FICO Innovations: Preventing Gen AI Hallucinations in Finance
FICO Innovations: Preventing Gen AI Hallucinations in Finance
The rapid adoption of artificial intelligence (AI), particularly generative AI (Gen AI), within the financial services sector presents both immense opportunities and significant challenges. One of the most pressing concerns for financial institutions is the phenomenon of AI "hallucinations," where models generate inaccurate, nonsensical, or misleading information. This issue can severely undermine trust, lead to compliance breaches, and result in erroneous financial decisions. Recognizing this critical need, FICO, a leader in predictive analytics and decision management software, has introduced a suite of innovative tools specifically designed to combat these AI hallucinations and ensure the integrity and reliability of AI applications in finance. At the heart of FICO’s new offerings is the FICO Foundation Model for Financial Services (FICO FFM). This model represents a strategic shift towards a practitioner-centric approach to Gen AI, moving beyond attempts to refine univers…