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Last week, an international meeting was held in New York City on the state of the art and trends in the field of analytics. FICO WORLD 2019 and its impact on society.

The event covered the topics of Decision Management, Artificial Intelligence (AI), Machine Learning (ML), Financial Crime, Regulatory, Scoring Strategy, Acquisition, Telecommunications e Automotive.

Since we live in an environment of VICA (volatility, uncertainty, complexity and ambiguity) and in a connected world, analysis and decisions are becoming more holistic with multiple facets and scenarios.

In this new context, the advent of technology has come to help by processing multiple variables and with the ability to learn from the relationship between the prediction and what happened quickly. Artificial Intelligence and Machine Learning have come to help in this new environment. As an example of the benefits of these technologies, a study was presented in which the use of Machine Learning resulted in an increase in assertiveness of around 15% (KS) in modeling, bringing efficiency and effectiveness to the models.

The tool to enable the use of technology in an integrated way is through a platform to bring simplicity to complexity.

Over time, data has been used in Business Intelligence (BI) which, with the advent of modeling, has evolved into Predictive Analytics, Decision Support and the trends are Prescription Analytics, Connected Decisions and Centralized Decisions.

In Market Intelligence there is no action plan, while in Predictive Analytics the action plans are not clearly defined, Decision Support we have specific action plans, Prescriptive Analytics has automatic actions in most areas, Connected Decisions provides a corporate action level and Centralized Decisions generates optimized action plans in the customer lifecycle and the various areas of the company's operations.

Another initiative presented at the meeting was financial education through a platform for estimating the credit score range through 10 questions. Once you have your credit score, you have a planner to increase your credit score by at least 10 points over a 3, 6, 9 and 12 month time horizon with a set of up to 6 actions. This action helps those who are “credit invisible", i.e. those who have no or little information available for credit assessment.

Regulation was addressed, highlighting that the GDPR has become a global benchmark and the level of authentication is moving towards three levels: What do you know? What do you have? And Who are you?

Now addressing the psycho-social aspects, this whole revolution is permeated by ethical, legal and human issues in which there is no doubt that: people are the owners of their information, the use of which in accordance with the law and for permitted purposes are the parameters for society to enjoy these advances in a responsible manner.

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By: Elias Sfeir President of ANBC & Member of the Climate Council of the City of São Paulo & Certified Advisor