iTWireTV INTERVIEW: FICO’s Corey Smith explains how his technology helps banks make better decisions

GUEST INTERVIEW: Digital transformation is often touted as new, but FICO began life in 1956 by introducing analytics solutions like credit scoring and pioneering the development and implementation of decision management, so how has FICO evolved over the decades until today? Corey Smith joins iTWireTV to explain everything.

Founded in 1956, FICO is today a leading analytics software company that helps businesses in over 90 countries make better decisions that lead to higher levels of growth, profitability and customer satisfaction.

The company’s revolutionary use of big data and mathematical algorithms to predict consumer behavior is transforming entire industries and provides analytics software and tools used across multiple industries to manage risk, fight fraud, build more profitable customer relationships, optimize operations and compliance with strict government regulations.

Many of its products are gaining industry-wide acceptance, such as the FICO Score, the standard measure of consumer credit risk in the United States, as well as the FICO Falcon intelligence network, also used by banks around the world and popularized by ANZ Bank in Australia, which even introduced Falcon in one of its TV commercials many years ago and which of course is still used today.

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

In addition, FICO has pioneered the development and implementation of critical technologies behind decision management, including predictive analytics, business rule management and optimization.

The company uses these technologies to help businesses improve the precision, consistency and flexibility of their complex, high-volume solutions.

So how has FICO evolved over the years and what does FICO offer 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, followed by a recap of the topics we talked about – so please watch and read!

Here’s a summary of the topics we talked about:

• I started by introducing Cory and asked him to tell us a bit more about FICO, then he summarized FICO’s 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 finance sector at ANZ, as well as predictions for 2023.
• We then explored what this means for technology intended for banks and other financial institutions and their technical requirements.
• Corey then explained how FICO’s advanced analytics have enabled financial institutions to leverage the vast amounts of data at their disposal.
• We then explored what advanced analytics looks like in the real world, with Cory giving us an Australian example as well as illustrating what it means for Australians.
• Looking at whether there are any overseas examples worth emulating, Corey then covered anything else about FICO that we haven’t already covered that is worth knowing.
• Corey then shared a memory of his first computer, a bit of his personal history in the world of finance and technology, some great advice he’s received in life, and his final message to iTWire viewers and readers, as well as to its current and future customers and partners.

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

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