FICO Platform Unveils New Features Enhancing Analytics, Decision Automation, and Business Simulation

HOLLYWOOD, Fla., May 18, 2023 — At its FICO World conference, global analytics software firm, FICO, unveiled 19 major enhancements to its industry-leading FICO Platform, the most powerful and proven foundation for applied intelligence. FICO Platform powers enterprises to drive the most critical, strategic business outcomes across the customer lifecycle.

FICO Platform’s rich enhancements span the digital innovation lifecycle from data to insights to actions to business outcomes, and further advance FICO’s capabilities for analytics and machine learning, decision automation, mathematical optimization, and business simulation. These new and improved tools are designed to sharpen enterprises’ competitive advantage and power exceptional customer experiences.

The new capabilities include:

• Transactional Analytics – empowers enterprises to know their customers and business environment better with real-time intelligence, data aggregation, profiling and feature management that can power multiple use cases. This makes it possible to operationalize analytics built with FICO’s patented approaches, as well as open source and third-party models built with Python, PMML, and other standards.
• Optimization – powers enterprises to experience substantial performance improvements and offers improved data visualization. FICO’s solver performance has increased by 11% over the last year and 25% over the last two years on mixed integer programming. FICO has further enriched the open-source industry-standard Mosel optimization modeling language.
• Simulation – provides tools for business staff to experiment, test and learn without the risk of negatively impacting the customer experience. Continuing to enrich this market-leading capability, FICO has made major improvements to the performance of action-effect-modeling with a 70-90% increase in performance, developed innovative improvements to the component architecture for simulation and made it more efficient to create new simulation applications and put them in the hands of business users.
• Composability and Decisions – provides unified platform orchestration, highly advanced decision modeling, and flexible dataflow with a rich pallet of applied intelligence tools and services, allowing customers to rapidly deploy across the enterprise to address new and emerging uses cases and scenarios.

“FICO Platform allows our analytics team to be creative and build models and strategies that would have been too complex in the past,” said Elizabeth Billyard, Head, North American Retail Credit and Chief Risk Officer for Canadian P&C at BMO Financial Group. “The platform technology has been instrumental in enabling us to leverage the power of data and analytics to make more informed business decisions and improve our overall performance.”

FICO Platform is designed to sharpen businesses’ competitive advantage with an unparalleled depth of insights for applied intelligence, powering customer connections and strategic business outcomes. These innovations break down silos across teams and power your talent force to achieve customer-focused digital transformation, while giving enterprises greater agility and collaboration.

“FICO has seen 14 consecutive quarters of greater than 40% year-over-year growth of FICO Platform. The increased adoption is only possible with intensely customer-focused innovation. This further differentiates our industry-leading capabilities, including Decisions, Mathematical Optimization and Business Simulation,” said Bill Waid, Chief Product and Technology Officer at FICO. “FICO Platform is uniquely positioned to ensure every action taken drives the desired outcomes, both for the business and for the customer. FICO is proud to be leading the market in deriving business value through applied intelligence.”

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics, AI and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, manufacturing, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in nearly 120 countries do everything from protecting 2.6 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and other countries, improving risk management, credit access and transparency. Learn more at fico.com.

Source: FICO