NEW YORK, Nov. 5, 2019 /PRNewswire/ -- FICO WORLD
2019 -- Equifax Inc. (NYSE: EFX) and FICO (NYSE:
FICO) showcased the jointly developed Data Decisions Cloud suite
today at FICO® World 2019 in New
York. The full suite demonstrated at the event included the
cloud-based Data Decisions Connected Platform™ and two solutions
that combine Equifax differentiated data and analytics management
with FICO digital decisioning capabilities. These offerings are
designed to help organizations harness the power of their data and
analytics investments across the value chain to help assess risk,
protect against fraud, improve marketing capabilities and better
serve their customers at the pace of digital innovation.
"As a subprime auto lending company deploying automated decision
algorithms, it is vital that we rapidly develop and implement
highly predictive models to accurately assess the credit worthiness
of applicants," said Jorge Andres
Amo, vice president and head of predictive modeling for
Global Lending Services (GLS), a fast-growing subprime auto finance
company providing financing to franchise dealerships across the
U.S. "A complete picture of risk allows us to make the right offer
with the right terms while protecting our business. A
platform-based approach like Data Decisions Connected Platform can
be a key enabler for lenders who want fast time-to-market using
industry-leading technology."
As a key component of the Data Decisions Cloud suite, the new
Connected Platform provides organizations with the ability to bring
together disparate internal, external and third-party data through
an open platform. The offering allows for the design of predictive
models and advanced analytic artifacts that can easily be put into
production by complimenting a company's existing technology
investments.
The combination of bureau data and attributes, FICO® Scores, and
lenders' proprietary data enables the creation and execution of
market-leading strategies. This results in the ability to make
better portfolio and strategy decisions like: when to initiate
a credit line increase or decrease and by how much; the delivery of
relevant cross-sell and up-sell opportunities at the right time;
expansion to the right geographic locations; improved customer
management; and more.
Using explainable artificial intelligence (xAI), the Data
Decisions Cloud suite empowers teams to build world-class
predictive models and advanced analytics that leverage the latest
machine learning algorithms.
"The Data Decisions Cloud and Connected Platform offering have
set a new standard in speed from data insight to action," said
Equifax Chief Executive Officer Mark W.
Begor. "Equifax and FICO have seamlessly combined industry
leading data with the best available digital decisioning
capabilities to address the spectrum of needs with respect to risk,
marketing fraud and compliance. We are enabling organizations to
service their customers faster and more precisely than ever
before."
"Together, FICO and Equifax are helping organizations to
operationalize the use of differentiated data assets, machine
learning and artificial intelligence," continued William Lansing, FICO CEO. "The availability of
our Data Decisions Cloud suite delivers on our mission to empower
financial institutions to leverage data-driven decisioning in a way
that builds lasting customer relationships and stronger
businesses."
The Data Decisions Cloud suite was built on a foundation of
differentiated data, so that organizations can gain critical
business insights, apply those insights to business decisions and
seamlessly deploy those decisions into production. This suite
includes the Connected Platform and two new solutions:
- Data Decisions AML Connect™
AML Connect helps
financial institutions minimize their exposure to criminal risk,
identify potential financial crime and assist with compliance with
respect to requirements for the Anti-Money Laundering and Bank
Secrecy Act to help avoid heavy fines or other penalties associated
with non-compliance. A fully managed real-time cloud solution for
assisting with the prevention of money laundering, AML Connect
provides comprehensive and differentiated compliance data alongside
dedicated and experienced compliance staff to reduce internal
resource requirements and reduce the burden on financial services
compliance teams.
- Data Decisions PrescreenCentral™
Created specifically
for small and mid-sized banks facing increased competition for
market share, PrescreenCentral is an affordable and flexible
prescreen marketing solution designed with Fair Credit Reporting
Act (FCRA) guidelines in mind. While other services require minimum
print runs or data purchases, PrescreenCentral provides
transactional pricing that allows for smaller, more targeted
campaigns to identify new customers and market pre-approved
offers.
The full Data Decisions Cloud suite is available today from
Equifax and FICO. For more information on the Connected Platform or
the AML Connect and PrescreenCentral offerings, please visit:
https://www.datadecisionscloud.com/.
Forward-Looking Statements
This release contains
forward-looking statements and forward-looking information. These
statements can be identified by expressions of belief, expectation
or intention, as well as statements that are not historical fact.
All statements that address new products and services, including
the Data Decisions Cloud, product development activities,
expectations of the strategic partnership, the future operating
performance of both companies, and events or developments that we
expect or anticipate will occur in the future, including statements
relating to the benefits and synergies of the strategic
partnership, the potential market impact of new products and
services and plans to release additional products and services are
forward-looking statements. Several factors could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements, including, but not limited to,
the ability of the parties to enter into definitive agreements for
the strategic partnership, the ability of the parties to realize
the anticipated benefits and synergies of the strategic
partnership, technical or other difficulties in connection with the
introduction of new products and services and the market acceptance
of new products and services. A summary of additional risks and
uncertainties can be found in Equifax's and FICO's filings with the
U.S. Securities and Exchange Commission. Forward-looking statements
are given only as at the date of this release and the companies
disclaim any obligation to update or revise the forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
ABOUT EQUIFAX INC.
Equifax is a global data,
analytics, and technology company and believes knowledge drives
progress. The Company blends unique data, analytics, and technology
with a passion for serving customers globally, to create insights
that power decisions to move people forward. Headquartered
in Atlanta, Equifax operates or has investments in 24
countries in North America, Central and South
America, Europe and the Asia Pacific region. It
is a member of Standard & Poor's (S&P) 500® Index, and its
common stock is traded on the New York Stock Exchange (NYSE) under
the symbol EFX. Equifax employs approximately 11,000 employees
worldwide. For more information, visit Equifax.com and
follow the company's news
on Twitter and LinkedIn.
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 190 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.
FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
FOR MORE INFORMATION
Kate
Walker, Equifax
404-885-8058
Katie O'Connell, FICO
510-621-9832
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SOURCE Equifax Inc.