PIC Solutions Develops Scoring Solution
for Woolworths Financial Services
Cape Town, 7 June 2005 – PIC Solutions
has been selected by Woolworths
Financial Services to develop an expert application
scorecard for the organisation’s personal loans portfolio.
Woolworths Financial
Services is the financial services division of
Woolworths, a major South African home, food and clothing
retailer, with more than 200 stores countrywide.
Since 1993, Woolworths Financial Services 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.
As part of their ongoing commitment to
improving the profitability of the organisation through
effective risk management policies, Woolworths Financial
Services has contracted PIC Solutions for their scoring
expertise. During this analytical project, the PIC Solutions
predictive modelling team will work closely with Woolworths
Financial Services to ensure that the scorecard significantly
improves results and bottom-line business benefits.
Sivi Pillay, Head of Customer Risk and
Compliance at Woolworths Financial
Services, states that, “Woolworths Financial Services
is currently finding new ways to address the challenges of a
competitive retail market. We selected PIC Solutions for their
scoring expertise and knowledge of the South African retail
industry and this scoring model will ensure that we target the
right target market for the future growth of our loans
portfolio.”
Eva Neves, Senior Consultant at PIC
Solutions, adds, “PIC Solutions, has worked with Woolworths
Financial Services for many years and has gained an intimate
understanding of the company’s goals, dynamics and host systems.
We are delighted to work on this scoring assignment with
Woolworths Financial Services and ensure that the new scorecard
provides significant business benefits.”
