Hoist Finance and FICO Win Award for Digital Collections Programme in Germany and UK
- FICO Platform operationalizes predictive models and scores to deliver fairest customer experience and help borrowers manage debt repayments
- Between 20,000 and 40,000 decisions rules implemented per country, starting with
- Hoist makes 1 million customer decisions a day using FICO® Platform
- Phase two will deliver a further €8.5m (£7.4m) in annual staff savings as lending book grows 40 percent
Hoist Finance, the consumer debt purchaser working with banks and financial institutions across
For its achievements, Hoist and FICO have won the Best Use of Technology category in the Credit Excellence Awards 2021.
Centralizing Decisions on a Single Platform
Hoist Finance manages 18 million accounts across 10 countries, and before working with FICO customer decisions were managed using 14 different systems. Hoist sought to unify decisioning technology across all regions, deploy new strategies faster, and improve results through testing and simulation. It also wanted to make better decisions by calling on multiple external data sources and using advanced predictive models and AI.
"We have hit all of our key targets with FICO Blaze Advisor," said
Hoist Finance is currently live with the FICO® Platform's rules management system in
- 30% increase in data-driven, digital payment plans
- 87% decrease in plan breakage rate
- 97% lower carbon footprint for each digital resolution, resulting in annual savings of 442 tons of carbon for every 10% increase in digital collections – the amount of carbon that 35.3 people in the
UKgenerate in a year
Further Collections Success
In addition, Hoist Finance used FICO's collections technology to standardize its approach across countries, with seven countries using it so far.
"It is central to our business proposition that we deliver the best possible customer experience for our bank clients' customers," added Zwanzig. "We also wanted to improve profitability by standardizing our collections approach across the company. It was, therefore, essential to find a scalable system that works 24/7, 365 days a year. FICO's technology put us in position to streamline operations and standardize our approach, whilst maintaining best-in-class standards for the borrower experience. We expect to deliver a further €8.5 million in operational efficiencies as our debtor book grows 40 percent in phase two."
The FICO® Platform unleashes the power of analytics and AI to enable smarter business decisions at scale. Enterprises using the FICO Platform are more ready to offer superior customer experiences because they can get to know their customers deeply and offer services and value that delights the individuals. FICO was named a leader by Forrester Research in The Forrester Wave™: Digital Decisioning Platforms, Q4 2020.
Hoist Finance is a trusted debt resolution partner to individuals, companies and banks in thirteen European countries. With over 1,600 dedicated colleagues, smart digital solutions and a deep understanding of individual financial circumstances, we help over six million customers keep their commitments. This is achieved by agreeing on sustainable repayment plans so that everyone is included within the financial ecosystem. Hoist Finance has a diverse portfolio of asset classes and our online savings platform in
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in
Learn more at https://www.fico.com
FICO and Blaze Advisor are registered trademarks of
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