Westpac NZ Wins FICO Award After Successfully Adopting Platform and Enterprise Decision Analytics - Seite 2

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: