Equifax and FICO launch Data Decision Cloud
FICO and Equifax are teaming up to deliver the Data Decisions Cloud, an end-to-end data and analytics suite that addresses fundamental needs across risk, marketing, and compliance to enable financial institutions to meet the needs of consumers.
According to a press release, the Data Decisions Cloud integrates the Equifax IgniteTM platform differentiated data and analytic management with FICO Cloud applications and the FICO® Decision Management Suite (DMS), a digital decisioning platform.
“Our common mission is to empower financial institutions to leverage data-driven decisioning in all their customer interactions,” said William J. Lansing, CEO of FICO. “With this strategic partnership, FICO and Equifax will help organizations operationalize the best data with unparalleled predictive analytics and applied AI, and do so in a streamlined and cost-effective way.”
This broad strategic alignment will enable organizations to easily explore differentiated data, uncover deep new insights, build highly-predictive models and rapidly deploy decisions into production systems across the customer lifecycle. Financial institutions will benefit from an increased pace of innovation for data and decisioning, supported by incredible industry expertise and explainable artificial intelligence (AI).
“We are energized 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,” said Mark W. Begor, CEO of Equifax. “Our partnership will seamlessly integrate Equifax’s differentiated data assets and Ignite platform with FICO’s market-leading cloud based decisioning software and applications.”
“Our common mission is to empower financial institutions to leverage data-driven decisioning in all their customer interactions,” said William J. Lansing, CEO of FICO. “With this strategic partnership, FICO and Equifax will help organizations operationalize the best data with unparalleled predictive analytics and applied AI, and do so in a streamlined and cost-effective way.”8
The 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 organization. Also, FICO and Equifax are 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.
“We know there is an overwhelming amount of data in the world and we know consumer expectations are on the rise as they demand highly-personalized engagement, in real-time. To compete in this dynamic market, financial institutions need to leverage artificial intelligence, machine learning, and predictive analytics to find the key insights that will help them deliver differentiated and profitable customer experiences,” said Brian Riley, director, Mercator Advisory Group. “The Equifax and FICO partnership underscores these trends and should help address the industry’s most challenging problems like streamlining the customer experience, improving data analytic capabilities, and reducing operating costs.”
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