AWS Financial Services Symposium 2026 | Aninda Bhattacharyya, FICO

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Aninda Bhattacharyya

Sr. Director - Platform Architecture

FICO

play_circle_outline FICO Evolved: Millisecond Explainable AI and Autonomous Feedback for End-to-End Financial Decisioning and Dynamic Customer Profiles

play_circle_outline How Banks Achieved 50% Productivity, Real-Time Fraud Detection, and 2% to 27% Straight-Through Processing

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Aninda Bhattacharyya, FICO

Aninda Bhattacharyya

Sr. Director - Platform Architecture FICO

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Rebecca Knight

>> Hello everyone, and welcome to theCUBE's coverage of the AWS Financial Services Symposium here in New York City. I'm your host, Rebecca Knight. I would like to welcome our next guest to the show. He is Aninda Bhattacharyya, Senior Director Platform Architecture at FICO. Welcome, Aninda.

>> Thank you, Rebecca. Very good morning to the audience. Glad to be here.

Rebecca Knight

>> Well, we're glad to have you. So a lot of people are familiar with FICO, the credit score company, but the company has evolved significantly beyond that. Can you talk a little bit about the platform, where it is today, and what are the problems that you're focused on solving?

>> Sure. And FICO, first of all, is a global analytics leader in the applied intelligence space powered by AI, supporting consumers and corporates through smart and data-driven decisions. As we mentioned, everybody knows our FICO score, industry standard for consumer credit risk, but we are also delivering innovative solutions through FICO platform, FICO software platform through onboarding and origination, customer management, fraud detection, collection, loss mitigation, and default. So FICO brand is well known for the trust, precision, and innovation supported by 200 plus patents US and worldwide. Let's decipher what we do in the platform. What we do in the platform, we bring on data decision and analytics through a unified way, which was previously siloed to create a common operating framework to drive value across customer lifecycle. There are three important criteria what we do in the platform. One, we create a dynamic profile, which is always on, always active, synthesizing the customer interactions in real time. We then provide trusted decisioning, trusted and AI powered decisioning at milliseconds, which is explainable to customers and regulators. Finally, we create an agentic outcome, creating an autonomous loop to fine tune the strategies so the system can become smarter as the time passes by.

Rebecca Knight

>> When you are talking to financial services institutions on a day-to-day basis, what are the challenges that you're hearing and what are some of the industry trends you're seeing?

>> That's a great question because FICO is gearing up to solve those industry problem and challenges for sure. So I'll break it down in three parts. I'll start with customer loyalty risk. 70% of the customer today are using multiple banks. 58% of the customer just in last year has used a new financial services product from a new organization. 40% of Gen Z and millennials are very open and transparent that, "Hey, if you don't innovate, we are switching organization." And the switching costs has virtually disappeared. 10 to 15% of the banking revenue is in motion every year. So it boils down the major reason for this churn is lack of hyper personalization and inconsistent engagement strategies across channels. So that's point number one, customer loyalty risk. The second part is innovation bottleneck. Today with the disconnected processes, with rigid workflows, with siloed data, financial institutes are failing to deliver the relevant real time and risk avert decisioning what the customers are expecting. Banks are waiting for IT change management to deploy the changes for months. So the pace at which they need to innovate and sustain and remain competitive is completely inconsistent with what the current technology and architecture can provide. And last but not the least, the risk and compliance exposure. Today, as you know, the AI related fraud trends are increasing, skyrocketing. Generative AI related are called out to be 40 billion in 2027, just in US, up by 30%. Compliance related fines are increasing for the financial institute, yet only 3% of the financial institutes can safely claim their architecture and technology can support their compliance needs. So those are the three major industry research we are following.

Rebecca Knight

>> So those are some big challenges. Walk us through a recent engagement and tell us a little bit about how FICO is delivering value.

>> Absolutely. I'll code a couple of case studies which will make it very real how we are delivering value across the industry. I'll start with BMO. As you know, one of the eight largest banks in North America. They are really struggling with their legacy architecture and technology, and they really wanted to drive an ultimate customer experience. Partnering with FICO, they increase their productivity by 50%. They reduce customer friction and they increase their approval rates and explainability. Their Chief Risk Officer openly stated their modeling team can innovate data and deploy faster with their models and strategies with FICO platform, which was otherwise not possible. I'll go next for TD. TD wanted to build a data-driven capability for fraud detection and prevention. Partnering with FICO, within 12 months, they built an enterprise capability utilizing real-time analysis, data analytics, and AI, orchestrating across dozen of their internal departments. The third name will be very popular to many one, Wells Fargo, a $1.9 trillion asset holding company serving one of three households in US. So they wanted to use FICO to kind of protect their customers, still keeping the consistent customer experience. So they deployed a machine learning model with the help of FICO, which actually was part of their multi-pronged approach up a layer defense mechanism of the adaptive fraud techniques that are increasing today, and they reduce their false positive. This is reinstated by Matt Powell, who is their head of fraud and claims management system. I'll go to another example to a different industry, AU Small Finance Bank, which is trying to renovate the auto finance decisioning. They increase their straight through processing from 2% to 27%. They increase their approval rates 10X in just two months. They reduce their turnaround time from two days to 20 seconds to 25% of their consumers. My last example will be in Mibanco in Peru. They reduce their deployment time by 90%. Their credit strategy is going to production. They reduce it by 90%. They reduce their technology spend by 20% and they can reach out to thousands of thin file customers with the help of the platform.

Rebecca Knight

>> Remarkable numbers. So for a customer who's watching this and saying, "Hey, I need some of that." Where do they start? What does deployment look like?

>> That's a great question. And I think the beauty of the FICO platform is that you don't have to rip and replace all the existing investment what you have. The composability and API first architecture supports you to start small yet on a valuable use case and make FICO as your centralized decision fabric. So what you really want to think about that it lowers your integration cost and it increases your time to value. Another good thing as we are in the AWS event, so FICO as an AWS SaaS offering is available in the marketplace. So you can procure, deploy, and scale through your private marketplace offering, and you can really start innovating in the contours of your current cloud architecture and your current investments and commitments with AWS. The most important thing is that the business users, once it is deployed, can themselves author, test, deploy, and simulate business strategies without waiting for the IT. So really, they can actually innovate at the pace of business needs rather than get stuck at the pace of technology release management. And as we spoke about the autonomous decision, autonomous nature, which kind of creates the agentic outcome, keeps on fine-tuning the strategy so it gets smarter as the time goes by.

Rebecca Knight

>> Aninda, thank you so much for coming on the show.

>> Absolutely. Glad to be here. Thank you.

Rebecca Knight

>> I'm Rebecca Knight, stay tuned for more of theCUBE's coverage of the AWS Financial Services Symposium.

Aninda Bhattacharyya, FICO

search

Rebecca Knight

>> Hello everyone, and welcome to theCUBE's coverage of the AWS Financial Services Symposium here in New York City. I'm your host, Rebecca Knight. I would like to welcome our next guest to the show. He is Aninda Bhattacharyya, Senior Director Platform Architecture at FICO. Welcome, Aninda.

>> Thank you, Rebecca. Very good morning to the audience. Glad to be here.

Rebecca Knight

>> Well, we're glad to have you. So a lot of people are familiar with FICO, the credit score company, but the company has evolved significantly beyond that. Can you talk a little bit about the platform, where it is today, and what are the problems that you're focused on solving?

>> Sure. And FICO, first of all, is a global analytics leader in the applied intelligence space powered by AI, supporting consumers and corporates through smart and data-driven decisions. As we mentioned, everybody knows our FICO score, industry standard for consumer credit risk, but we are also delivering innovative solutions through FICO platform, FICO software platform through onboarding and origination, customer management, fraud detection, collection, loss mitigation, and default. So FICO brand is well known for the trust, precision, and innovation supported by 200 plus patents US and worldwide. Let's decipher what we do in the platform. What we do in the platform, we bring on data decision and analytics through a unified way, which was previously siloed to create a common operating framework to drive value across customer lifecycle. There are three important criteria what we do in the platform. One, we create a dynamic profile, which is always on, always active, synthesizing the customer interactions in real time. We then provide trusted decisioning, trusted and AI powered decisioning at milliseconds, which is explainable to customers and regulators. Finally, we create an agentic outcome, creating an autonomous loop to fine tune the strategies so the system can become smarter as the time passes by.

Rebecca Knight

>> When you are talking to financial services institutions on a day-to-day basis, what are the challenges that you're hearing and what are some of the industry trends you're seeing?

>> That's a great question because FICO is gearing up to solve those industry problem and challenges for sure. So I'll break it down in three parts. I'll start with customer loyalty risk. 70% of the customer today are using multiple banks. 58% of the customer just in last year has used a new financial services product from a new organization. 40% of Gen Z and millennials are very open and transparent that, "Hey, if you don't innovate, we are switching organization." And the switching costs has virtually disappeared. 10 to 15% of the banking revenue is in motion every year. So it boils down the major reason for this churn is lack of hyper personalization and inconsistent engagement strategies across channels. So that's point number one, customer loyalty risk. The second part is innovation bottleneck. Today with the disconnected processes, with rigid workflows, with siloed data, financial institutes are failing to deliver the relevant real time and risk avert decisioning what the customers are expecting. Banks are waiting for IT change management to deploy the changes for months. So the pace at which they need to innovate and sustain and remain competitive is completely inconsistent with what the current technology and architecture can provide. And last but not the least, the risk and compliance exposure. Today, as you know, the AI related fraud trends are increasing, skyrocketing. Generative AI related are called out to be 40 billion in 2027, just in US, up by 30%. Compliance related fines are increasing for the financial institute, yet only 3% of the financial institutes can safely claim their architecture and technology can support their compliance needs. So those are the three major industry research we are following.

Rebecca Knight

>> So those are some big challenges. Walk us through a recent engagement and tell us a little bit about how FICO is delivering value.

>> Absolutely. I'll code a couple of case studies which will make it very real how we are delivering value across the industry. I'll start with BMO. As you know, one of the eight largest banks in North America. They are really struggling with their legacy architecture and technology, and they really wanted to drive an ultimate customer experience. Partnering with FICO, they increase their productivity by 50%. They reduce customer friction and they increase their approval rates and explainability. Their Chief Risk Officer openly stated their modeling team can innovate data and deploy faster with their models and strategies with FICO platform, which was otherwise not possible. I'll go next for TD. TD wanted to build a data-driven capability for fraud detection and prevention. Partnering with FICO, within 12 months, they built an enterprise capability utilizing real-time analysis, data analytics, and AI, orchestrating across dozen of their internal departments. The third name will be very popular to many one, Wells Fargo, a $1.9 trillion asset holding company serving one of three households in US. So they wanted to use FICO to kind of protect their customers, still keeping the consistent customer experience. So they deployed a machine learning model with the help of FICO, which actually was part of their multi-pronged approach up a layer defense mechanism of the adaptive fraud techniques that are increasing today, and they reduce their false positive. This is reinstated by Matt Powell, who is their head of fraud and claims management system. I'll go to another example to a different industry, AU Small Finance Bank, which is trying to renovate the auto finance decisioning. They increase their straight through processing from 2% to 27%. They increase their approval rates 10X in just two months. They reduce their turnaround time from two days to 20 seconds to 25% of their consumers. My last example will be in Mibanco in Peru. They reduce their deployment time by 90%. Their credit strategy is going to production. They reduce it by 90%. They reduce their technology spend by 20% and they can reach out to thousands of thin file customers with the help of the platform.

Rebecca Knight

>> Remarkable numbers. So for a customer who's watching this and saying, "Hey, I need some of that." Where do they start? What does deployment look like?

>> That's a great question. And I think the beauty of the FICO platform is that you don't have to rip and replace all the existing investment what you have. The composability and API first architecture supports you to start small yet on a valuable use case and make FICO as your centralized decision fabric. So what you really want to think about that it lowers your integration cost and it increases your time to value. Another good thing as we are in the AWS event, so FICO as an AWS SaaS offering is available in the marketplace. So you can procure, deploy, and scale through your private marketplace offering, and you can really start innovating in the contours of your current cloud architecture and your current investments and commitments with AWS. The most important thing is that the business users, once it is deployed, can themselves author, test, deploy, and simulate business strategies without waiting for the IT. So really, they can actually innovate at the pace of business needs rather than get stuck at the pace of technology release management. And as we spoke about the autonomous decision, autonomous nature, which kind of creates the agentic outcome, keeps on fine-tuning the strategy so it gets smarter as the time goes by.

Rebecca Knight

>> Aninda, thank you so much for coming on the show.

>> Absolutely. Glad to be here. Thank you.

Rebecca Knight

>> I'm Rebecca Knight, stay tuned for more of theCUBE's coverage of the AWS Financial Services Symposium.