FICO
Today, most financial service providers work with legacy decision systems that they’ve developed over time or gained through acquisitions. These systems or applications are prone to multiple complications, including discontinuity across different lines of business, obsolete technology, difficult integrations with digital channels, expensive maintenance, and — lastly — a lack of transparency required by regulators. Banks, credit unions, and other lenders are often aware that they need to modernize their decision infrastructure, but they are understandably concerned about the costs involved.
Infosys and FICO have well-established track records of helping lenders in both of these areas, offering best-in-class credit decisioning and fraud management solutions.
Within the field of fraud detection, financial institutions also face multiple challenges. They obviously need to minimize fraud losses, but they also don’t want to alienate customers with erroneous fraud alerts, and they want to try to minimize spending too much on fraud prevention. As a result, banks are searching for solutions that can address the convergence of major threats within a single technology stack.
Independently, they’ve spent decades enabling firms to reduce losses, mitigate risks, and streamline their processes. Ultimately, the value of these solutions lies in their ability to strengthen long-term customer relationships, as well as safeguard their organizational reputation. Now, Infosys and FICO have partnered to take their solutions to the next level.
About the Partnership
By leveraging their experiences with the largest banking customers in the world, Infosys and FICO are uniquely positioned to understand the key tenets required to build a robust, best-in-class decisioning system and fraud management practice. The partnership combines Infosys’s delivery capabilities and deep domain expertise in risk and compliance with the proven technological leadership of FICO in developing industry-leading credit risk and fraud management solutions.
Business functions covered
Credit Decisioning- ID & Verification
- Customer Onboarding
- Customer Management
- Property Valuations
- Climate Change
- Open Banking
- Underwriting
- Collections & Recovery
Fraud Management Solution- Profiling Capability
- Rules Management
- Case Management
- Cross-Bank Compromise Detection
- Digital Identity Authentication
- Virtual Communication
- Analytics Capability – Machine Learning and AI Models
Cloud-Based Platforms- For quicker integration with on-premises as well as external sources
- Customizable API-ready tools
Services offered
Infosys offers credit risk and fraud risk advisory and consulting services, including FICO product implementation, upgrade services, end-to-end design/build/testing services and program management. Infosys also has deep experience in on-prem/cloud implementation for delivering a software-as-a-service (SaaS) model. This expertise will help clients reduce the overall total cost of ownership (TCO), based on the predictability of the Infosys delivery model, ease-of-implementation, and their ability to leverage the latest technology.
Key Benefits
Besides decisioning-as-a-service and fraud management, clients will also receive end-to-end system integration and implementation, cloudification, and other value-added benefits:
Software as a Service
Managed service offerings of FICO solutions on cloud
Cost-effective, scalable, autonomous, extensible solutions, faster time-to-market
Cloudification
Services for migration of the FICO solutions to clients’ and public clouds
Transformation to cloud, reduced TCO, scalability and flexibility
System Integration
Services such as implementations, upgrades, maintenance, testing, data integration, and support
Reliable and predictable, faster-time-to-market
Value-Added Services
Includes automated regression, dev ops pipeline, data integration, AI-based chatbots model tuning, and more
Model efficiency, model effectiveness, compliance and transparency
Business Process as a Service
End-to-end delivery of business processes to clients under a single umbrella of services
Full TCO optimization, from business to infrastructure; complete solution provided by a single partner
Key Offerings
1. Infosys Decisioning-as-a-Service powered by FICO
A unique SaaS-based offering that accelerates the modernization of the enterprise client’s decisioning capabilities. Decisioning-as-a-Service introduces cutting-edge capabilities, from risk management to enabling digital customer onboarding and engagement journeys. This subscription-based model provides complete peace of mind to clients and allows them to focus on business change.
- Infrastructure — solution can be installed on-cloud or on-prem. Cloud hosting services included.
- Connectivity — to client’s internal systems and/or third-party applications, supporting a variety of connectivity models, including Webservices, databases, APIs, etc.
- Security — encryption, SSO authentication.
- Full product servicing — licenses, upgrades, patches, configurations.
- Rules engine, powered by FICO — supports real-time decision making and batch processing with industry-leading performance.
- Built-in support to use cases based on our extensive domain experience — time-to-market reduced from six months to three weeks.
- Seamless and secured channel-x integration — provides a common platform for decision management, capable of processing billions of transactions across all channels.
- Cloud agnostic and poly cloud support.
- Connectivity to any internal existing source, APIs, or legacy systems for data — enabling easy adaptation to regulatory and business changes.
- UI for business users to view and edit rules — breaking down siloes of risk modeling and risk decisioning and model validation.
- Configurable monitoring and reporting dashboard — provides centralized decisions and customer views.
- AI and ML-powered automated workflows — enables frictionless lending.
- Automated business rules simulation and testing capability — firms can see the potential outcomes new strategies before launching them.
2. Infosys Fraud Management Studio using FICO® Falcon® Fraud Manager
This SaaS solution is a set of efficiency and effectiveness improvement tools from FICO® Falcon® Fraud Manager, hosted on the Infosys Managed Cloud (AWS). Falcon Fraud Manager is powerful enterprise platform that manages credit/debit/prepaid card and payment frauds of all types including real-time, P2P, account-to-account, and wire transfers. The FICO Falcon platform applies advanced analytics and artificial intelligence to cardholder and accountholder profiling, combined with extensive business rule writing capabilities and workflow management, to provide comprehensive fraud protection.
What Infosys provides
Infosys’s team of product specialists offer consulting and implementation services that match the high levels of engagement, timeline, and scale that clients expect. This includes end-to-end greenfield implementation for both on-premises and the cloud. Infosys takes a two-step approach to upgrades, providing both evergreening and support on Day 1, in order de-risk the process for clients.
Infosys’s team will undertake an assessment of the client’s existing system functionality and static data to identify the impact to business processes, the appropriate level of production customization, and the integration points that will meet requirements. Infosys will also complete a comprehensive product fitment analysis and work with the client on implementation planning. Throughout all phases of the implementation, Infosys takes end-to-end ownership with an ongoing current state assessment and requirement analysis, ensuring a successful and satisfying design, build, migration, validation, launch, and warranty support.
After the solution has gone live, Infosys will continue providing support for major and minor enhancements. Production support includes L2 and L3, as well as fixing any defects that may occur post-launch. Services will also include product release support and maintenance releases.
Benefits
- Reduction in TCO by ~20%–30%
- End-to-end servicing, including product license, infrastructure, cloud, database, and application maintenance and support
- Optimal usage of infrastructure and cloud database
- Ability to underwrite and frontload future savings
- No end-of-service-life issues/costs
- End-to-end modernization of fraud management that protects, governs, and empowers organizations
- Predictive analytics and thresholds
- Ability to integrate models built in SAS/R/Python, etc.
- Operational efficiency
- Reduced false positives
- Alert reduction up to 50%
- Automated alert management and investigation
- Visual dashboard, interactive graphical user interfaces (GUIs), and faster response times
- Immediate notifications of relevant events in the investigation lifecycle
- Access to advanced automation tools such as AI and machine learning
- Improved performance, scalability, flexibility
- APIs enable smooth integration with bank’s internal systems, as well as third-party systems
- Zero technology debt, SaaS
- Reduced maintenance and expansion costs
- Infosys Digital Suite for automated, faster, and more efficient deployment in the cloud
- Self-managed teams with agile mode of delivery
- End-to-end program management
- Product and application support
- De-risked approach and partner in the end-to-end journey
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