Cape Town, South Africa ? Woolworths Financial Services (WFS) has selected PIC Solutions to develop a suite of custom behaviour scorecards to predict the credit risk of the loans product portfolio.
Woolworths Financial Services (WFS) is the financial services division of Woolworths, a major South African food, clothing and homeware retailer, with more than 200 stores countrywide. Since 1993, WFS has been providing credit through its flagship private label in-store Woolworths card that allows consumers to purchase Woolworths goods and services on credit. Today, Woolworths Financial Services provide credit to over 1 million consumers through financial services products covering personal loans, Visa credit cards and in-store cards.
During this analytical project, members of the PIC Solutions Predictive Modelling team will develop the custom behaviour scorecards. The new suite of scorecards will ensure that Woolworths Financial Services has the tools to effectively manage their portfolio of accounts.
Sivi Pillay, Head of Customer Risk and Compliance at Woolworths Financial Services, states that, ?We have worked with PIC Solutions on a number of projects in the past and we are delighted to expand our relationship with them. WFS selected PIC?s predictive modelling team to develop these behaviour scorecards which we will use to optimise our risk assessment processes.?
Eva Neves, Senior Consultant at PIC Solutions, adds, ?PIC Solutions has set the benchmark for delivering value-add credit risk management expertise in the retail industry and we look forward to working with WFS, to ensure that these new scorecards generate significantly improved results and bottom-line business benefits.?
