FICO enables predictions off financial data using AI

When artificial intelligence converges with the financial sector, trust and security hinge on one thing: data privacy. Every algorithm, every automated decision and every customer interaction depends on protecting sensitive financial information without slowing innovation.

Fair Isaac Corp., better known as FICO, built its reputation as a pioneer in credit scoring. Today, the company is evolving into a data analytics powerhouse, introducing an AI-driven platform designed to streamline financial operations while safeguarding the very data that fuels it.

“Data is a key part of everything that happens both from an AI and a decisioning perspective at all layers of what we do,” said Bill Waid (pictured), chief product and technology officer at FICO. “It is a foundational part of our platform. We do everything from the ingestion side and the storage side all the way up to the data management layer and actually providing services around protecting that data from a data privacy perspective.”

Waid spoke with theCUBE’s Rob Strechay at the Future of Data Platforms Summit, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed FICO’s platform and how the company has injected AI into data analytics. (* Disclosure below.)

Predicting outcomes off financial data

Managing financial data through one platform layer can be like looking at a “spiderweb,” according to Waid. Clients will be relying on data from different sources, trying to avoid redundancy and create linkage between pieces of the same data.

“We have our own proprietary way of actually identifying linkage and householding,” Waid said. “And actually being able to bring together and unify that data so that you have common contexts for each of them, but we also provide an open-source way of doing that where they might be done by the data partner itself.”

FICO helps its users create a core data catalog, from which they can derive predictive reasoning through AI features. The goal is collecting data and harnessing AI for a specific, concrete goal, Waid emphasized.

“Just collecting data isn’t actually a good business outcome,” he said. “A good business outcome is that I’ve used that data … because very often the predictiveness isn’t in the data itself, it’s in some combination of those data elements over time.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE’s coverage of the Future of Data Platforms Summit:

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(* Disclosure: TheCUBE is a paid media partner for the Future of Data Platforms Summit. Neither Dell UDS, the sponsor of theCUBE’s event coverage, nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE