JOHANNESBURG, March 17, 2020 /PRNewswire/ --
Highlights:
- SA Taxi changed its lending from manual to cloud-based
automated decision making, increasing loan volumes by 25
percent.
- SA Taxi now processes 100 percent of applications in just ten
minutes from submission, down from two hours.
- The adoption of a cloud solution has improved controls while
automatically documenting an audit trail and capture of rules.
- SA Taxi won a 2019 FICO® Decisions Award for Cloud
Deployment.
SA Taxi, a financier of over 10 percent of South Africa's minibus taxi fleet – the
nation's most affordable public transport used by 15 million people
daily – has introduced FICO's cloud-based decision management
solution to drive lending growth of 25 percent. The
FICO® Blaze Advisor® Decision Rules
Management System has also reduced decision time on applications
from two hours down to 10 minutes, while improving controls,
capturing rules and creating an audit trail.
More information:
https://www.fico.com/en/products/fico-blaze-advisor-decision-rules-management-system
Rapid growth had meant the company's manual processing system
was becoming overwhelmed – with a lack of consistent and timely
decisions adversely affecting business growth.
"When credit changes were required, they were simply added to
the queue with the rest of our IT changes – which always had a
higher priority," said Itumeleng Nomlomo, senior credit analyst
at SA Taxi. "This left the business with no option but to
resort to manual decisioning, which really constrained our agility
and created a number of issues such as inconsistent credit
decisions."
SA Taxi implemented FICO's Blaze Advisor solution to integrate
automated decision-making into its origination process. The
decision management solution ensured reliable and consistent credit
decisions that were in line with its strategy and business rules.
Its cloud-based application lifted the infrastructure burden being
placed on the business, which had become considerable. And its
flexibility allowed SA Taxi's business managers to configure rules
without development/technical support from FICO, as and when its
strategy changed.
"SA Taxi has embraced the power of a cloud deployed solution and
reaped the rewards through incredible improvements in agility and
efficiency," said Michelle
Beetar, managing director for sub-Saharan Africa at
FICO. "By automating the decisioning element, the team
has been able to spend more time on strategy, analytics and
enhancing the current process."
For its achievements, SA Taxi won a 2019 FICO® Decisions
Award for Cloud Deployment.
"SA Taxi has overcome the challenge of translating what seems to
be a simple idea into a workable solution," said Denise Sleem, functional specialist Afrocentric
Technologies, one of the FICO Decisions Awards judges. "SA Taxi
has really impressed by building a flexible solution to support the
growth needs of their business and their clients through their
digital transformation project."
About SA Taxi
SA Taxi provides a vertically integrated
platform ensuring the sustainability of the minibus taxi industry
in South Africa. The services
provided by SA Taxi include vehicle sales, finance, insurance and
repairs.
Established in 1996, the company focuses exclusively on the taxi
industry and serves sole operators and businesses looking to
purchase a new taxi, replacing a vehicle or expand a taxi
fleet. The organization finances over 10% of South Africa's taxi fleet.
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 2019 judges are:
- Mike Gualtieri, VP and
principal analyst at Forrester
- Sharon Kimathi, editor at
FinTech Futures
- Leslie Parrish, analyst –
retail banking at Aite
- Denise Sleem, functional
specialist at Medscheme, 2018 winner
- Alex Woodie, managing
editor at Datanami
- Les Yeamans, founder at
RT Insights
The winners of the FICO Decisions Awards will be spotlighted at
various FICO events in 2020 and win tickets to FICO® World 2021,
the Decisions Conference, April 2021
in Orlando.
About FICO
FICO (NYSE: FICO) powers decisions that
help people and businesses around the world prosper. Founded in
1956 and based in Silicon Valley, the company is a pioneer in the
use of predictive analytics and data science to improve operational
decisions. FICO holds more than 195 US and foreign patents on
technologies that increase profitability, customer satisfaction and
growth for businesses in financial services, manufacturing,
telecommunications, health care, retail and many other industries.
Using FICO solutions, businesses in more than 100 countries do
everything from protecting 2.6 billion payment cards from fraud, to
helping people get credit, to ensuring that millions of airplanes
and rental cars are in the right place at the right time.
Learn more at www.fico.com.
Join the conversation on Twitter @FICO
FICO is a registered trademark of Fair Isaac Corporation in the
US and other countries.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sa-taxi-hails-automated-lending-in-the-cloud-as-driver-of-25-percent-loan-growth-301024844.html
SOURCE Fair Isaac Corporation