FICO Gets Nod as Leader in Financial Services AI

FICO was named a category leader in both AI analytics and packaged AI applications.

Chartis Research’s report, AI in Financial Services, 2019: Market and Vendor Landscape, named analytics company FICO a leader in packaged AI applications and AI analytics.

“While the use of AI is now prevalent across many industries and emerging use cases, financial institutions, in many ways, pioneered the use of AI in commercial applications. FICO was among the first to provide AI tools to FIs, and it has continued to invest in ML R&D focused on helping banks meet ever-more sophisticated customer requirements,” says Vendor Analysis: FICO, Artificial Intelligence in Financial Services, 2019.

FICO’s AI Technology

FICO Falcon X — a cloud-based financial crimes solution — offers services evaluated by the report. The solution enables financial institutions’ in-house data science teams to combine their open source machine learning libraries with FICOs intellectual property for improved risk management, compliance, governance and threat detection.

FICO Falcon X — a cloud-based financial crimes solution — offers services evaluated by the report. The solution enables financial institutions’ in-house data science teams to combine their open source machine learning libraries with FICOs intellectual property for improved risk management, compliance, governance and threat detection.

The Chartis Vendor Analysis report emphasized FICOS AI technology in two specific threat and risk areas: real-time payments and anti-money laundering.

Accelerated use of P2P services and mobile payments has driven significant increases in real-time payments. FICO’s ML abilities protect digital interactions which can attract cyber attacks. The company has developed AI strategies to align with regulatory encouragement for AML program innovation and efficiency. FICO recently introduced models that detect anomalies through monitoring and transaction streams that can identify previous institutional SAR filings.

A Continued Leadership Trend

Chartis’s 2018 Enterprise Fraud report named FICO a category leader, and this year the company won accolades in the RiskTech100 report’s Innovation, AI, and Cyber Risk Quantification categories.

“A lot of companies talk about AI without delivering — in fact, a recent report by MMC Ventures found that 40 percent of European AI start-ups didn’t actually have any AI,” said Stuart Wells, executive vice president and chief technology officer at FICO. “At FICO, we condense decades of banking experience into cloud-based machine learning applications that use the latest Big Data technologies. This Chartis report validates FICO’s deep experience in AI solutions, which have been helping global banks prevent fraud and strengthen consumer loyalty since 1992. With 100+ patents related to machine learning and AI in our portfolio, we continue to lead the field for AI in financial services.”