Utilizing data effectively plays a vital role in business success. It enables stronger connections with customers by gaining a deeper understanding of their needs and preferences. Furthermore, it empowers businesses to make well-informed decisions, leading to growth and innovation tailored to market demands. How does data drive strategic business outcomes? Fintech Review had a conversation with Stephanie Covert, EVP and Head of Software at FICO to get some insights.
Learning about FICO
FICO is dedicated to making data work for businesses to drive customer connections and strategic business outcomes. Over the past 60-plus years, their use of Big Data, mathematical algorithms, and decision automation has been transformative for their customers and various industries. Their analytics and AI have revolutionized credit decisions, fraud detection, and customer management globally.
While their background is primarily in the financial services sector, their capabilities in areas such as optimization are utilized across multiple industries, from telecommunications and healthcare to energy and sports. Their platform represents the future of business decision-making.
Enabling Business Outcomes through Applied Intelligence
Applied intelligence combines advanced analytics, decision modeling, AI, and human wisdom to connect people, processes, and technology across an enterprise. It enables real-time insights to make informed decisions, creating a new approach to operationalize data-driven decisioning and AI. FICO’s Platform offers a powerful foundation for applied intelligence, empowering enterprises to drive critical business outcomes across various aspects of their operations.
Current Enterprise Challenges
Enterprises are facing challenges related to sluggish economic recovery, supply chain disruptions, and other issues. Addressing these challenges requires smarter use of data, improved decision-making, and adaptability to change. Key market trends critical to address these challenges include digital transformation, business composability, cloud adoption, the effective use of AI and machine learning, and hyper-personalization to cater to individual customer needs.
Enhancements to FICO Platform
FICO’s updated Transactional Analytics, Optimization, and Simulation features offer businesses enhanced capabilities to gain real-time insights, improve performance, and explore potential scenarios. These enhancements enable enterprises to make informed decisions across their operations and customer interactions. FICO’s Platform provides a unified orchestration of decision modeling and applied intelligence tools to address emerging use cases and scenarios.
Predictions for Financial Services Transformation
The market trends identified are expected to drive a more efficient and customer-centric approach within financial services. The barriers to efficient decision-making within banks are projected to diminish, as consumers increasingly favor providers offering relevant offers tailored to their individual needs. AI is anticipated to play a central role in financial services, ensuring that every decision made is explainable and aligned with Responsible AI principles.
Exciting Innovations in Fintech
FICO sees great potential in expanding the use of AI and machine learning while emphasizing the importance of Responsible AI. Blockchain technology also holds promise, particularly in managing and monitoring analytic development. Open Banking is another transformative innovation that is expected to revitalize established financial services providers, empower customers, and enhance credit inclusion.
