The Future of Digital CX and Hyper-Personalization - Video

The annual FICO World conference is an opportunity for FICO clients to take a bow for the amazing solutions they have built with FICO Platform over the past year in the course of their digital transformation efforts. In return, we tell them about the sweeping new capabilities and digital technology we’re adding to FICO Platform in the year ahead.  Even from the stage, I could see in their faces that many were already visualizing new digital transformation projects they’ll be able to pursue.

In my brief presentation I painted a broad picture of FICO Platform and our design intent as we build it out. In short, it’s a platform built for business, that works at the speed of the business, to power your business teams and give them the decision management and analytics tools needed to create your next-generation customer experiences and advance your digital transformation progress.

Not many chief product and technology officers from other companies talk about business requirements, business benefits, and business outcomes as much as I do. That’s because my team and I are fully focused on digital transformation technology that drives business transformation — and so is the platform we are building for FICO clients.

Here are three ways our evolving technology is helping clients achieve their digital transformation goal of make smarter, faster, more profitable businesses strategies and decisions at every customer touchpoint.

1. Force Multiplication

The term “force multiplication” refers to a process, tool or tactic that makes everything around it better, stronger, and easily scalable.  In the case of FICO Platform, it refers to digital technology innovations that deliver higher business ROI from your current and legacy investments in customer information.  These digital transformation innovations make it easy to share and compound customer insights across all use cases — as well as cloud, ecosystem, and third-party data sources — all leveraging one another, and fortified with advanced analytics to create optimal, actionable and compelling customer strategies.

From the digital transformation perspective, a good example of this is the complete customer-centric view that results when platform clients take standalone departmental information from business lines and applications – originations, risk, credit cards, etc. -- and combine their insights; suddenly new opportunities for targeted cross-selling, upselling, and other strategies emerge that weren’t visible before digital technology was applied. It’s only evident when all application silos are working together in synergy and complementing one another to automate and accelerate decision-making.

2. Unleashing the Personalization Paradigm

Much of our work has been focused on extending FICO Platform’s capabilities to formulate richer hyper-personalization insights, leverage those insights to improve outcomes, and measure the impact for continuous improvements. Infused with benefits of the force multiplication — all use cases, working in synergy to create individualized, portfolio-wide customer experiences — these powerful new analytics-driven hyper-personalization capabilities accelerate transformation and pave the way for customer experiences that increase customer satisfaction, retention and lifetime share-of-wallet, the overarching goal of digital transformation.

For example, using Artificial Intelligence -enhanced customer data, and running it through simulation and optimization scenarios, sophisticated FICO Platform clients have succeeded in analyzing individual customer situations in such great depth, they can determine the statistically validated strategy, offer, and precise time to engage the client.  New digital technology capabilities coming in FICO Platform will make identifying these “customer moments” even easier and more effective, even when undertaken by non-technical business users.

3. Empowering​ Simplified​ Collaboration – New Ways of Working​

As companies progress in digital transformation efforts, and the number of use cases created using FICO Platform increases in number across the enterprise, so does the amount of data, decision assets and opportunities for stakeholder interaction and dependencies.  In addition, we are adding analytics and operational tools​ to simplify collaboration surrounding change management control, traceability, verification/ validation, auditability and automated checkpoints, all essential business capabilities.

As an example, the credit card line of business might obtain valuable information about changes in a customer’s financial health; that information might be of great value to the HELOC, refinance, and personal loans lines of business, and suggest the need for a cross-portfolio, unified approach to the customer.  Because achieving customer-centricity requires non-stop collaboration across the organization, we are improving FICO platform’s ability to ensure maximum business insight and utility.

Over the past few years, we at FICO have been focused not just on advanced technological features and functions, but the business value they can deliver for companies undertaking digital transformation. As you watch the video, you’ll get a clear sense of not only where FICO Platform is heading — and where it can take your organization — but why.  You’ll understand that while the technology we’re unleashing is setting new standards in innovation, it’s also setting the foundation for solving the most fundamental business challenges your organization has been grappling with for too long.

Learn How FICO Platform Can Improve Your Competitiveness

• Watch my FICO World keynote
• Read the Spring 2024 FICO Platform capabilities press release
• Read my Spring 2024 FICO Platform blog post
• Read my articles in Forbes
• Explore innovation with FICO Platform
• Watch the video “FICO® Platform: Applied Intelligence, when and where it matters”
• See customers discuss their use of FICO Platform
• Read the article from The Journal of Digital Banking, “How Financial Services Leaders Are Using Enterprise Intelligence to Optimize Efficiency Ratios”
• Watch FICO Platform in action with the story of your everyday consumer, Digital Jane