Leading New Zealand bank with more than 1.5
million customers, wins FICO Pioneer Award for its advanced
decision innovation
FICO World – FICO (NYSE: FICO)
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
Regan Goble, Risk Analytics Senior Manager at Westpac NZ.
“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 New
Zealand in early 2023, the bank was able to quickly respond by
augmenting its collections and contact strategy.
“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 New Zealand mandated
updated reporting requirements and lending practices, Westpac NZ
was able to use FICO Platform to act swiftly.
“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.
More Efficient and Engaging Customer Communications
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 Nikhil
Behl, chief marketing officer at FICO. “Amidst rising
expectations from consumers, the enhanced operations and
decisioning in collections alone led to a 25% increase in digital
engagement, 40% cost reduction, and 10% higher customer
rehabilitation rates.”
“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 Andrew Birmingham, technology editor for Mi3 Australia and
one of the FICO Decisions Awards judges.
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 New Zealand business and employer, Westpac NZ
provides a range of financial services to New Zealand households
and businesses. It has more than 1.5 million customers, 5,000
employees and has a footprint in communities nationwide.
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:
- Andrew Birmingham, editor, Mi3
- Eric Kavanagh, CEO Bloor 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 at Canadian Tire
Bank (previous winner)
- Shiv Sehgal, EVP audience analytics at RSG 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, April 15 – April 18,
2024 in San Diego, California
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 Fair Isaac Corporation in the
US and other countries.
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version on businesswire.com: https://www.businesswire.com/news/home/20240416267231/en/
Richelle Gillett Giant Squid Inc for FICO +61 418 781 610
rg@giantsquidinc.com.au
Saxon Shirley FICO +65 9171 0965 saxonshirley@fico.com
Fair Isaac (NYSE:FICO)
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Fair Isaac (NYSE:FICO)
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