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FICO CEO Will Lansing Tells Bankers They Must Embrace Big Data Analytics To Regain Customers' Trust And Loyalty

Stocks in this article: FICO

MIAMI, May 1, 2013 /PRNewswire/ -- FICO World --  FICO (NYSE: FICO), a leading predictive analytics and decision management software company, today began the second day of FICO World 2013 with keynote presentations by CEO Will Lansing and Kenneth Cukier, data editor for The Economist and co-author of Big Data: A Revolution That Will Transform How We Live, Work, and Think . Both speakers painted a vision of a future where Big Data will give banks, retailers and other businesses unprecedented power to understand their customers and build more successful relationships — if those businesses can decode the data faster and better.

(Logo: http://photos.prnewswire.com/prnh/20111010/CG83314LOGO)

"Your customers have higher expectations and more control – that's the customer revolution," Lansing said in his opening remarks this morning to a packed house of 800+ bankers, retailers, credit grantors, technology experts and FICO staff from 44 countries. "Your customers know you have their data and they wonder what that's doing for them."

Lansing described five areas where FICO analytic software can help businesses meet customer's new demands. "As your customer, I want you to protect my money, make me an offer I can't refuse, treat me with respect, not waste my time and help me live better." He explained how FICO is helping clients address each of these demands through its acquisitions over the past year — including Adeptra, InfoGlide, CR Software and Entiera. He also described new FICO analytic innovations that provide greater insight into customer behavior, and better identification of fraud and payment default risks.

Big Data is changing the game for banks, and for analytics software companies like FICO, Lansing said: "For more than 50 years, we have lived in a small data world, seeking the data set with the highest predictive value. That made sense when we were constrained by the volume of data that we could store and manipulate. Now those constraints are gone. The three V's of Big Data – volume, variety, and velocity – raise the stakes for analytics players to take advantage of the emerging big data infrastructure and help our clients get more value from data and make ever better decisions."

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