FICO clients around the world who’ve turned to FICO Platform as the foundation for their digital transformation efforts are achieving tremendous outcomes, in the form of improved customer centricity, increased business decisioning ROI, and more compelling customer experiences.
In Bill Waid’s mainstage presentation at FICO World, he describes how clients’ use of FICO Platform is resulting in faster application development (to 10x), lower development costs (to 80%), higher-than-forecast revenue (to 3x), and better-than-expected ROI (to 29:1). The range of applications developed by clients is as impressive as their ROI, including originations, offer management, line management, pre-delinquency, multiple types of fraud, and other areas that are being transformed and enhanced because of FICO Platform capabilities.
Bill also unveiled sweeping new enhancements to FICO Platform planned for 2024. Here are three major ways these enhancements will help clients make smarter, faster, more profitable businesses strategies and decisions at every customer touchpoint.
1. Force Multiplication. With FICO Platform, every application that is added as part of a digital transformation effort improves the capabilities of all existing applications… further driving scale and efficiency across the organization. And new innovations coming to the Platform in 2024 will deliver even higher business ROI from new and legacy investments, by making it easy to share and compound customer insights across all use cases, and transform them into compelling user experiences.
2. An Exciting Era in Personalization. Much of our work has been focused on extending FICO Platform’s capabilities to formulate richer personalization insights to improve outcomes, and measure the impact to drive continuous improvements. These powerful new personalization capabilities pave the way for consistent customer experiences across all channels that increase customer satisfaction, retention and lifetime share-of-wallet.
3. Collaboration to Create Effective New Ways of Working. As the number of use cases deployed using FICO Platform increases in number across the enterprise, so does the amount of data, decision assets and opportunities for stakeholder interaction and dependencies. Accordingly, we are adding tools to simplify collaboration pertaining to change management control, traceability, verification/ validation, auditability and automated checkpoints, all essential business capabilities.
00:45 How FICO clients are achieving their digital transformation goals
01:45 FICO Platform mission and use in originations, pricing, fraud and more
03:50 Clients are achieving impressive ROI, faster time to market and greater agility
04:42 FICO Platform as a force multiplier to achieve customer centricity
09:40 Unleashing new personalization paradigms and compelling customer experiences
13:38 Empowering collaboration and productive new ways of working
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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 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, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 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 has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at www.fico.com
