FICO Adds Transactional Analytics to Applied Intelligence Platform

FICO has added transactional analytics to its platform to help enterprises better understand their customers.

That is one of 19 enhancements the firm has made to its applied intelligence platform, FICO Platform, the company said in a Wednesday (May 17) press release.

“FICO Platform is uniquely positioned to ensure every action taken drives the desired outcomes, both for the business and for the customer,” FICO Chief Product and Technology Officer Bill Waid said in the release. “FICO is proud to be leading the market in deriving business value through applied intelligence.”

The FICO Platform’s new transactional analytics capabilities provide real-time intelligence, data aggregation, profiling and feature management, according to the release.

Other enhancements added to the platform include improved data visualization, improvements to the performance of action-effect-modeling, and unified platform orchestration that allows customers to rapidly deploy across the enterprise, the release said.

“FICO has seen 14 consecutive quarters of greater than 40% year-over-year growth of FICO Platform,” Waid said in the release. “The increased adoption is only possible with intensely customer-focused innovation.”

The addition of these enhancements comes a week after FICO debuted a pair of services designed to help lenders make better credit decisions.

FICO’s new Inclusion Accelerator Program and Financial Inclusion Lab promote lender use of alternative data solutions, enabling “a more inclusive lending system rooted in accessibility,” the company said May 10.

As PYMNTS reported in January, in the case of lending to small- to medium-sized businesses (SMBs) that often face challenges in gaining access to capital, leveraging data to gauge a business’s financial health is helping get credit extended where it is needed.

In July, FICO teamed up with open banking and financial services firm Open-Finance.ai to assist banks and FinTechs in speeding up and improving the decision-making process for credit grantors and other firms.

Under the partnership deal, Open-Finance.ai will integrate the FICO Blaze Advisor decision rules management system into its open banking platform, with the companies’ combined capabilities offering lenders an automated alternative with real-time appraisals that can replace inefficient credit assessment processes.