Artificial Intelligence | News | Insights | AiThority
[bsfp-cryptocurrency style=”widget-18″ align=”marquee” columns=”6″ coins=”selected” coins-count=”6″ coins-selected=”BTC,ETH,XRP,LTC,EOS,ADA,XLM,NEO,LTC,EOS,XEM,DASH,USDT,BNB,QTUM,XVG,ONT,ZEC,STEEM” currency=”USD” title=”Cryptocurrency Widget” show_title=”0″ icon=”” scheme=”light” bs-show-desktop=”1″ bs-show-tablet=”1″ bs-show-phone=”1″ custom-css-class=”” custom-id=”” css=”.vc_custom_1523079266073{margin-bottom: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]

Total Economic Impact Study Finds FICO Decision Modeler Delivers 356% ROI over Three Years

FICO, a global analytics leader, released the Total Economic Impact (TEI) Study of FICO Decision Modeler, conducted by Forrester Consulting on behalf of FICO. A central component of the FICO Platform, Decision Modeler is a decision rules management system that allows companies to author, test, and optimize decision logic across their business.

FICO Decision Modeler empowers business users to orchestrate digital decisions at scale. It unleashes the power of data, analytics and artificial intelligence to enable businesses to uncover insights in real time, take immediate action and deliver exceptional customer experiences.

“Digital decisioning is active and anticipatory,” said Bill Waid, general manager of FICO Decision Management. “It moves you to act by showing you the bigger picture of your business, your products and your customers. With digital decisioning, split-second actions are continuously optimized for the best outcomes. In essence, digital decisioning enables radical, customer-focused change because it gives you two things: clear visibility into and across your business and the power to act on that insight.”

Recommended AI News: Arctic Wolf Joins Microsoft Intelligent Security Association

“Unfortunately, most analytic projects never end up being used to actually drive digital decisions,” continued Waid. “The unrealized opportunity and resource expenditure is significant; the real business value of highly complex analytic models manifests when they’re placed in the hands of the business users and become an integral part of their operations. This is what Decision Modeler is designed to do.”

The Total Economic Impact of FICO Decision Modeler

Commissioned by FICO and conducted by Forrester, the TEI Study is based on in-depth interviews with FICO customers and provides a cost-benefit analysis to determine the economic value and impact the FICO Decision Modeler can have in any organization.

Related Posts
1 of 40,241

Based on the analysis of a composite $10 billion financial services organization, the study demonstrated a 356 percent return on investment.

Recommended AI News: Flutura Announces Strategic Partnership & Scale Agreement with TechnipFMC

The TEI study found that organizations using Decision Modeler on the FICO Platform could leverage more informed, simulated, and proven customer decisioning – faster and more often. This allowed the organizations to realize improvements against key metrics such as customer approvals, non-payments, fraud, and personnel costs while creating the flexibility to govern a facilitated decisioning process throughout the entire lifecycle.

The study uncovered additional benefits of implementing the FICO Platform, including:

  • Improved customer experience (CX) delivery. Organizations can improve their CX delivery by offering near-instantaneous, personalized decisioning to their customers.
  • Improved confidence through increased visibility. Additional visibility into customer criteria or decisioning logic provides enhanced confidence to decision-makers, especially with respect to audit and compliance.
  • Ability to scale. Organizations can scale their deployments across additional channels, regions, and product lines or expand on the FICO Platform.
  • Increased revenue and profit from more loan approvals. Organizations can implement more nuanced, pre-simulated, and profitable approval decisioning strategies in hours or days rather than weeks or months. This improves customer acceptance rates, representing tens of millions in revenue and millions in profit to the organizations.
  • Reduction in loss rate and instances of fraud. Simulated, nuanced, and more frequent decisioning strategies also allow organizations to reduce loss rates and losses associated with fraud.
  • Productivity impact for decisioning personnel. FICO Platform improves the productivity of staff tasked with risk strategy and decisioning by providing them with improved visibility into decisioning from across the organization. FICO Platform empowers users with a no-code platform that greatly reduces the time and level of manual work required for compliance and to implement changes to decisioning strategy from inception through iteration across the entire lifecycle.

According to an executive vice president of a financial services firm interviewed for the TEI Study, “With Decision Modeler, we get much more sophisticated than what we could have through our own internal development process to more finely segment risk. For us, that’s a benefit in the million-dollar range.”

Recommended AI News: AUTOCRYPT partners with University of Windsor’s SHIELD Automotive Cybersecurity Centre of Excellence

Comments are closed.