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FICO – a big fish in the waters of Big Data & mathematical algorithms

Do you want to know about FICO? Business people from 5 continents can give you the answer. But actions speak louder than words. Headquarters in about 25 countries vividly illustrate the picture. So, it is not surprising that more than half of the world’s top 100 banks are FICO clients that use its credit scoring system.

Software, security and strategy

As an international corporation, FICO provides services worldwide. It serves such industries as health care, insurance, financial institutions, pharmaceuticals, travel and hospitality, media and entertainment, high-tech, retail, and communications. 

The chief goal of FICO is to make business processes secure from fraud, minimize risks through strategic planning, optimize business-customer relations, automate company decision making process and make business forecasts. FICO collection of software is a set of tools that serve this purpose. 

The company puts its priority on predictive analytics and data science to make its clients more prosperous.

How did RNDpoint’s story with FICO begin? 

Our meeting-point with FICO goes back as far as 2014. We found their solutions appealing and suitable for our customers’ needs. That’s why we became FICO’s partner organisation and started to integrate FICO solutions into banks and Fintech infrastructures. Engineers from FICO commended our devotion and enthusiasm. And so, they invited us to participate in the development of their new project – DMS Hub. Later, we also took part in the development of the FICO Decision Management Platform (DMP). And since then our partnership has continued to develop, growing in strength.

What is FICO? 

Originally, FICO was called Fair, Isaac and Company. It was named after its two co-founders engineer William R. Fair and mathematician Earl Judson Isaac. 

In 2003, the company changed its name to Fair Isaac Corporation. And, then in 2009, company rebranding took place together with the abbreviation FICO as a brand name. 

Watch the video to learn more about its history and founders, the company’s past and present, goals, and achievements.

FICO software prevents failures in business and personal life 

Since FICO is holding a leading position in the world on the market of risk management, decision making, anti-fraud, optimization, and predictive analytics software, its main aim is to make business and everyday life easier. That is why both complex software for business and simple mobile applications for people are in FICO’s “production list.”

FICO credit scoring system, for instance, is created both for creditors and borrowers. It takes into consideration five areas to determine creditworthiness. To illustrate, it is worth mentioning that in the USA alone over 90% of lending decisions are made with its help. And everyone can calculate one’s personal credit score for themselves. 

FICO’s Big Data and analytics technologies are the key that leads to success, avoiding possible dangers in business and personal life through high-security standards, accurate forecasts, self-learning Artificial Intelligence (AI) and superior-quality software solutions.

FICO software solutions for business

The range of FICO products is wide and varied. Its target audience ranges from large corporations and governments to small and medium enterprises (SME). 

FICO software solutions meet their requirements. Moreover, FICO specialists can either develop software for a certain company or integrate a ready-made one into an already working infrastructure.

Among the wide selection of FICO software solutions company LLC, popular products are:

FICO Score is the choice of a great number of banks and financial institutions across the world. It helps lenders to make fast, reliable risk credit decisions. Gives an accurate picture of a borrower’s credibility. 

FICO Tonbeller Siron AML is a powerful tool that provides the opportunity to detect money laundering through monitoring transactions, accounts, and customers. 

FICO Debt manager solution is aimed at effective debt collection. Due to its high level of configurability, it can integrate into many systems and solve additional tasks, such as debt sale, bankruptcy, repossession, vendor management, etc.

FICO Falcon platform is a complex and effective anti-fraud platform that helps financial institutions detect and prevent fraudulent activity on the spot. It also allows us to understand customers’ behavior patterns, score transactions and so on. 

Falcon X is a self-learning platform that prevents crimes in the financial sphere. It automates the routine processes of fraud and compliance investigations. 

FICO Application fraud manager deals with digital channels, data breaches and payments. It prevents identity theft, synthetic identity fraud, and first-party fraud. 

FICO Card alert service is aimed at ATM and debit network security. It identifies and blocks at-risk cards at early stages to prevent possible losses in the future. 

FICO Placement Plus service is a real helping hand in the maximization of debt collection. It delivers up to 20% better results in comparison to traditional methods. 

FICO Tonbeller Siron embargo is screening transactions in real-time to prevent funding terrorists by comparing sender and recipient’s data with sanction lists. 

FICO Card compromise manager allows companies to detect and prioritize compromised merchants and data breaches. It doesn’t only alerts fraud teams but identifies where and when a customer’s card data was compromised.

FICO Credit capacity custom solution is a solution that helps the lender properly assess the debtor’s ability to take on incremental debt. 

FICO Strategy director for retail banking is an easy-to-use tool for customers’ accounts management that helps to reduce risks, improves customer retention and increase revenue. It also lets companies to optimize bank’s credit and deposit portfolios. 

FICO Tonbeller Siron ACM connects and consolidates anti-fraud, anti-money laundering and Know Your Customer (KYC) function. 

FICO Financial crimes studio is a tool that opens up FICO’s portfolio of AI techniques, patented streaming analytics technology and machine-learning models to develop your own solutions so you can prevent the next generation of fraud and financial crimes. 

This is just part of the list of software that FICO offers to its customers. And every client is a top priority for the company. That is why the FICO team does not stop but goes further and further in meeting growing customers’ demands.

FICO artificial intelligence+human intelligence is a core of FICO development 

Intelligence can be defined as a general mental ability for reasoning, problem-solving, and learning. 

Though at the current stage of computer development it is impossible to create AI equal to the human brain, however, if combined together they can do a tremendous job. FICO’s advanced AI helps to solve different tasks in monitoring big databases, analyzing them and extracting the necessary information from them. 

That is why FICO partners and specialists walk hand in hand with their digital companion to make our life better, safer and more prosperous. 

Conclusion

The modern world is changing rapidly. FICO with its self-learning AI, advanced analytic systems and high-end software solutions meets today’s digital challenges. 

Having been FICO’s partner for more than 6 years, RNDPoint keeps up its traditions of innovative spirit. We develop and adopt software for our customers all the while strictly abiding FICO demands of quality and reliability. 

Becoming a FICO Partner is not only a market demand but also a strategic vector for our company. Their solutions are a problem-solver for our clients using the most modern technology out there.

What is FICO? It’s our partner in digital transformation of Fintech.


Sergei Artimenia

Director of Business Development

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