WASHINGTON, April 29, 2016 /PRNewswire/ -- FICO WORLD 2016 --
Panel of firms from multiple industries says speed of decisions was critical
Decision management tools can dramatically accelerate time to value
Advances in decision management technology are helping innovative firms worldwide improve customer service, said panelists in the closing session at FICO® World 2016, the Decisions Conference, in Washington, DC. In a discussion chaired by Wayne Huyard, FICO executive vice president for Sales, Marketing and Services, representatives from Hewlett Packard Enterprise, payments processor Vantiv, Australia'sYarra Valley Water and Italy's Unicredit described their use of cloud-based analytics and decision management technology to manage risk, shorten time-to-value for new applications and protect customers from fraud.
Tim Nargassans, Core Boarding Lead at Vantiv, discussed the importance of creating decision management solutions that embrace agile concepts. "It's critical to not only live agile from start to finish, but also to design scalability in order for the business to control its own destiny," Nargassans said. "With today's ever-changing regulatory landscape, the importance of elevating business rules back to the stakeholders without coding cannot be underestimated."
Automation using the FICO® Decision Management Suite has aided Yarra Valley Water, which has been able to handle considerably more service applications per year without increasing the staff responsible. "By managing our business rules systematically, we have been able to aggressively scale our business with full confidence that we are complying with industry regulations," said Stuart Squires, systems manager at the Australian utility. "In addition, our staff can use the FICO decision management tools to make changes to business rules without needing to rely on specialized IT people."
For Italy's Unicredit, building a customer origination system on state-of-the-art FICO technology was just the beginning. "Our business case was based on increasing revenue, reducing operating cost and improving risk cost," said Ivan Cavinato, head of credit risk management at Unicredit. "But we were also looking beyond the current project to how we can improve decision management across our banking network. FICO's strategy and vision for the Decision Management Suite set it apart."
Unicredit's strong understanding of decision management is rare outside the financial services industry, said Ken Elliott, global director of analytics at Hewlett Packard Enterprise, a FICO Platform Partner. "Analytics provides little value without action," Elliott said. "In fact, we see many companies with great analytic capabilities report that they are not realizing the benefits they expected from their big data and analytics investments. At HPE, we help our clients overcome common barriers and operationalize analytics. This means putting analytics to work by integrating insights into every business decision – whether these are long-term strategic decisions, or front-office decisions made thousands of times a day.
"The FICO Decision Management Suite is key to the integration of insights into business decisions. Together, FICO and HPE are able to help our customers exploit the full value of analytics, which drives better decisions and ultimately superior business outcomes."
At FICO® World 2016, nearly 1,000 professionals responsible for customer onboarding and experience, pricing, cybersecurity, risk management, compliance, fraud and IT explored the latest technologies and strategies for unlocking insights and powering the best decisions possible. The conference featured sessions on analytic innovation, auto lending, collections, credit scoring, customer onboarding and experience, cybersecurity, insurance, mortgage lending and regulatory compliance.
About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 165 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at http://www.fico.com.