Volvo Cars Approves Sales and Leases Faster Using FICO Platform

FICO World – FICO (NYSE: FICO)

Highlights:

• Volvo Cars has strategically leveraged FICO Platform to revolutionize its customer onboarding process across B2C, B2B and fleet segments
• Volvo Cars improved its speed, ensured buyers’ affordability and gained agility
• Volvo Cars has won a 2024 FICO Decision Award for Customer Onboarding & Management

Today at FICO World, the industry's leading analytic and AI event, global analytics software leader FICO announced that Volvo Cars has strategically leveraged FICO Platform to revolutionize its customer onboarding process across B2C, B2B, and fleet segments. FICO’s cloud-hosted platform ensures swift real-time approvals, with credit checks completed in a matter of seconds. Volvo has won a 2024 FICO Decision Award for Customer Onboarding & Management.

More information: https://www.fico.com/en/fico-platform

“We originally launched FICO Platform for subscriptions, and due to its success, we made it the backbone for all online orders, streamlining leasing and purchasing processes,” said Sujitha Davidson, product manager at Volvo Cars. “This strategic partnership underscores Volvo Cars' commitment to embracing cutting-edge technologies for a seamless and efficient customer experience.”

Employing FICO decisioning capabilities on FICO Platform, Volvo has established a scalable and robust credit assessment solution that seamlessly integrates internal and external data sources. The platform facilitates transparent and error-minimized decision flows, emphasizing automation in underwriting processes and providing a singular source for all necessary data.

Reducing the Decision Time

Volvo needed to reduce the average decision time and promptly collect the required documents for risk assessment by reaching out to the customer at the earliest opportunity. This avoided repeat requests for documentation, and process delays that could lead to lost sales.

To minimize processing time, FICO Platform generates a list of required documents tailored to specific referral reasons when customers are checking out online. They have 24 hours to upload, which accelerates the process. Utilizing a dynamic document upload process resulted in a 75% submission rate among customers who were presented with the document upload list. Assessments were completed in just an hour for these customers, compared to 11 hours when they did not upload or 17 hours when not requested.