Analytics Software Provider FICO Collaborates with Tech Mahindra to Streamline AI-Driven Decisioning
FICO, a leading analytics software provider, has recently announced its global collaboration with Tech Mahindra. This partnership aims to leverage advanced analytics and AI-driven decisioning to facilitate banking, financial services, and insurance (BFSI) firms. The objective is to streamline operations and improve efficiency across various sectors.
Establishing a Centre of Excellence
As part of the collaboration agreement, Tech Mahindra will establish a dedicated Centre of Excellence (CoE) on the FICO platform. The CoE will provide consultation, implementation, and managed services to BFSI firms, helping them to adopt new decisioning architectures. The center aims to integrate FICO technology into complex banking environments, thereby significantly reducing both implementation risk and time-to-value.
A Transformation in Core Banking Setups
The partnership is set to revolutionize core banking systems by consolidating multiple disparate decisioning tools into a single AI-based decisioning layer. This unified approach promises more consistent and automated decisions across financial institutions’ operations. The collaboration will offer structured training initiatives to enhance consulting skills around FICO’s AI decisioning offerings, thereby enabling enterprises to shift AI projects from pilot stages into production.
Boosting Returns on Digital Transformation Investments
Enterprises often struggle to derive meaningful returns from their digital transformation investments due to a global shortage of data scientists and system architects. This leads to delayed implementations and fragmented decision-making. The partnership between FICO and Tech Mahindra addresses this gap by combining FICO’s proven analytics platform with Tech Mahindra’s deep implementation expertise.
Alexandre Graff, FICO vice president for Global Partners & Alliances, stated that businesses could lessen implementation risks and expedite their digital transformation journeys by leveraging Tech Mahindra’s FICO-trained experts, proprietary accelerators, and ready-to-deploy integrations. Tech Mahindra’s President and Head of Europe Business, Harshul Asnani, added that the partnership would provide a holistic solution to the challenges faced by enterprises in their digital transformation process.
While the partnership’s initial focus will be on the BFSI segment, FICO and Tech Mahindra intend to extend the CoE’s remit to other industries in due course. They plan to co-develop solutions for diverse sectors using the FICO Platform as the underlying technology for sector-specific decisioning applications.
With this partnership, FICO and Tech Mahindra are expected to make significant strides in reshaping BFSI firms’ decision-making processes, thereby enhancing their operational efficiency and business outcomes.
Source: Here
