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Q & A Winning with analytics
Interview by Scott Thompson
IBS Journal chats to FICO about its recent FICO World 2016 event
come out of FICO World 2016? I
FICO: The event brought together nearly 1,200 professionals who are at the leading edge of analytics- based decision management. The top themes to emerge from it were:
Decisions first. In his keynote address, Stuart Wells (FICO’s Chief Technology and Products Officer, pictured) explained that many businesses have failed to see the reward from their Big Data projects, and a major reason for that is the focus on data instead of the decision that needs to be made. Businesses that start with the decision in mind get better results, and get them faster.
Operationalising analytics. Excellent predictive models on their own do not advance your success if they are not deployed fast, monitored carefully and updated quickly. The winners in business are those who take a systematic approach to the whole analytic lifecycle, and who understand how analytics and decision management work together.
Optimisation. Many of the most powerful case studies presented at FICO World involved the use of decision modeling and optimisation. Whereas most analytic models provide insights, optimisation tells you what to do with those insights, in terms of the decisions you make. This is the rise of prescriptive analytics.
Regulatory compliance. Whether it’s IFRS9, anti-money laundering, Basel or FACTA, regulatory compliance remains a top priority for financial institutions. Yet as Will Lansing pointed out in his keynote, it’s important to remember that
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regulation is merely the price for valuable competitive advantages.
Cybersecurity analytics. Cybersecurity is now priority number one for CIOs, and for many CEOs as well. The status quo is not acceptable, and all kinds of businesses are asking what can be done to stop attacks and to detect them faster when they occur. FICO has seen tremendous interest in its use of artificial intelligence analytics to identify cyber threats, and at FICO World we announced our partnership with iboss Cybersecurity to help businesses reduce the “dwell time” between the onset of an attack and its detection.
IBS Journal: There was a lot of discussion around the future of the analytics market and what more companies can do to make the most of their data. Could you give an example of a bank doing good work in this area?
FICO: We work with banks worldwide that are leaders in using analytics to understand their customers, make better decisions and improve fraud control. To cite just one example, Česká Spořitelna, the largest bank in the Czech Republic, has increased portfolio profit on pre-approved loans by 26%, and new sales by 29%,
BS Journal: What were the key themes to
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