FICO Unveils B2B Data Exchange FICO Marketplace

FICO has introduced a digital hub designed to connect organizations with data and analytics providers.

FICO Marketplace, announced Wednesday (May 7), offers access to data, artificial intelligence (AI) models, optimization tools, decision rulesets and machine learning models, which provide enterprise business outcomes from AI, the company said.

“An intelligent enterprise taps into its data and decision assets using AI, machine learning, and advanced analytic techniques to make incredibly informed and highly optimized decisions, as well as deliver hyper-personalized customer experiences in real time,” the release said.

The company said its new hub can help companies become intelligent enterprises by unlocking value from data faster through experimentation with new data sources and decision assets to “determine predictive power and business value.”

The marketplace can also improve customer experiences, the release added, by allowing for a holistic view of each customer.

“Imagine having access to explore, experiment, and immediately deploy a rich set of third-party data that provides unparalleled insight and predictive value,” said Nikhil Behl, president for software at FICO. “Innovation doesn’t happen in isolation, and our new FICO Marketplace will facilitate the type of collaboration across the industry that drives the next generation of intelligent solutions.”

Writing on this topic last year, PYMNTS argued that it’s important for businesses to leverage both internal and external data sources to provide a 360-degree view of customers and prospects if they hope to prioritize business transformation and data management.

Companies that want to optimize their B2B approach need to employ data to make informed, accurate decisions about identifying potential customers with the largest return on investment and the least amount of risk.

“A spray and pray tactic in today’s increasingly competitive financial service and merchant services landscape is a recipe for disaster,” Charles Zhu, then-vice president of product at data intelligence platform Enigma, said in an interview with PYMNTS. “You’re essentially revealing that you haven’t differentiated yourself to tackle a market in any kind of way.”

This process of building a robust data engine also helps speed businesses’ journey with AI and machine learning. Strong data foundations are necessary to train and develop the machine learning models that can optimize campaigns and sales activities.

“Commercial domains that have access to data and are familiar with using compute to accelerate their business are really well positioned to capture AI’s benefits,” Andy Hock, senior vice president of product and strategy at Cerebras, told PYMNTS.

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