Total Economic Impact™ Study Finds FICO Decision Modeler Delivers 356% ROI over Three Years
- A commissioned study conducted by
Forrester Consultingon behalf of FICO found that FICO® Decision Modeler demonstrated benefits of a 356 percent return-on-investment over three years.
- A core piece of the FICO® Platform, FICO Decision Modeler is a decision rules solution that empowers business users to author, test, and optimize decision logic across their business.
FICO, a global analytics leader, today released the Total Economic Impact™ (TEI) Study of FICO® Decision Modeler, conducted by
FICO® Decision Modeler empowers business users to orchestrate digital decisions at scale. It unleashes the power of data, analytics and artificial intelligence to enable businesses to uncover insights in real time, take immediate action and deliver exceptional customer experiences.
"Digital decisioning is active and anticipatory," said
"Unfortunately, most analytic projects never end up being used to actually drive digital decisions," continued Waid. "The unrealized opportunity and resource expenditure is significant; the real business value of highly complex analytic models manifests when they're placed in the hands of the business users and become an integral part of their operations. This is what Decision Modeler is designed to do."
The Total Economic Impact of FICO Decision Modeler
Commissioned by FICO and conducted by Forrester, the TEI Study is based on in-depth interviews with FICO customers and provides a cost-benefit analysis to determine the economic value and impact the FICO Decision Modeler can have in any organization.
Based on the analysis of a composite
The TEI study found that organizations using Decision Modeler on the FICO Platform could leverage more informed, simulated, and proven customer decisioning – faster and more often. This allowed the organizations to realize improvements against key metrics such as customer approvals, non-payments, fraud, and personnel costs while creating the flexibility to govern a facilitated decisioning process throughout the entire lifecycle.
The study uncovered additional benefits of implementing the FICO® Platform, including:
- Improved customer experience (CX) delivery. Organizations can improve their CX delivery by offering near-instantaneous, personalized decisioning to their customers.
- Improved confidence through increased visibility. Additional visibility into customer criteria or decisioning logic provides enhanced confidence to decision-makers, especially with respect to audit and compliance.
- Ability to scale. Organizations can scale their deployments across additional channels, regions, and product lines or expand on the FICO Platform.
- Increased revenue and profit from more loan approvals. Organizations can implement more nuanced, pre-simulated, and profitable approval decisioning strategies in hours or days rather than weeks or months. This improves customer acceptance rates, representing tens of millions in revenue and millions in profit to the organizations.
- Reduction in loss rate and instances of fraud. Simulated, nuanced, and more frequent decisioning strategies also allow organizations to reduce loss rates and losses associated with fraud.
- Productivity impact for decisioning personnel. FICO Platform improves the productivity of staff tasked with risk strategy and decisioning by providing them with improved visibility into decisioning from across the organization. FICO Platform empowers users with a no-code platform that greatly reduces the time and level of manual work required for compliance and to implement changes to decisioning strategy from inception through iteration across the entire lifecycle.
According to an executive vice president of a financial services firm interviewed for the TEI Study, "With Decision Modeler, we get much more sophisticated than what we could have through our own internal development process to more finely segment risk. For us, that's a benefit in the million-dollar range."
More About the FICO® Platform and Digital Decisions
- Listen to this webinar with guest speaker
Mike Gualtieri, vice president and principal analyst at Forrester Research and Bill Doyle, vice president of FICO® Decision Management Suite, as they cover the results of TEI study of FICO® Decision Modeler.
- Read about FICO's position as a leader in a recent Digital Decisioning Platforms Report by Forrester.
- Learn more about how the FICO Platform helps enterprises make data-driven decisions that drive better business results and amazing customer experiences.
Read Bill Waid'sblog post, Digital Decisioning Enables Radical, Customer-Focused Change.
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
Learn more at https://www.fico.com
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Greg Jawski for FICO, Email: firstname.lastname@example.org, Phone: +1 212-601-8248