Chartis Research Names FICO a Category Leader in AI for Financial Services
Chartis Researchhas named FICO a category leader in AI for financial services
- Ranking reflects depth of functionality, domain knowledge and product strategy
- FICO demonstrates machine learning advances in financial crime detection and explainable AI
FICO, a leading analytics company, today announced that it has been named a category leader in the AI in Financial Services, 2019; Market and Vendor Landscape report from
A supplementary report, Vendor Analysis: FICO; Artificial Intelligence in Financial Services, 2019, takes a more detailed look at FICO's rating and capabilities.
The Vendor Analysis report noted that*: "While the use of AI is now prevalent across many industries and emerging use cases, FIs, 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."
"A lot of companies talk about AI without delivering — in fact, a recent report by
Many of the FICO AI innovations evaluated for this research will be packaged into FICO® Falcon® X, a cloud-based financial crimes solution that will allow banks' in-house data science teams to blend FICO's intellectual property with open source machine learning libraries. This collaboration will improve banks' ability to protect consumer accounts, satisfy regulatory requirements, and achieve greater efficiency in their financial crime detection efforts. The Chartis Vendor Analysis report highlights the impact of FICO's AI developments in two of these areas – real-time payments and anti-money laundering (AML):
"Real-time payments are rapidly gaining traction in the US, spurred partly by dramatic growth in the use of P2P services and mobile payments. FICO's ML capabilities play a role in protecting these digital interactions, which are especially susceptible to account takeover. FICO's AI techniques for real-time payments also apply to aspects of recent Payment Services Directive 2 (PSD2) and Open Banking requirements in the
Last year, FICO was named a category leader in the Chartis report on Enterprise Fraud. FICO was also named a category winner in the 2019 Chartis' RiskTech100® report, where FICO won awards in three categories: Innovation, AI, and Cyber Risk Quantification.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
FICO and Falcon are registered trademarks of
RiskTech100®, RiskTech Quadrant®, FinTech Quadrant™ and The Risk Enabled Enterprise® are Registered Trade Marks of
*Note that these statements and the RiskTech Quadrant® were published by
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Greg Jawski for FICO, Email: email@example.com, Phone: +1 212-601-8248