There are a growing number of decisioning platforms to choose from to combat fraud and financial crime. Many find making the right selection overwhelming, knowing that the choice made will have a lasting, monumental impact on their organization for years to come.
So what exactly should you look for and who should you turn to for direction? Well, this past December, prominent analyst group Forrester named FICO Category Leader in their most recent Digital Decisioning Platforms Wave Report and noted that, “There are no holes to poke in FICO Decision Management Suite (DMS) — it provides all the tools necessary to manage and deploy digital decisions that will standup to the highest standard of regulatory rigor.” FICO’s Falcon X platform for the management of fraud and financial crimes is built on the FICO Decision Management Suite, and makes the most of its robust capabilities for managing data, creating and sharing decision assets, and executing your organization’s decision workflow.
We’ve dissected the report and pulled together thought leadership from across FICO to identify essential components you’ll need to ensure you find the right centralized decisioning platform – one that will catapult your digital transformation and keep your customers safe and secure while providing them a frictionless experience.
On your journey to the right platform, start by looking for these crucial features:
Unfettered Data Ingestion
The right decisioning platform should give you the power to access all your data, internal or external, regardless of the location or format, and regardless of whether you ingest it as streaming or batch data. This enables you to access the right data at the right time for optimal decisioning or process orchestration, resulting in both better decisions, as well as cost reductions stemming from purchasing data only when it brings value. Balancing timely, accurate and cost-effective decisions increasingly means financial institutions must digest diverse data streams and inputs flexibly, and without undue technical restrictions.
When choosing a platform with this ability, here are the capabilities you should look for:
- Ingest data without having to move, cleanse, or convert it
- Access data at the point in the decision stream where it makes the most sense (and cost the least money)
- Share data and other decision assets across the business units
- Offer a robust set of ready-built third-party data connectors
- Bring together recurring batch, streaming, or one-off event data to make the most of your decision workflow
Shared Characteristics Libraries
A best-in-class solution provides an unconstrained environment to create real-time aggregations and calculate derived variables that can feed any fraud or financial crime detection strategy, while providing all authorized users across the organization access to them.
This allows a new level of shared intelligence, and provides an opportunity to drive collaboration, consistency, and efficiency across the organization. Organizing decision variables and modeling characteristics in a way that enables leverage and re-use across the organization enables better collaboration among data scientists and business users, and greatly decreases time to value in the development of decision strategies.
Find out the remaining three key items that should be on your checklist for a decisioning platform used to fight fraud and financial crime by downloading our comprehensive guide. Delve deeper into the broad set of use cases you can tackle through one centralized platform and get a look at what these capabilities look like in action.
To learn more about how the FICO Platform can help you efficiently detect and investigate fraud and financial crime, visit www.fico.com/en/solutions/fraud-protection-and-compliance.
If you’re ready to see how the right decisioning platform can provide the necessary centralized intelligence needed to combat ever-evolving fraud and financial crime schemes, contact our experts.
Follow me, and the hashtag #FightFraud, on Twitter @dougoclare.