I’m excited to announce that FICO has been named as a category leader in the Chartis Financial Crime Risk Management Systems for Enterprise Fraud report.
Chartis evaluates the landscape for enterprise fraud solutions through the development of its RiskTech Quadrant®, a proprietary methodology developed specifically for the risk technology marketplace. It takes into account the product and technology capabilities of vendors, as well as their organizational capabilities.
Chartis uses two distinct categories to evaluate vendors; “completeness of offering”, which evaluates the breadth and depth of functionality a vendor possesses, along with infrastructure, analytics and reporting capability; and “market potential”, which evaluates a range of categories such as market penetration, brand reputation, innovation, and implementation and support.
The Chartis report Vendor Analysis: FICO (Financial Crime Risk Management Systems: Enterprise Fraud; Market Update 2018) provides further analysis of FICO’s rating. Specifically:
Completeness of Offering
FICO’s capabilities in a broad range of anti-fraud functions resulted in consistently good scores across the categories. Cognitive Analytics, central to the FICO Falcon Platform, was identified as a notable strength, particularly for payment fraud (deposits, real-time payments, digital, cards), and supported by the comprehensive Falcon capabilities that demonstrate the broad scope of the offering. The strength of FICO’s artificial intelligence and machine learning was specifically called out, including the flexibility of connections to third-party analytics sources and the future potential of converged fraud and compliance capabilities.
FICO had consistently high scores across the assessment criteria, in particular market penetration, growth strategy and financials. Geographic growth was particularly notable, including some of our recent client wins in Latin America, Europe and Asia-Pacific; FICO serves more than 9,000 financial institutions worldwide.
The Enterprise Fraud Market
In its report, Chartis noted the growth within the market, including the traditional incumbents and new entrants, many of which are more focused on point solutions or best-of-breed in certain areas. Very few providers were shown to offer comprehensive enterprise fraud solutions. By virtue of its market potential and functional capability, FICO acquired category leader status, reflecting a developing focus on new and emerging fraud detection techniques and more sophisticated analytics.
Download the RiskTech Quadrant and FICO Vendor Analysis report