Westpac NZ Wins FICO Award After Successfully Adopting Platform and Enterprise Decision Analytics

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.