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Tuesday, 20 December 2022 12:25

iTWireTV INTERVIEW: FICO's Corey Smith explains how its tech helps banks made better decisions

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GUEST INTERVIEW: Digital transformation is often touted as new, but FICO began life in 1956 by introducing analytic solutions such as credit scoring, and pioneered the development and application of decision management, so how has FICO evolved over the decades to today? Corey Smith joins iTWireTV to explain it all.

FICO was founded in 1956, and today, is a leading analytics software company, helping businesses in over 90 countries make better decisions that drive higher levels of growth, profitability and customer satisfaction.

The company's groundbreaking use of Big Data and mathematical algorithms to predict consumer behaviour has transformed entire industries, and provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimise operations and meet strict government regulations.

Many of its products reach industry-wide adoption - such as the FICO Score, the standard measure of consumer credit risk in the United States, as well as the FICO Falcon intelligence network, used by banks worldwide too, and popularised by ANZ Bank in Australia, which even featured Falcon in one of its TV ads many years ago, and which is naturally still used to this day.

FICO reminds us its solutions leverage open-source standards and cloud computing to maximise flexibility, speed deployment and reduce costs. The company also helps millions of people manage their personal credit health.

In addition, FICO pioneered the development and application of critical technologies behind decision management, including predictive analytics, business rules management and optimisation.

The company uses these technologies to help businesses improve the precision, consistency and agility of their complex, high–volume decisions.

So, how has FICO evolved over the years, and what does FICO offer in the Australian market? Corey Smith is FICO Australia's Executive Client Partner, and he joined iTWireTV to share more, with the video interview embedded immediately below, after which is a summary of the topics we spoke about - so please watch and read on!

Here's a summary of the topics we spoke about:

  • I started by introducing Corey, and asked him to tell us a bit more about FICO, after which he recapped the FICO journey for us in our region in 2022 - and the products and services that FICO offers to the Australian market.

  • Corey gave us some of his observations on industry trends in the banking and financial sector in ANZ, as well as predictions for 2023.

  • We then explored what this meant for technology designed for banks and other financial institutions, and their tech requirements.

  • Corey then explained how FICO's advanced analytics have enabled financial institutions to make use of the vast amounts of data they have.

  • We then explored what advanced analytics looks like in the real world, with Corey giving us an Australian example, as well as illustrating what this meant to Australians.

  • Looking at whether there were any overseas examples worth emulating, Corey then covered anything else about FICO we hadn't already discussed worth knowing.

  • Corey then shared a memory of his first computer, a bit about his own personal history in the world of finance and tech, great advice received in life, and his final message to iTWire viewers and readers, and to his current and future customers and partners. 

So, please watch the video interview with Corey about to learn more!

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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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