Equifax, FICO launch data analytics tool for FSIs
Equifax and FICO have formed a strategic partnership that will integrate differentiated data and precision decisioning to help financial organisations optimise their interactions with customers.
The new Data Decisions Cloud is an end-to-end data analytics suite that addresses needs across risk, fraud, and marketing to allow the financial sector to meet consumer needs.
According to the two companies, the Data Decisions Cloud integrates Equifax’s Ignite platform, which is a differentiated data and analytic platform, with FICO Cloud applications and digital decisioning platform FICO Decision Management Suite.
The integration brings more options to explore differentiated data, uncover deep insights, build highly predictive models, and rapidly deploy decisions into production systems across the customer lifestyle.
In addition, the two companies say financial institutions will benefit from data and decisioning that can speed up innovation, as well as industry expertise and explainable artificial intelligence (AI).
"We are energised about this broad partnership between Equifax and FICO. Two industry leaders are joining forces to help financial institutions better meet the needs of consumers and improve business agility," comments Equifax CEO Mark W. Begor.
"Our partnership will seamlessly integrate Equifax's differentiated data assets and Ignite platform with FICO's market-leading cloud based decisioning software and applications.
Equifax and FICO are also planning to release three pre-built solutions later this year.
• A connected system for real-time access to raw and trended data that enables the rapid creation and deployment of new predictive elements and promotes data science collaboration across the enterprise.
• A Compliance-as-a-Service solution that enables customers of all sizes to support their anti-money-laundering and know your customer obligations across the customer lifecycle.
• An integrated pre-screen marketing automation solution that develops FCRA-compliant campaigns to acquire and retain customers.
"Our common mission is to empower financial institutions to leverage data-driven decisioning in all their customer interactions," adds FICO CEO William J. Lansing.
"With this strategic partnership, FICO and Equifax will help organisations operationalise the best data with unparalleled predictive analytics and applied AI, and do so in a streamlined and cost-effective way."
The two companies say their strategic partnership is focused on a connected, end-to-end development and decisioning management platform that allows customers to quickly explore, develop, test, and deploy powerful insights into production systems across the organisation.