FICO Wins Banking Tech Award for Blockchain and AI Innovation

FICO’s use of blockchain for AI model governance wins Tech of the Future: Blockchain and Tokenisation award

LONDON--(BUSINESS WIRE)--At the Banking Tech Awards in London, global analytics software leader FICO won the Tech of the Future – Blockchain and Tokenisation award for its innovative work using blockchain technology for AI model governance. FICO’s use of blockchain to advance responsible AI is the first time blockchain has been used to track end-to-end provenance of a machine learning model, to meet responsible AI and regulatory requirements.

More information: https://www.fico.com/blogs/how-use-blockchain-build-responsible-ai-award-winning-approach-0

FICO’s AI Innovation and Development team has developed and patented an immutable blockchain ledger that tracks end-to-end provenance of the development, operationalisation and monitoring of machine learning models. The technology enforces the use of a corporate-wide responsible AI model development standard by organisations, and demonstrates adherence to the standard with specific requirements, people, results, testing, approvals and revisions. In addition to the Banking Tech award, Global Finance recognized FICO’s blockchain for AI technology with a The Innovators award last year.

“The rapid growth of AI use has made Responsible AI an imperative,” commented Dr. Scott Zoldi, chief analytics officer at FICO. “FICO is focused on technologies that ensure AI is used in an ethical way, and governance is absolutely critical. We are proud to receive another award for our groundbreaking work in this area.”

FICO is well-known as a leader in AI for financial services. Its FICO^® Falcon^® Fraud Manager solution, launched in 1992, was the first fraud solution to use neural networks, and today manages some 4 billion payment cards worldwide. FICO has built advanced analytics capabilities into FICO^® Platform, an applied intelligence platform for building decision management solutions.

See the full list of Banking Tech Award winners for 2024: https://informaconnect.com/banking-tech-awards/2024-winners/

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at www.fico.com.

FICO and Falcon are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.