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“Data science begins with data. Nothing gets built without data. Data science continues with science. Accurate, persuasive and effective prediction requires patterns. The process of discovering that pattern is science. Any product worth building requires a reliable pattern to exist in the data.”
– Christopher Berry, co-founder and chief science officer of Authintic, in his article on recommendation engines in the current issue of Analytics.
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Special ArticlesBig data paying off for big companies
A new research report, “Big Data in Big Companies,” describes how 20 large firms benefit from big data projects. Report co-authors Tom Davenport of the International Institute for Analytics (IIA) and Jill Dyché of SAS, the leader in business analytics, explore how these companies have deployed analytics to generate value from their big data assets.
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Special ArticlesContinuing education courses for analytics professionals
The Institute for Operations Research and the Management Sciences’ (INFORMS) Continuing Education program will offer its first two courses this fall. These intensive, two-day, in-person courses will provide analytical professionals with key skills, tools and methods that can be implemented immediately in a work environment.
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Industry NewsBanks speed lending with FICO’s cloud-based loan solution
FICO, a leading predictive analytics and decision management software company, recently announced that 1st United Bank, First Utah Bank, Lowell Five Cent Savings Bank, and MetroBank are implementing the FICO LiquidCredit service, a cloud-based scoring solution that speeds consumer and small business lending decisions. The FICO solution will enable these lenders to approve small business loan applications in hours, not days, and help improve customer satisfaction and attract more small business customers.
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Thursday, 26 May 2011 05:00 | Last Updated on Friday, 27 May 2011 01:23 | 
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Industry News
FICO awarded new patents for analytic inventions
FICO has been awarded four new patents by the U.S. Patent and Trademark Office for inventions underlying FICO solutions in predictive analytics, optimization and fraud detection. The first patent is for technology that mines transaction data for predictive trends, using genetic algorithms to find the most potent transformations of transactional data. This technology, which is behind the Data Spiders module in FICO Model Builder, is used by FICO clients in a variety of applications, such as improving targeting for cross-selling and conversion, improving fraud detection and predicting online purchase decisions.
The second patent provides architecture for optimal strategy design using both historical data and human expertise. This architecture defines decision models as a visual influence diagram, translates the influence diagram to a nonlinear optimization problem and derives decision rules that achieve mathematically optimal strategies.
The other two new patents are for new technologies that bolster FICO’s fraud detection and prevention capabilities. FICO received a patent for a fast, accurate “fuzzy” matching technique that can quickly and accurately determine if a given computer-readable record is represented, by exact match or substantially close match, in a large collection of computer-readable records. This is useful in detecting identity fraud.
The final patent is for technology used to identify credit card or similar fraud based on account-level factors rather than transaction-level factors.
“We’ve been awarded 22 new patents within the last year, which is a strong indication of the creative ingenuity of our team and our focus on new areas of discovery,” says Dr. Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “These sorts of technological advances are a primary reason for FICO’s continued leadership in the fast-growing field of predictive analytics, and for our clients’ increasing ability to solve more challenging problems quickly."