金融科技系列：FICO：信用评分机构到数字决策管理服务商

Investment Rating - The report maintains an "Outperform" rating for the banking industry [5] Core Viewpoints - FICO has established itself as a benchmark in the global credit scoring and decision management field, with its FICO Score being the industry standard for credit decisions in the U.S. [1][10] - The company has a dual-driven business model consisting of credit scoring and software services, creating a closed-loop ecosystem that enhances customer retention and operational efficiency [2][12] - FICO's scoring business has a strong competitive moat, with a revenue of $920 million and an operating profit margin exceeding 85% for the fiscal year 2024 [3][45] - The software business has been strengthened by a platformization strategy, achieving revenue of $798 million and an operating profit margin of 32.3% in fiscal year 2024 [4][54] Summary by Sections Company Overview - FICO was founded in 1956 and has evolved from a credit scoring agency to a digital decision management service provider, with its FICO Score being widely used by over 90% of major U.S. lenders [1][10] Business Model - FICO's business model integrates scoring and software services, creating a strong ecosystem that increases switching costs for clients [2][52] FICO Score - The FICO Score is a complex model based on hundreds of variables, with a revenue of $920 million in fiscal year 2024, reflecting a compound annual growth rate of 16.9% over the past five years [3][29] Software Business - The software segment focuses on decision management and predictive analytics, with a revenue of $798 million in fiscal year 2024, benefiting from a platformization strategy that enhances its competitive edge [4][54] Capital Market Performance - FICO's market capitalization has significantly increased from $13.4 billion in early 2022 to approximately $60 billion by the end of 2024, although it faced a decline due to regulatory changes affecting its market share [85][86] Conclusion - FICO has built a robust competitive barrier through its technological advancements and customer ecosystem, transitioning from a credit scoring agency to a comprehensive digital decision management service provider [91]