Fair Isaac Corporation

10/01/2024 | Press release | Distributed by Public on 10/01/2024 12:26

How FICO Platform Can Power Partners’ Success - Video

"Ecosystems" are an exciting new approach to building scalable, flexible enterprise decision making solutions. In a FICO World 2024 session, "FICO's Partners Powered Future," presenters Bill Waid, Mazen Moussa and Bartek Wereda described the strategy and capabilities driving FICO Platform, the company's vision for API-driven ecosystems, and the tremendous opportunity they collectively present for ISVs, data providers, processors and payment companies, and other FICO partners.



FICO's journey building best-in-class applications led to the development of a unified platform to integrate various point solutions. The goal was to move from on-premises systems to a cloud-based, API-driven platform, FICO Platform, launched in 2016. Mazen Moussa said, "Unifying our solutions under a common platform gives us the ability to leverage data across multiple use cases to be able to look at the customer holistically." The platform provides an industry-level solution that incorporates decision intelligence and event-driven architecture.

FICO Platform enables holistic customer views by leveraging data across different use cases, unifying decision-making processes at a customer level. It is designed for flexibility and allows partners and customers to integrate their services, leading to greater synergy across different financial services.

FICO Platform features a composable architecture, where different capabilities (like case management, decision engines, data ingestion, etc.) can be reused and tailored for various business problems. The system is designed to enable modular and interoperable capabilities, giving partners flexibility in assembling custom solutions.


Focus on Decisions and Outcomes

FICO Platform emphasizes driving business outcomes, utilizing AI and machine learning models to help clients predict and simulate future strategies and decisions. As Moussa noted, "Back in the day, people used to think about the data that they have and the decisions that they want to do without thinking about what the outcome would be. Nowadays we have to think backwards: We have to start with the outcome, thinking about the outcome that we want to drive and work backwards from that to look at the decisions that we that we would need to make to drive to those outcomes and what data could be useful for us to actually run through those decisions to get to the outcome."

The platform is outcome-aware, allowing for better alignment between business objectives and operational decisions.

Bill Waid added, "There's a series of capabilities in FICO Platform that we've decomposed into services so they can be consumed as needed for our clients to build what they're looking for. For example, when an originations use case comes together, there might be a series of these capabilities that get used. The benefit is that the business has the agility to very quickly measure whether or not they're getting the business outcomes they're looking for, and proposed changes to those business strategies to respond to the market pressures. We have seen this work for our clients, who have seen remarkable ROI in very short periods of time."

FICO Platform Supports a Partner Ecosystem

The platform supports an ecosystem where FICO partners (including ISVs, data providers, and processors and payment companies) will be able to offer their services via FICO's marketplace. This partner-powered approach fosters collaboration, allowing partners to create, share, and monetize APIs and data services within the ecosystem.

Bartek Wereda explained, "Most of our customers start with one or two use cases and they grow to dozens. FICO Platform helps our partners be the catalyst to help that growth for their clients. Tomorrow you'll be able to produce repeatable accelerators. You can take those use cases, make them repeatable and take them to other clients. You can build entire repeatable solutions on the platform and continue to grow and work with the distributed ecosystem. What's the monetary value? Increase services and stickiness to your customers… new revenue sources through the repeatable solutions that you produce. And for those who run BPO or other managed services, you can decrease those costs."

API and Marketplace Capabilities

FICO will soon launch an API management system and marketplace, where partners can register their APIs and offer them to clients. This will provide a frictionless environment for data and service consumption, leading to potential new revenue streams and more integrated customer solutions.

Partners will be able to benefit from new revenue sources by developing repeatable solutions, using shared data assets, and increasing customer stickiness through the platform.

The marketplace and API management system will enable partners to monetize their offerings more effectively, supporting growth across the ecosystem.

In summary, the FICO platform aims to transform financial services by offering flexible, integrated solutions and empowering its partners through a collaborative and composable ecosystem.

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