{"id":450315,"date":"2021-03-04T04:03:30","date_gmt":"2021-03-04T09:03:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=450315"},"modified":"2021-03-04T04:03:30","modified_gmt":"2021-03-04T09:03:30","slug":"absa-bank-helps-distressed-africans-keep-their-homes-during-pandemic-using-fico-collections-technology","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/absa-bank-helps-distressed-africans-keep-their-homes-during-pandemic-using-fico-collections-technology\/","title":{"rendered":"Absa Bank Helps Distressed Africans Keep Their Homes During Pandemic Using FICO Collections Technology"},"content":{"rendered":"
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One of Africa’s largest financial groups wins 2021 FICO\u00ae Decisions Award for Debt Collection using automated communications solutions<\/h2>\n

Highlights:<\/h2>\n

— Absa Bank has used FICO\u00ae Customer Communication Services to double the number of customers who can self-service to 43 percent<\/h2>\n

— Absa Bank has reduced impairment charges on the back of the improvement in customer experience, resulting in an ROI of 29x<\/h2>\n

— Absa Bank has won the 2021 FICO\u00ae Decisions Award for Debt Management<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n JOHANNESBURG<\/span>, March 4, 2021<\/span> \/PRNewswire\/ — Absa Bank<\/span>, one of Africa’s<\/span> largest financial groups, has transformed its collections operations working with global analytics software firm FICO. After three months of deploying FICO\u00ae Customer Communication Services (CCS) and making process changes, self-paying customers nearly doubled, from 23 percent to 43 percent, and immediately reduced impairment charges, resulting in a three-month ROI of 29:1. As COVID-19 hit Africa<\/span>, the FICO solution enabled Absa to roll out payment relief initiatives and communicate with distressed customers, meeting its vision of ‘Housing the Nation’. For its achievements, Absa Bank<\/span> has won the 2021 FICO\u00ae Decisions Award for Debt Collection.<\/p>\n

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\n \"FICO
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More information: https:\/\/www.fico.com\/en\/solutions\/customer-communications-for-debt-collection-and-recovery<\/a>\u00a0<\/p>\n

“Recently, Absa embarked on a three-year journey to transform its collections estate into the best-in-class in the world,” said<\/b>Sibulelo Ncamani, a change lead in the Collections Transformation Programme at Absa<\/b>. “We selected FICO as our strategic partner for this journey, focusing mainly on analytics, operations and technology. <\/p>\n

“One of the solutions we chose is the FICO Customer Communications Services, which our Home Loans portfolio implemented first. We sought to achieve a digital, omnichannel capability that will enable 24\/7 access to our distressed customers to assist in their time of need. This capability was a crucial component to the Absa Home Loans business vision of ‘Housing the Nation’ and more specifically for Home Loans collections and recoveries.” \u00a0<\/p>\n

\n Improving Communications in Collections<\/b>\n <\/p>\n

Communications is the key to effective collections, and Absa needed to break down siloed communication channels, create profile-specific communication strategies, and execute real-time processes. Automation was important, as was learning from response and interaction data to see what worked and which channels customers preferred.<\/p>\n

FICO\u00ae\u00a0Customer Communication Services (CCS), integrated with FICO\u00ae Debt Manager\u2122<\/a>, enabled Absa to set up different treatment strategies for customers who were at different risk levels and who had different reasons for being in arrears, including:<\/p>\n