strategies , understand the data and the build in rapid succession ,” he notes . “ Once you begin on such a journey , you then have the flexibility to pull in even more data , further enrich your process and continue to build . It ’ s an incremental change that works at ‘ digital pace ’ rather than IT pace , and it ’ s working very well in financial services and also increasingly in insurance .”
Such a system , according to Deveau , is one that FICO offers and something that those in the industry should consider “ the holy grail : bringing all of your data together , building the models and technology as rapidly as possible , and move to making decisions and acting in real time . It ’ s that approach that will bring the financial institutions and insurers to the levels of success seen by retail companies .”
In order to achieve this ‘ holy grail ’, FICO works with clients on three pillars . The first of these is the ability to attach data and data sources , stream that data in real time and apply analytics and strategies to understand it at a customer level . Secondly , organisations should use the rich / enriched data to make better decisions about a consumer and improve the level of user experience . Lastly , understand the impacts of how data is applied and the decisions that it leads to in terms of the wider business outcomes .
“ We refer to this as business simulation ,” says Waid , “ and it ’ s all about the ability to make comparisons , to understand the outcome should you make changes , take more risks with a certain customer profile and so on . Some of our customers refer to this aspect as ‘ the brain ’, as it ’ s specifically focused on the wider intelligence around their business .”
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