbines; if you consider the number of ways to position these turbines, the placement problem becomes incredibly cumbersome. But it’s not just maximizing energy yield that vexes the human brain. For years, the industry studied the problem of how to factor load constraints into the power optimization mix. Turbine loads (described through IEC standards or load models) have been considered too difficult to include in the optimization problem. Instead, consultants and manufacturers manually review and adjust layouts, which not only takes time – it also generates less than ideal results. Markedslabben AS, a Norwegian wind farm design tool and optimization start-up, cracked the... [Read More]

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Analytics & Optimization Artificial Intelligence: Find it Right in Your Own Backyard

Scene from The Wizard of Oz
Oct262016

It seems like you can’t spend more than a minute or two reviewing online articles or social media without stumbling on something about artificial intelligence (AI) or machine learning. It’s the hottest thing since the iPhone. But while AI is heralded as amazing new technology, it is in fact an amazing 30+-year-old, proven technology. Like Dorothy in the “Wizard of Oz,” you don’t really have to look much further than your own backyard to find AI––specifically, in your own wallet, mobile or otherwise. Machine learning and AI are a prominent part of banking and processing payment cards, not just reserved for self-driving cars and computers that can win at Jeopardy. In banking, machine learning not only improves predictions, it is effective for improving subsequent decisions. Machine learning has a presence in many of our analytic models at FICO that are widely used in the financial industry. Here are a few... [Read More]

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Risk & Compliance Using Analytics to Attack Opioid Abuse

Analytics + Opioid Abuse Blog
Jul282016

Recently, congressional staff requested a briefing from FICO on how our analytics are tackling the opioid epidemic – an issue that, despite pervasive gridlock in Congress, has become a priority for both Democrats and Republicans. Our experts welcomed the opportunity to share their experiences. We believe that the increased use of analytics can play a pivotal role in confronting this challenge. Opioids are a class of drugs that include heroin as well as pain medications such as codeine, oxycodone and morphine. In 2014, according to the Centers for Disease Control, more than 28,000 people died from opioids – a number greater than the deaths from traffic accidents that same year. And the opioid problem is getting worse, with increasingly more deaths involving fentanyl and other synthetic opioids. The House and Senate recently approved a bill addressing the opioid crisis by nearly unanimous votes. Though both parties wanted additional provisions, the... [Read More]

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Fraud & Security Best Practices: Using Analytics to Detect Fraud, Protect Bank Data

Dec302015

In this video interview with Fintech Innovation, Andrew Jennings talks about the growing use of data analytics to detect fraud and protect customer and company data within financial services, in Asia and across the globe. He discusses how the problems of fraud, cybersecurity and compliance are all interlinked, and shares best practices for tackling these challenges. Read Andrew’s latest blog post: The 2016 Road Ahead: Top Banking Trends and Challenges.

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Analytics & Optimization From Credit Scoring to Cloud Analytics: A Video History of FICO

Dec292015

As we wrap up 2015, it’s hard not to feel nostalgic. Join us for a stroll down predictive analytics memory lane in this video history of FICO, where we explore key milestones in areas from credit scoring to fraud management to cloud-based decision management. It’s hard to believe it all started in 1956 when Bill Fair and Earl Isaac founded a company in a San Francisco apartment, utilizing a borrowed computer and an investment of $400 each. Now that we’ve taken a look back, let’s look ahead to next year. For 2016 trends and predictions, check out recent posts from FICO bloggers: “5 Predictions for 2016: The Year of Prescriptive Analytics” by Scott Zoldi “The 2016 Road Ahead: Top Banking Trends and Challenges” by Andrew Jennings Feel free to share your own 2016 predictions in our comments section below. And check back in early January when our regulatory blogger Daniel... [Read More]

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