Westpac NZ Wins FICO Award After Successfully Adopting Platform and Enterprise Decision Analytics
Leading
Highlights:
- Westpac NZ wins the 2024 FICO® Decisions Pioneer Award
- Westpac NZ increases customer engagement and process automation with FICO® Platform
- Partnership with FICO delivers greater agility and data-driven collections improvements
Today at FICO® World, the industry’s leading analytic and AI event, Westpac New Zealand has won the 2024 FICO® Decisions Pioneer Award, for using the industry-leading capabilities of FICO® Platform to advance hyper-personalization and accelerate digital service innovation.
The bank’s partnership with FICO has resulted in major improvements in automated decision processes, which has been reflected in better customer engagement and faster implementation of new projects across the bank.
“With FICO Platform we’ve been able to shift from focusing on individual decisions we make on a customer’s account, to thinking strategically about how we manage customers across all of their accounts and throughout their lifetime with the bank,” said
“We are proud to be FICO Platform pioneers because the software provides a solution capable of accommodating the diverse use cases across our banking operations. We can now rapidly build, test, deploy and customize automated decision models to keep up with our customer expectations and regulatory requirements as the banking industry evolves,” said Goble.
Watch the Westpac New Zealand team tell their story on video
The bank expanded its use of FICO Platform throughout 2023 to support a range of banking functions, from collections and credit to business strategy.
“What’s truly exciting is the pace at which we can innovate and make improvements to benefit our customers,” Goble emphasized. “We’ve more than doubled our decision model and programme deployments in the last two years, including enhancements, new services, and regulatory change responses.”
Enterprise-Wide Decisioning
The comprehensive consolidation of decision assets and data into a unified platform has allowed Westpac NZ to deliver tangible benefits to its customers through hyper-personalization and increased agility.
When Cyclone Gabrielle and other severe weather events hit
“With the support of rich, centralized data and analytics capabilities, we are better positioned to quickly stand up new services for customers facing challenges such as natural disasters, or more recently cost-of-living pressures,” said Goble.
Additionally, when new regulations in
“We leveraged FICO’s expertise and utilized its highly configurable platform to develop, test and deploy the new decision service within a quarter, when previously this may have taken at least 12 months,” emphasized Goble.
Westpac NZ has also used FICO Platform’s omni-channel engagement capability to significantly increase its contact with customers.
“Our newly enhanced, data-driven collections and contact strategy is already helping us increase digital customer engagement, reduce operational costs and support customers through financial uncertainty,” concluded Goble.
“Westpac NZ’s investment in decisioning technology elevates industry standards, boosting operational efficiency, regulatory compliance, and customer communications,” said
“Westpac NZ is a worthy winner of FICO’s Pioneer Award accolade because it responded to the need to modernize and replace end-of-life technology with a strategic investment that enhances capabilities across the entire bank with outstanding results,” said
More information about FICO® Platform can be found here: https://www.fico.com/en/fico-platform
To see the full list of this year’s FICO® Decision Awards winners, check out: https://www.fico.com/en/decisionsawards
About Westpac NZ
As a large
https://www.westpac.co.nz/
About the FICO® Decisions Awards
The FICO Decisions Awards recognize organizations that are achieving remarkable success using FICO solutions. A panel of independent judges with deep industry expertise evaluates nominations based upon measurable improvement in key metrics; demonstrated use of best practices; project scale, depth and breadth; and innovative uses of technology. The 2024 judges are:
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Andrew Birmingham , editor, Mi3 -
Eric Kavanagh , CEOBloor Group and host, InsideAnalysis -
Elizabeth Lumley , deputy editor, The Banker -
Paul Mah , senior editor, CDO Trends -
Laura Martins , editor,IT Forum -
Paul Robinson , VP credit management atCanadian Tire Bank (previous winner) -
Shiv Sehgal , EVP audience analytics atRSG Media (previous winner -
Nick Vitchev , director at Chartis
The winners of the FICO Decisions Awards will be spotlighted at and win tickets to FICO® World 2024,
About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
Learn more at www.fico.com.
FICO is a registered trademark of
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Source: FICO