Fair Isaac Corporation reports developments in credit scoring, applied analytics software and digital decisioning for lenders and other enterprises. The company is known for the FICO® Score, a consumer credit-risk measure used by top U.S. lenders and made available in other countries, and it generates news around modern score models such as FICO Score 10T, mortgage-risk analysis, and credit-card market data.
Recurring updates also cover the company's Scores and Software segments, including B2B and B2C scoring solutions, FICO Platform, Falcon Fraud Manager, Customer Communication Services, decision optimization, customer deployments, earnings releases, investor presentations and capital-market communications.
FICO (NYSE:FICO) has approved a new stock repurchase program totaling $500 million for its outstanding common stock, succeeding the prior program that ran from July 2020 to March 2021. This open-ended initiative allows for share buys in the open market and negotiated transactions to enhance shareholder value. FICO, a leader in predictive analytics, continues to focus on delivering robust decision management solutions across industries worldwide.
FICO announces its new 90-day software migration offer, the "Optimizing Success" program, aimed at helping organizations upgrade to the latest FICO® Xpress Optimization products. Despite the projected $274.3 billion spending on Big Data projects, 85% of these initiatives fail due to challenges in deployment. This program allows users of competing products (like IBM's ILOG CPLEX) to migrate smoothly with benefits such as free model benchmarking, proof-of-concept applications, and community membership. FICO continues to lead in analytics and optimization.
FICO announces that its partnership with eDriving has significantly improved driver safety metrics. Over six months, drivers enhanced their FICO® Safe Driving Score by an average of 32%, with a notable 71% reduction in speeding events and 39% decrease in distractions among high-risk drivers. The Mentor by eDriving app leverages telematics data, providing actionable insights to promote safer driving behaviors. For its innovation, eDriving won the 2021 FICO® Decisions Award.
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Absa Bank has successfully transformed its collections operations in collaboration with FICO, resulting in self-paying customers increasing from 23% to 43% within three months. This transformation led to a notable reduction in impairment charges and yielded a three-month ROI of 29:1. The implementation of FICO® Customer Communication Services enabled Absa to assist distressed customers effectively during the COVID-19 pandemic, ensuring that more customers could remain in their homes. Absa was honored with the 2021 FICO® Decisions Award for its achievements in debt collection.
FICO has enhanced its FICO® Xpress Insight platform by adding native Python support, allowing Python's 8.2 million users to develop sophisticated analytic models effectively. This upgrade enables business professionals to easily build applications that operationalize advanced analytics, bridging the gap between data scientists and business users. The integration aims to improve project deployment times significantly and enhance decision-making processes across industries. The platform emphasizes interoperability, helping enterprises leverage data insights to better serve customer needs.
FICO and Quod announced a new credit risk assessment solution for small and medium-sized companies (SMEs) in Brazil called Quod Score PJ PME by FICO. This score evaluates SMEs' credit profiles using innovative data sources, including the Positive Credit Registry, while ensuring compliance with the General Data Protection Law (LGPD). The score aims to facilitate faster and more accurate credit decisions, supporting the growth of SMEs, which are vital for job creation. The launch reflects FICO's global expansion efforts in 30+ countries, enhancing credit access for SMEs in key regions.
FICO announced that SWBC has implemented its Customer Communication Services for Collections (CCS) to enhance digital communications for debt resolution. This partnership enables SWBC to offer a dynamic omnichannel platform that improves borrower engagement and experience. Key benefits include customized communication channels and self-service options for borrowers, allowing them to manage their accounts proactively. FICO's CCS provides smart, personalized, and scalable communication solutions that foster better customer relationships while driving debt resolution.
FICO has partnered with Ligalytics, a sports scheduling company, to utilize FICO® Xpress Solver for optimizing sports league schedules. This technology aids several top European sports leagues and recently expanded to the U.S., working with The Basketball League. FICO offers a comprehensive suite of analytics software, enhancing decision-making across industries. Ligalytics aims to improve scheduling fairness and viewer engagement through advanced algorithms, significantly reducing runtime challenges. FICO's cloud-based platform supports various industries, leveraging over 195 patents for operational excellence.
FICO (NYSE: FICO) will host a free online financial education event for Memphis consumers on February 24, 2021, as part of its Score A Better Future program. This initiative aims to enhance consumers' understanding of their credit and financial health, showcasing the importance of the FICO Score, used by 90% of top lenders. Participants will gain insight from credit experts and have access to free one-on-one coaching. FICO emphasizes that financial education is crucial for achieving financial goals.