Equifax, a data, analytics, and technology company, and FICO, which uses predictive analytics and data science to improve operational decisions, are introducing the Data Decisions Cloud to increase velocity for deploying predictive models.
Equifax said that the Data Decisions Cloud is an end-to-end data and analytics suite that enables financial institutions to meet the needs of consumers faster and more precisely, by addressing risk, marketing and fraud.
The Data Decisions Cloud will integrate Equifax Ignite platform differentiated data and analytic management with FICO Cloud applications and the FICO Decision Management Suite (DMS), a decisioning platform.
The integration will support financial institutions in exploring differentiated data, uncover new insights, build highly-predictive models and to rapidly deploy the decisions into production systems across customer lifecycle.
Financial institutions are expected to benefit from the increased speed of data processing and decisioning, which will be supported by expertise and artificial intelligence.
Equifax CEO Mark Begor said: “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.
“Our partnership will seamlessly integrate Equifax’s differentiated data assets and Ignite platform with FICO’s market-leading cloud based decisioning software and applications.”
The partnership is focused on a connected, decisioning management platform will allow financial institutions to explore, develop, test and deploy new insights into production.
Key Bank Quantitative Analysis director Liza Yannon said: “Currently, there is a deluge of data, and while we have processes to extract meaningful insights to make it actionable, it is a cumbersome and time-consuming process.
“I’m excited to see that FICO and Equifax listened to the voice of the customer by coming together, and I look forward to seeing how they help us obtain more ready access to data, enabling better use of it in analytics and business decisions.”
Last month, the company has agreed to partner with Small Business Financial Exchange (SBFE) to provide its members and other customers with access to the SBFE’s source of business lending data to help them grow and make better credit risk decisions.