Analytics firm FICO launches GenAI model for financial services

Mumbai: Global analytics company FICO on Tuesday said it has launched a Generative AI model for financial services that delivers accurate and auditable outcomes.

The FICO Focused Foundation Model (FICO FLM) is designed with a precise, auditable focus on the data used to build and further task-train the model for each specific task or business problem, a statement said.

The model lays the groundwork to deliver sustained value in GenAI models across financial services and is architected for trusted, responsible use of GenAI, it stated.

"The focused foundation model represents a practitioner's approach to GenAI in financial services, moving beyond trying to refine universal knowledge models," said Scott Zoldi, chief analytics officer at FICO.

FLMs are essentially similar to small language models (SLM) and these are transforming how GenAI is used in financial risk management and compliance by providing highly accurate, domain-specific insights and reducing misinformation, said Megha Kumar, research vice president of analytics and AI analyst at IDC.